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...
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...
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...