Romania’s central bank governor, Mugur Isarescu, found himself unwittingly associated with false financial recommendations after being targeted by a deepfake video. The video, which utilized Isarescu’s image and voice, portrayed him promoting fraudulent investments, Bloomberg reported Monday (Feb. 5). This incident has raised concerns about...
Three individuals have been indicted for their involvement in an identity theft conspiracy, which reportedly included a $400 million hack of cryptocurrency exchange FTX. The hack took place in November 2022, on the same day that FTX filed for bankruptcy protection, CNBC reported Friday (Feb....
“There’s a lot going on for merchants today, and they have a lot to juggle,” Saurabh Chopra, head of product, U.S. debit, prepaid and real-time payments at Visa, told PYMNTS. The juggling act includes everything from running core operations to attracting and acquiring new customers....
Easy money attracts bad actors. In today’s increasingly digitized and borderless business landscape, the threat of attack has only grown more pointed. That’s why it is so important for banks and other financial institutions to ensure that their fraud and financial crime defense programs are...
Car buying is increasingly moving online, and scammers who target car buyers are following suit. With that in mind, Experian has debuted Fraud Protect, a tool to help auto dealers detect and prevent fraud attempts against their customers. “As fraudsters become more sophisticated and opportunistic, automotive dealers need to...
The Biden administration is reportedly set to propose new requirements for cloud computing companies in an effort to enhance security and protect sensitive data. The proposed “know your customer” regulations aim to identify who is accessing U.S. cloud technology to train artificial intelligence (AI) models,...
eCommerce firms are grappling with the widespread impact of fraud, and according to PYMNTS Intelligence research, more than 80% encountered true fraud — verified instances of fraudulent activities, not just suspected cases or false positives — in the past year. The PYMNTS Intelligence study “Fraud...
If someone stole your phone, how quickly would they be able to steal your money? It’s a scenario that Manhattan District Attorney Alvin Bragg says has become all too common: an unwitting person hands over their phone to someone who asks to use it for...
Payment fraud incidents have been on the rise, increasing 88% since December 2021, PYMNTS Intelligence research reveals. For instance, 11% of consumers who paid for groceries experienced payment fraud in March 2023, compared to 5.7% in December 2021. Amid this surge in fraud incidents, consumer fears...
