Equifax has reached a settlement over its data breach, according to an update put out by the Federal Trade Commission (FTC). The settlement was finalized in January 2022 and the settlement administrator has begun contacting those who filed valid claims, according to the update. Eligible...
Welcome to PYMNTS’ series on crypto crime. In it, we’ll be looking at the crimes that have not only been committed in the cryptocurrency industry but have defined it — especially bitcoin — in many people’s minds. We’ll give you a look at the realities...
Wormhole, a communication bridge between Solana and other decentralized finance (DeFi) blockchain networks, was hacked to the tune of about $320 million in cryptocurrency, according to a Bloomberg report Wednesday (Feb. 2). The hackers were able to capture 120,000 wETH, or so-called wrapped ether. The...
Americans reported losing about $770 million to fraud on social media last year, an 18-fold increase from 2017, the Federal Trade Commission (FTC) recently reported. According to the report, released Jan. 25, those losses account for one-quarter of all reported losses to fraud last year....
Nonfungible token (NFT) collector Larry Lawliet announced Monday (Jan. 31) on Twitter that he had lost $2.7 million worth of super-hot Bored Ape and Mutant Ape tokens to a hacker. I lost all my apes and mutants just now, any one bought it??? pls touch...
As the world enters the third year of battling COVID-19, lawmakers said regulators must do more to stop price gouging and scams targeting the public seeking protection against the coronavirus, UPI reported. At the Stopping COVID-19 Fraud and Price Gouging hearing Tuesday (Feb 1), Sen....
There are promises made in commerce — unspoken promises that are too often broken, inadvertently, in the digital age. Businesses have pledged to deliver high-quality customer experiences. Friction is the ever-present enemy, especially at checkout. But as more and more transactions go online, opening themselves...
As we all move online, especially to bank, Mary-Helen McElfresh, vice president, fraud risk management at Early Warning Services, LLC, told PYMNTS that a consortium approach could cut fraud rates and false positives. Early Warning, of course, is owned by seven of the largest banks...
The amount cryptocurrency stolen, scammed and blackmailed nearly doubled in 2021. So, it stands to reason that money laundering would be up as well. And it is. The value of the bitcoin and cryptocurrencies laundered in the virtual assets industry was only up 30% between...
