Revolut’s finance app now offers a feature designed to help combat impersonation scams. The new call identification feature detects when a customer opening the app is on the phone, confirms whether they are talking with a Revolut agent, and displays a banner showing them that...
Fraudsters are nothing if not creative, constantly reshaping old tricks with new technology to stay one step ahead of consumers and the institutions that serve them. That adaptability is a central theme of “Financial Scams and Consumer Trust,” a November report produced by PYMNTS Intelligence...
Merchants are discovering that fraud prevention has become less about stopping bad actors at checkout and more about managing risk across the entire payment journey, from account creation to post-transaction disputes. That shift is the central new insight of the PYMNTS Intelligence report titled “Orchestrating Trust:...
Investing and savings app Betterment said Monday (Jan. 12) that a social engineering attack led to its customers receiving an unauthorized message promoting a crypto-related promotion and to an unauthorized individual gaining access to customer information. Betterment had told its customers Friday (Jan. 9), in the...
India wants smartphone makers to share their source code with its government. That’s according to a report Sunday (Jan. 11) by Reuters, which said that the government also wants these companies to make several software changes to comply with new security measures, drawing pushback from the...
The U.S. Treasury is investigating what it calls “rampant benefits fraud” in Minnesota. As part of this effort, the department’s Financial Crimes Enforcement Network (FinCEN) has notified some businesses that they are under investigation for fraud centered around COVID-era tax incentives, U.S. Treasury Secretary Scott...
The goal for financial institutions isn’t to keep pace with the artificial intelligence-driven evolution of fraud. It’s to outpace it. The PYMNTS Intelligence report “2025 State of Fraud and Financial Crime in the United States,” commissioned by Block, found that financial institutions are recognizing that...
For years, fraud prevention lived in the shadows of digital commerce. It was essential, yes, but also costly and largely invisible. Merchants typically treated it as a tax on growth, something to be minimized rather than mastered. Risk decisions were outsourced to payment processors and...
Banking startup Kontigo says it will reimburse more than 1,000 customers following a hack. That hack affected $340,905 worth of these customers’ stablecoins, the company said in an X post flagged by Bloomberg News Monday (Jan. 5). “We detected unauthorized access that affected funds of some users,” the company...