Security & Fraud

Security & Fraud
Crypto Scammers Will Face Jail, Hefty Fines in UAE
December 28, 2021

The United Arab Emirates is serious about cracking down on promoters of online cryptocurrency scams. These cybercriminals now face five years in prison and a fine of up to more than $270,000. These new rules are part of wide-ranging legal reforms initiated by President Sheikh Khalifa. The UAE said the laws are intended to protect internet users from electronic fraud and preserve personal privacy...

Security & Fraud
Businesses Must Take Proactive Stance in Fighting Financial Crime
December 28, 2021

As we all settle into our digital lives, the internet has become not only our workplace but also where we learn, shop and socialize. It shouldn’t come as a surprise, then, that cybercriminals are seizing on the moment. Indeed, it has reached a point where...

Security & Fraud
Tougher Enforcement Gives AML/KYC Tech New Importance
December 27, 2021

Problems around money laundering and tax evasion persist worldwide, and it’s clear that the regulatory landscape designed to prevent them from happening isn’t as robust as it ought to be. The reality is that banks and financial institutions generally view fines resulting from breaches of...

Security & Fraud
Over 10% Of Credit and Debit Card Users Experienced Fraud in the Last 12 Months
December 24, 2021

Credit and debit card users are experiencing significant levels of fraud. Eleven percent of consumers reported an incident of fraud in connection with their digital debit and credit card accounts in the last 12 months, according to Authenticating Identities In The Digital Economy, a PYMNTS and Mitek collaboration that surveyed...

Security & Fraud
UK Regulators Turn to Anti-Fraud Jingle to Thwart Holiday Loan Scams
December 24, 2021

This Christmas, the U.K.’s Financial Conduct Authority (FCA) is taking the fight against fraud to a whole new musical level. Earlier this month, the financial watchdog announced in a statement that it had launched the country’s first official anti-fraud jingle, “designed to be a lighthearted,...

Security & Fraud
Japanese Firms Collaborate to Fight Payments Fraud
December 22, 2021

A group of Japanese companies has launched an information-sharing program to prevent smartphone-based payments fraud. As Nikkei reported on Wednesday (Dec. 22), the companies – which include NTT Docomo and Line Pay – are making this move amid a rise in phishing cases, in which...

Security & Fraud
PPP Loan Fraud Shows the Lures and Risks of Quick Onboarding
December 22, 2021

The old saying goes: Faster payments make for faster fraud. That sentiment might (and not necessarily accurately) apply to real-time payments. But one might also broaden that sentiment a bit to include the Small Business Administration’s Paycheck Protection Program (PPP). The scramble inherent in getting...

Security & Fraud
Secret Service Names Special Agent to Go After $100B Pilfered by Pandemic Fraudsters
December 22, 2021

Close to $100 billion was pilfered from pandemic relief funds, and the U.S. Secret Service has assigned Assistant Special Agent in Charge (ASAIC) Roy Dotson of the Jacksonville field office to oversee the recovery of the money lost to fraud. As National Pandemic Fraud Recovery...

Security & Fraud
Why the Wisdom of the Online Crowd is Key to Fighting BNPL Fraud
December 21, 2021

Buy now, pay later (BNPL) has gone global, empowering people to set up their payments on a predetermined schedule. It gives people more control over their finances and the convenience of acquiring the goods and services they want on terms they can afford — all...