Reported losses from scams originating on social media have reached $2.7 billion since 2021. That total has surpassed the losses associated with any other contact method, the Federal Trade Commission (FTC) said in a Friday (Oct. 6) press release. Social media enables scammers to manufacture a fake persona or hack...
Generative artificial intelligence (AI) can digitally create nearly everything and anything. And that is becoming a problem. One of the world’s most popular YouTubers, MrBeast, and America’s dad, Tom Hanks, are separately speaking out against the illicit use of their synthetic likenesses in new deepfake...
With the Sibos 2023 financial services conference in the rearview mirror, central bank digital currencies (CBDCs) and blockchain in active discussion, and the FedNow® Service in the news, Form3 CEO Michael Mueller observed to Karen Webster: “Payments are still an exciting growth business, despite the...
Visa has teamed with security firm Expel to help customers guard themselves against cybercrime. The partnership, announced Monday (Oct. 2), is aimed at helping businesses address the rising cost of cybercrime, which is expected to reach $10.5 trillion on a global scale by 2025, according to Cybersecurity Ventures....
Automation is predicted to become the centerpiece of the campus of the future, transforming various aspects of university life. As detailed in the “The Automated Campus: Enabling the Future of Higher Education,” a collaboration between PYMNTS Intelligence and American Express, higher education has evolved significantly from...
As attractive as innovative new technologies appear, it’s important to remember they are just tools. And any tool, when in the wrong hands, can also be used for the wrong purposes. “Newer technologies are enabling fraudsters to have a lot more scale and automation when...
The Securities and Exchange Commission (SEC) has taken legal action against Matthew Motil, the host of “The Cash Flow King” podcast, for allegedly defrauding investors in an $11 million Ponzi scheme. Motil is accused of raising funds from over 50 investors through the sale of promissory notes...
Singapore’s banks are reportedly increasing customer scrutiny following a $1.8 billion money laundering scandal. As the Financial Times (FT) reported Saturday (Sept. 23), this added oversight is being applied to customers from a number of countries — China among them — with lenders also stepping up...
Singapore-based company Silent Eight, which uses artificial intelligence (AI) to combat financial crimes such as money laundering and terrorist financing, reportedly aims to be ready for an initial public offering (IPO) by the end of 2025. The firm aspires to list on the Nasdaq in the...
