Fueled by rising digital threats, security stands top of mind for retail banking customers. Nearly 7 in 10 worry about their personal and financial data vulnerability when engaging with online financial services. PYMNTS’ latest research found that this security concern is prevalent across demographics, particularly...
The heated battle between fraudsters and financial institutions (FIs) got hotter during the pandemic-era run-up in eCommerce and the use of alternative payment methods. This joyless game of whack-a-mole is keeping fraud fighters busy, but their adversaries never sleep. This is analyzed in “The State...
China has reportedly heightened scrutiny of “deepfake” tech amid a rise in artificial intelligence (AI)-driven fraud. Worries about the potential for AI to assist in financial crimes have grown following a case in which a man was scammed into giving money to a fraudster posing...
Another person has been charged for allegedly participating in the multimillion-dollar CoinDeal investment fraud scheme that was announced in January. Bryan Lee, 57, of Las Vegas, allegedly conspired with others in the scheme that defrauded more than 10,000 victims of $45 million, the U.S. Department of...
Over £1.2 billion ($1.5 billion) in the U.K. was stolen through authorized and unauthorized financial fraud in 2022, according to a recently published UK Finance report. And while that amounts to an 8% drop compared to 2021 figures, there’s no debate that the battle to prevent...
Fraudsters stole more than £1.2 billion ($1.5 billion) in the U.K. last year, down 8% since 2021. That’s according to new findings from UK Finance, which also concluded that 78% of authorized push payment (APP) fraud begins online, with another 18% starting via telecommunications. The report also found...
Mastercard will soon offer Vesta’s fraud protection solutions to eCommerce merchants in the Asia-Pacific (APAC) region. As part of an expanded fraud detection partnership, Vesta’s Payment Guarantee and Payment Protect will be integrated into the Mastercard Payment Gateway Services (MPGS) platform and will be made available to MPGS customers in the APAC region in the...
Experian has launched a FinTech-centric version of its fraud prevention network in the U.S. Announced Wednesday (May 10), this new iteration of the company’s Experian Hunter data network is being rolled out in response to a rise in fraud in the FinTech sector. The company...
The hackers have been foiled. At least in one case, and at least for the moment, they have been foiled. But the threats to, and parrying by, GCash, the eWallet service of Globe Telecom Inc. in the Philippines, underscore the fact that bad actors are...
