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...
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...
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...
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...
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,...
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...
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...
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...
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...