Most crimes, as the saying goes, are crimes of opportunity. And that’s bad news for small businesses, whose lack of resources and challenges when accessing financing often leaves them ill-prepared for fraud schemes and scams — particularly given the shot in the arm that innovations...
UnitedHealth Group CEO Andrew Witty will testify Wednesday (May 1) that hackers broke into its Change Healthcare unit’s systems through the Citrix portal. “On February 12, criminals used compromised credentials to remotely access a Change Healthcare Citrix portal, an application used to enable remote access to desktops,” Witty said in testimony posted...
How common has refund fraud — or returns fraud — become? So much so that fraudster groups have begun advertising their services on platforms like Reddit, Telegram and TikTok. That’s according to a Thursday (March 14) report by CNBC on the trend, which involves tricking merchants into...
Consumers lost a record $10 billion to fraud in 2023, with digital tools making it easier for scammers to find targets. That total is 14% higher than the amount of fraud losses reported during the previous year, the Federal Trade Commission (FTC) said Friday (Feb....
Financial fraud remains a persistent challenge across industries, and its threat is further sharpened by technological complexity and the growing sophistication of bad actors. “Fraud is growing and the recipes are getting slicker,” Gerhard Oosthuizen, CTO at Entersekt, told PYMNTS. “It is dovetailing nicely with generative AI...
The Department of Justice (DOJ) has announced a crackdown on fraud networks that steal money from consumer accounts and use fraudulent “microtransactions” to conceal their illicit activities from financial institutions. These networks employ deceptive tactics to continue their fraudulent schemes, causing significant financial losses to individuals and...
The U.S. subsidiary of Industrial and Commercial Bank of China (ICBC) reportedly disconnected itself from an electronic settlement platform for U.S. Treasury securities operated by BNY Mellon after ICBC suffered a ransomware attack, Reuters reported Friday (Nov. 10). In the meantime, BNY Mellon is manually...
A new report by the Federal Trade Commission (FTC) shows the extent of the problem of cross-border fraud. Since the FTC began monitoring complaints on the issue in 1996, it has received more than 2.6 million consumer reports of cross-border fraud, the agency said in...
Metropolitan Commercial Bank (MCB) has agreed to pay a penalty of $15 million following an investigation by the New York State Department of Financial Services (DFS). Superintendent of Financial Services Adrienne A. Harris announced that MCB had failed to properly oversee its MovoCash Digital Prepaid...
