A viral cash-out scam linked to TikTok has drained $17 million from New York ATMs in under three days, exploiting city-issued youth jobs program cards, according to The New York Times. New York’s Department of Youth and Community Development, which oversees the city’s Summer Youth...
As fraud threats become more sophisticated and regulatory scrutiny intensifies, financial institutions are under growing pressure to strengthen their defenses. Those defenses need to go beyond addressing fraudsters and extend to internal misalignment. “Meeting the Mandate to Align Fraud Prevention With Compliance Demands,” a PYMNTS Intelligence...
PayPal has introduced a scam prevention tool for PayPal and Venmo Friends and Family payments. “Designed to proactively alert customers to potential scams and prevent losses in real-time, the alerts intervene when it matters most — before any funds are sent,” the company said in a...
Watch more: Visa and Featurespace Tackle Deepfakes as Fraud Fight Turns Predictive In today’s war against financial fraud, the battlefield is evolving faster than ever, as artificial intelligence (AI) fuels both sides and the adversaries become increasingly sophisticated. That’s why PYMNTS called on Visa DPS...
Three members of Congress said Thursday (July 3) that they sent a letter to each of the banks that own the Zelle peer-to-peer (P2P) payment platform, asking what those banks are doing to combat social media scams. The letters were prompted by a proliferation of...
Regulators and lawmakers are taking a fresh look at payments fraud, and as a result, federal action may be brought to bear on the growing challenge of check fraud. On Monday (June 16), a trio of regulators, including the Federal Reserve, the Office of the...
Nacha’s Payments Innovation Alliance has updated two of the tools it offers to help financial institutions protect older Americans from financial fraud. To help financial institutions educate the public about the prevalence of elder financial exploitation, the Alliance’s Consumer Financial Exploitation Project Team has developed an infographic that provides key statistics...
Worldpay is expanding its partnership with Visa to enhance that company’s 3D Secure solution. This tool, Worldpay said in a Wednesday (June 11) news release, helps merchants reduce fraud while easing consumer friction and boosting authorizations. “Fraud mitigation isn’t just an on or off switch; rather, it’s a balance...
Bank fraud in India nearly tripled during 2024, according to the country’s central bank. In its annual report Thursday (May 29), the Reserve Bank of India (RBI) recorded 360 billion rupees ($4.2 billion) in fraud for the year that ended on March 31, up from 122.3 billion...