Security & Fraud

Security & Fraud
UK Banks Held to Higher Standards as APP Fraud Skyrockets
July 05, 2022

Authorized push payments (APP) fraud in the U.K. amounted to £583 million ($706 million) last year as financial fraud in the country increased 39% from the previous year. APP fraud is a type of scam whereby someone is tricked into authorizing a payment. Typically the...

Security & Fraud
Wirecard’s Stephan von Erffa Reportedly Admits Forging Documents for Audit
July 04, 2022

Stephan von Erffa, Wirecard’s former head of accounting, has reportedly admitted to forging documents in the case that has been going on for several years now, the Financial Times reported Monday (July 4) citing sources close to the case. He has been one of three...

Security & Fraud
New Tech Arms Merchants With Evidence to Stop Friendly Fraud
July 01, 2022

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...

Security & Fraud
Authorized Push Payment Fraud Reaches ‘Epidemic’ Levels in UK
June 29, 2022

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...

Security & Fraud
Class-Action Lawsuit Dropped Against Wells Fargo, Zelle
June 29, 2022

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...

Security & Fraud
Biometrics Help in Fight Against Fraud, but Are Not the Only Solution Banks Need
June 29, 2022

“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...

Security & Fraud
Santander: ‘Celebrity-Endorsed’ Crypto Scams in UK Could Double
June 28, 2022

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...

Security & Fraud
Latest Crypto Bridge Hack Exposes Key Ecosystem Weakness
June 24, 2022

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...

Security & Fraud
Spike in BNPL Fraud Prompts Cybersecurity ‘Arms Race’
June 24, 2022

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...