Crypto fraud claimed more than $1 billion in losses from consumers between January 2021 and March 2022, according to a Friday (June 3) press release from the Federal Trade Commission (FTC). Most of the losses reported involved fake cryptocurrency investment opportunities, coming out to $575...
Wells Fargo and money transfer service Zelle are facing a class-action lawsuit on allegations of violating the Electronic Fund Transfer Act and California’s Unfair Competition Law, according to the legal proceedings filed by Kazerouni Law Group. The law group filed the suit on behalf of...
Security is an essential component in determining whether a consumer trusts their financial provider, but so too is a good user experience. PYMNTS’ research finds that trusted user experiences are highly important to consumers when accessing digital accounts. In fact, 80% of consumers say that...
Today is Thursday, June 2, and Britain is celebrating its longest-reigning monarch, Queen Elizabeth II, in her Platinum Jubilee year. For regular people, that means an extra day off as the region’s customary bank holiday was adjusted for the celebration, leaving most people off from...
The Federal Trade Commission will send 1,064 checks totaling over $542,000 to consumers harmed by a fake investment scheme, an agency press release said Wednesday (June 1). Called the Digital Income System, the scam told consumers that if they sold memberships in the defendants’ programs,...
The Federal Trade Commission (FTC) has acted against credit repair company Financial Education Services, accusing it of running a $213 million pyramid scheme, according to an agency press release. Financial Education Services has been shut down temporarily by a federal court in response to the...
A couple prosecutors say tried to launder $4.5 billion in cryptocurrency connected to the 2016 hack of crypto exchange Bitfinex are negotiating a possible plea deal with prosecutors, according to court documents. Ilya “Dutch” Lichtenstein, 34, and his wife, Heather Morgan, 32, both of New...
Fraudsters bilked about $163 billion from the unemployment system during the COVID-19 pandemic, according to the semiannual report to Congress by the Office of Inspector General for the U.S. Department of Labor covering the six months between Oct. 1, 2021, and March 31, 2022. The...
Fighting fraud and pushing back cybercriminals has become the central focus of cybersecurity – and for very good reason. Cybercriminals have proven themselves to be resourceful, technologically advanced and disturbingly successful at leveraging digital tools, making off with staggering sums in ill-gotten gains. Pushing back...
