Tal Yeshanov, head of risk and strategic financial operations at Plastiq, said the term “friendly fraud” is a pleasant way of masking over a growing problem that’s causing real pain for merchants, issuers and acquirers. “It’s a misnomer — there’s nothing friendly about friendly fraud...
The U.K. is experiencing a widespread “epidemic” of payments fraud, in which scammers trick victims into sending money into fraudsters’ accounts, the Financial Times reported Wednesday (June 29). The report says there was a 40% increase in 2021 in this type of scam, which is...
A class-action lawsuit launched against banking giant Wells Fargo and digital payments network Zelle was dropped, Law360 reported. Seattle resident Luke Hartsock claimed he was scammed out of $7,500 and filed a lawsuit against Wells Fargo and Zelle on June 1 for allegedly failing to...
“If you’re not on your game and protecting your customers,” Tom Shell, vice president of business development and solutions engineering at DataVisor, told PYMNTS, “the switching cost is just not very high” and could lead to lost business. Shell noted that the sheer volume of...
Banco Santander is warning customers in the United Kingdom that celebrity-endorsed cryptocurrency scams are on track to nearly double this year. According to an announcement on the company’s website Tuesday (June 28), case volumes rose 61% in the first quarter compared to the previous three...
Harmony’s Horizon bridge was exploited for $100 million, making three major bridge hacks this year and exposing a central weakness in the digital-asset nexus, according to multiple reports. Harmony said in a tweet the hack of its Horizon bridge — which offers cross-chain transfers between...
Paper checks, credit cards, bank accounts — all have been favored targets of fraudsters over the years. Enter buy now, pay later (BNPL), the latest payment form shadowed by cybercrooks. With the meteoric growth and staggering popularity of point-of-sale (POS) credit comes the inevitable wave...
It’s a scary fact, but anti-fraud experts agree that cybertheft rings are now well-funded multinationals with revenue goals of their own. Even worse, they now have our personally identifiable information (PII) and are using it to open fake accounts, decimating online trust. Compounded by the...
The U.S. Federal Trade Commission announced Tuesday (June 21) that it is sending 7,731 checks totaling more than $9.7 million to small businesses hurt by Yellowstone Capital, a merchant cash advance company the government said withdrew money from customers’ accounts without permission. Business deemed eligible...
