The Federal Trade Commission (FTC) has begun sending refunds to consumers who lost money in a tech support scam facilitated by payment processor Nexway. This move follows a settlement announced in April, the agency said in a Thursday (Feb. 8) press release. “The defendants agreed to a settlement with...
The widespread adoption of person-to-person (P2P) payment apps and services has fueled a surge in credit-push payment volume, a trend that has been further accelerated by the recent introduction of real-time payments in the United States. As this payments landscape continues to evolve rapidly, fraudsters are...
What’s better than $10,000? Try $25 million. That, it appears, is the thinking of an emerging cohort of bad actors and financial criminals behind a worrying rise in commercial banking fraud. After all — why target individuals when you can target big ticket business-to-business (B2B)...
Cybera, a provider of advanced reporting and prevention tools, has launched a strategic integration with Chainalysis, a blockchain data platform, to equip government agencies and compliance teams with enhanced insights to combat scams and prevent financial cybercrime. The integration of Cybera’s artificial intelligence (AI)-driven global dataset,...
Romania’s central bank governor, Mugur Isarescu, found himself unwittingly associated with false financial recommendations after being targeted by a deepfake video. The video, which utilized Isarescu’s image and voice, portrayed him promoting fraudulent investments, Bloomberg reported Monday (Feb. 5). This incident has raised concerns about...
Three individuals have been indicted for their involvement in an identity theft conspiracy, which reportedly included a $400 million hack of cryptocurrency exchange FTX. The hack took place in November 2022, on the same day that FTX filed for bankruptcy protection, CNBC reported Friday (Feb....
“There’s a lot going on for merchants today, and they have a lot to juggle,” Saurabh Chopra, head of product, U.S. debit, prepaid and real-time payments at Visa, told PYMNTS. The juggling act includes everything from running core operations to attracting and acquiring new customers....
Easy money attracts bad actors. In today’s increasingly digitized and borderless business landscape, the threat of attack has only grown more pointed. That’s why it is so important for banks and other financial institutions to ensure that their fraud and financial crime defense programs are...
Car buying is increasingly moving online, and scammers who target car buyers are following suit. With that in mind, Experian has debuted Fraud Protect, a tool to help auto dealers detect and prevent fraud attempts against their customers. “As fraudsters become more sophisticated and opportunistic, automotive dealers need to...
