A new report by the Federal Trade Commission (FTC) shows the extent of the problem of cross-border fraud. Since the FTC began monitoring complaints on the issue in 1996, it has received more than 2.6 million consumer reports of cross-border fraud, the agency said in...
Banks in the U.S. report a rapid increase in fraud and fraud losses, highlighting the urgent need for newer and better anti-fraud technologies. The rise of digital banking and faster digital payment methods have made financial institutions (FIs) more vulnerable to increasingly sophisticated fraud and...
The rise of digital banking and faster digital payment methods has accelerated fraud and financial crime, prompting banks and financial institutions (FIs) to enhance their systems and processes. In “Increasing Fraud Heightens Need for Newer, Better Technologies,” PYMNTS Intelligence examines the state of fraud and...
Metropolitan Commercial Bank (MCB) has agreed to pay a penalty of $15 million following an investigation by the New York State Department of Financial Services (DFS). Superintendent of Financial Services Adrienne A. Harris announced that MCB had failed to properly oversee its MovoCash Digital Prepaid...
Middle East/North Africa-focused card issuer NymCard has teamed with ACI Worldwide to combat fraud. The partnership, announced late Wednesday (Oct. 18) sees NymCard enhancing its fraud platform with ACI Fraud Management to protect its customers from financial fraud by deploying the tool via ACI’s public cloud environment across several markets in...
Fraud has surged at an unsettling pace in recent years, with young consumers and financially strained individuals being disproportionately targeted by bad actors. This is one of the key findings in this month’s Embedded Finance Tracker®, titled “Fast Finance and the Fight Against Fraud,” which explores the...
The Federal Trade Commission (FTC) has partnered with consumer protection authorities from four Latin American countries — Chile, Colombia, Mexico and Peru — to combat cross-border fraud. This collaboration, marked by the signing of a Multilateral Memorandum of Understanding (MMOU), aims to enhance cooperation in the fight...
Advancements in digital banking and the proliferation of faster digital payment methods have accelerated the rise in sophisticated fraud and financial crime, with financial institutions (FIs) battling with a surge in losses. According to a recent PYMNTS Intelligence report, which draws from a survey of...
Fraud in the digital age will be the focus of an upcoming virtual event hosted by the Commodity Futures Trading Commission (CFTC). The event, “Technology and Fraud: Stopping Scams in a Digital World,” is scheduled for Oct. 4, the CFTC said in a Monday (Sept. 25) press release. Registration is...