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...
Watch more: Live Roundtable with Block’s Brian Boates, Paypal’s Dave Szuchman and FTA’s Angelena Bradfield The contours of the modern scam economy are becoming clear. And its edges are growing sharper. Fraud is no longer a fringe problem driven by clumsy phishing emails or naive...
Merchants are discovering that fraud is no longer a problem they can solve at checkout alone. It is a systems challenge that runs through every step of the payment flow, from onboarding to post-transaction disputes. That is the central message of “Orchestrating Trust: The Future...
Hackers and cyber criminals no longer look like characters in science fiction movies like The Matrix. They don’t hide behind hoodies, green text or zero-day exploits. Instead, they increasingly look like you or me, or your trusted bank, logistics partner, or a credit card or...
Cryptocurrency wallet Ledger is reportedly dealing with a data breach connected to its payment processor. As CoinDesk reported Monday (Jan. 5), an email sent to customers by Global-e—Ledger’s third-party payments service—and later shared on X said the breach of the company’s cloud system involved unauthorized...
A data breach at media company Condé Nast reportedly affects millions of its users. That’s according to a report Tuesday (Dec. 30) by Ars Technica, itself a Condé Nast publication. It says that a hacker named Lovely claims to have breached a Condé Nast user database and released a...