Money mobility ended 2022 as a serious problem for FinTechs and enters 2023 needing attention. The FinTech Fraud Ripple Effect, a PYMNTS and Ingo Money collaboration, found that the average FinTech firm in the U.S. loses 1.7% of its total revenue to fraud each year,...
Walgreens Boots Alliance is reportedly considering dialing back its anti-theft measures. Losses from theft have dropped, the security measures are expensive and some of those measures have been ineffective, The Wall Street Journal (WSJ) reported Friday (Jan. 6), citing comments made during the company’s Thursday...
Federal authorities say scammers stole millions of dollars by promising investors access to a blockchain worth trillions. According to the Securities and Exchange Commission (SEC), a group of people and companies carried out the $45 million fraud, telling investors they could reap substantial returns by...
Recent analysis from the U.K. finds more than $1 billion in COVID relief loans involved irregularities such as fraud. An October report by the U.K. Department for Business, Energy and Industrial Strategy (BEIS) estimates that the government gave out 990 million pounds (or $1.1 billion) in...
For retailers already skating on razor-thin margins, a fraud event could be make-or-break. Merchants globally pay billions to combat fraud, and it is only predicted to get costlier in 2023. Adding to the expense this year are the more sophisticated methods hackers and other fraudsters currently employ. Synthetic...
Retail call centers are the front line of consumer queries and the favorite new target for identity fraud. Daniel Flowe, head of identity strategy at Refinitiv, told PYMNTS that while the majority of consumers still want — and like — to speak to a human,...
The year 2023 holds few certainties, but financial crimes and scams will be among next year’s sure bets. The past year has seen any number of headlines and breathtaking heists that spotlight how creative bad actors have become, how they’ve fine-tuned their scams and schemes...
Dynamic friction keeps the bad guys out, and trusted identity verification networks (ID networks) keep good customers transacting. Brad Wiskirchen, senior vice president and general manager at Kount, an Equifax Company, told Karen Webster that using technology and a slew of data points to establish...
Italian and Albanian authorities have broken up an organized crime group’s crypto scam. The group had stolen an estimated 15 million euros (about $16 million), the European Union Agency for Criminal Justice Cooperation (Eurojust) said in a Monday (Dec. 19) press release. The group operated from a call...
