Account takeovers are among the most insidious threats to banks and consumers. Fraudsters use all manner of schemes to prey upon vulnerabilities and weak links that exist in the chain of interactions. Key to stealing money from accounts is the fact that criminals use advanced...
Scammers aren’t just throwing darts at a board anymore — they’re getting personal. A new Fraud and Financial Crimes report from PYMNTS Intelligence finds that today’s sophisticated fraudsters are now targeting victims based on their unique vulnerabilities, tailoring their digital fraud scams to fit different...
The United Kingdom’s Financial Conduct Authority is urging social media platforms to do more to prevent illegal financial promotions. The agency intervened and forced the withdrawal or amendment of twice as many financial promotions in 2024 as it did the year before, according to a...
The digital shift that started during the pandemic sent consumers toward social media platforms for online shopping, which are considered card-not-present transactions. It continues today. In tandem with that shift, transaction disputes have also increased and come in a variety of flavors, so to speak....
The payments industry has long been chasing the ideal of a frictionless experience. The problem? Achieving that is close to impossible when security is also a priority. When it comes to fraud and customer experience, “those two often clash,” Brian Oh, head of digital products...
The founder of artificial intelligence (AI) firm GameOn has been charged with defrauding his company’s investors. The FBI last week charged Alexander Beckman, the company’s former CEO, with offenses including conspiracy, wire fraud, securities fraud and identity theft. Also charged was Valerie Lau Beckman, who...
Fraudsters have always had a knack for adapting to the game. But the latest player on the anti-fraud team isn’t your run-of-the-mill security solution. It’s the same technology that helps companies with location-based marketing and app experiences. Geolocation technology has matured into a tool capable...
McAfee debuted a tool to combat the rising tide of text, email and video scams. The McAfee Scam Detector, announced Monday (Jan. 6) at the CES show in Las Vegas, uses artificial intelligence to analyze and flag risky messages in real time, according to a...
The challenge for banks and supply chains of doing business online comes at the point of onboarding — the moment a relationship with an enterprise, particularly a small business, is struck. It’s at that point that fake merchants, false storefronts and money laundering can wreak...