False declines, which cause friction in the payment process, have a detrimental effect on transaction success rates and discourage customers from returning. According to findings detailed in “Fraud Management, False Declines and Improved Profitability,” false declines put a staggering $157 billion at risk in the United...
Consumers who scan a QR code for what they think is a legitimate purpose could actually be giving their personal information to scammers. The Federal Trade Commission (FTC) warned consumers of this threat in a consumer alert posted Wednesday (Dec. 6). “A scammer’s QR code could take you to...
False declines are a significant yet often overlooked issue that impacts both businesses and consumers. Picture this: You attempt to make a purchase, only to face rejection, not because of insufficient funds or fraudulent activity, but due to a false decline. These instances, where legitimate...
Security researchers have reportedly discovered malware that steals user data via optical character recognition. This malware, known as CherryBlos and uncovered by security firm Trend Micro, has been embedded into at least four Android apps available outside of Google Play, particularly on sites promoting money-making scams, Ars Technica reported Friday...
March 13, 2024
Scam factories, where perpetrators themselves are victims of a system they help perpetuate, present a significant challenge to the integrity of global financial networks, resulting in an estimated $75 billion lost over the last four years. These fraud factories operate predominantly across developing markets like Cambodia, Laos and Myanmar, Claire Greene, a payments risk expert […]
February 23, 2024
False declines, which cause friction in the payment process, have a detrimental effect on transaction success rates and discourage customers from returning. According to findings detailed in “Fraud Management, False Declines...
July 19, 2023
Caitlin Sinclair, director of proposition development, financial crime at GIACT, an LSEG business, recently told PYMNTS that open banking can — and will — give rise to empowered consumers, and take...
June 29, 2023
Passwords — and even one-time passcodes (OTPs) — render us vulnerable to fraudsters, which has always been so. The fraudsters are stepping up their attacks as we live more of...
December 07, 2023
Consumers who scan a QR code for what they think is a legitimate purpose could actually be giving their personal information to scammers. The Federal Trade Commission (FTC) warned consumers of this threat in a consumer alert posted Wednesday (Dec. 6). “A scammer’s QR code could take you to a spoofed site that looks real but isn’t,” Alvaro Puig, […]
July 30, 2023
Security researchers have reportedly discovered malware that steals user data via optical character recognition. This malware, known as CherryBlos and uncovered by security firm Trend Micro, has been embedded into at...
July 12, 2023
Federal prosecutors have filed charges against a second former executive of college financial-planning startup Frank. They have indicted Olivier Amar, former chief growth officer of Frank, in connection with fraud...
July 11, 2023
The Securities and Exchange Commission (SEC) has announced charges against investment firm Merrill Lynch, Pierce, Fenner & Smith and its parent company BAC North America Holding Co. The charges, stemming from 2009 to 2019,...
