The wide availability of selfies on social media has helped fuel artificial intelligence (AI)-powered scams. Speaking to Bloomberg News on Friday (Feb. 28), Center for Strategic & International Studies researcher Julia Dickson said cybercriminals are stealing profile pictures and personally identifiable information or purchasing it...
Financial scams have become more sophisticated, targeting individuals through personalized and strategic methods. Scammers are using tools from legitimate businesses to make their scams appear more convincing. A PYMNTS Intelligence report, “How Scammers Tailor Financial Scams to Individual Consumer Vulnerabilities,” in collaboration with Featurespace, reveals...
Financial institutions should watch for suspicious activity that may indicate relationship investment scams and should use specific Suspicious Activity Report (SAR) filing instructions and key terms to help law enforcement detect these scams, the Financial Crimes Enforcement Network (FinCEN) said in a Wednesday (Feb. 26)...
Banks and payment companies have been slow to adopt a new platform in the U.K. that is meant to streamline the reimbursement of consumers who have fallen victim to online fraud. Since its launch last October, the platform run by Pay.UK for the Payment Systems...
The Securities and Exchange Commission has created a unit to protect retail investors against fraud. The Cyber and Emerging Technologies Unit (CETU), announced by the commission (SEC) on Thursday (Feb. 20), replaces the regulator’s Crypto Assets and Cyber Unit, and will be staffed by approximately...
The Department of Justice said Tuesday (Feb. 18) that a district court in Miami permanently barred 10 individuals and entities from making unauthorized debits to the bank accounts of consumers and small businesses. The court entered the final consent decree in a series on Jan....
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...
