Security Fraud news and trends

From Credit to Compliance: The Risk Rollercoaster in B2B Payments
Security & Fraud // December 18, 2024

Trust is both the foundation and the future of payments. But that doesn’t make maintaining it any easier. There are five big threats to maintaining that trust between payments and financial services providers and the end-customers they serve: Credit risk, payments risk, counterparty risk, fraud...

Personalized Attacks, Scalable Solutions: The Payments Industry’s New Security Imperative
Security & Fraud // December 18, 2024

The payments industry faces the dual challenge of enhancing user experience while combating sophisticated fraud. “There’s a lot of emphasis on doing things as frictionless as possible,” Sunny Thakkar, head of global fraud, disputes and authentication products at Worldpay, told PYMNTS during a discussion for...

A Third of Consumers Have Been Victimized by Credit Card Fraud
Security & Fraud // December 05, 2024

Credit card fraud is a rising concern for American consumers, with nearly 1 in 3 reporting fraudulent charges in the past year. As incidents of fraud increase, so does consumer anxiety, with 37% of individuals expressing heightened worry. A PYMNTS Intelligence report, “Credit Card Fears...

FTC Lawsuit Prompts Shutdown of Alleged ‘Online Business Opportunity Scam’
Security & Fraud // October 28, 2024

A Federal Trade Commission (FTC) lawsuit that alleges an “online business opportunity scam” led a federal court to temporarily shut down the operations of Lunar Capital Ventures, Ecom Genie and Profitable Automation. According to a complaint filed by the FTC, these three entities and the...

Interviews & Exclusives
From Credit to Compliance: The Risk Rollercoaster in B2B Payments

December 18, 2024
Trust is both the foundation and the future of payments. But that doesn’t make maintaining it any easier. There are five big threats to maintaining that trust between payments and financial services providers and the end-customers they serve: Credit risk, payments risk, counterparty risk, fraud and security risk and compliance risk.  While each risk vector […]

A Third of Consumers Have Been Victimized by Credit Card Fraud

December 05, 2024
Credit card fraud is a rising concern for American consumers, with nearly 1 in 3 reporting fraudulent charges in the past year. As incidents of fraud increase, so does consumer...

Ingo Payments and Sardine Team to Combat ‘Gone in Five Minutes’ Account Opening Fraud

October 23, 2024
Fear can be a powerful motivator, especially where payments fraud is concerned. While financial institutions have a healthy fear of high-profile fraud vectors like business email compromise and authorized push...

More Than Half of US Consumers Use P2P Apps to Send Money

August 02, 2024
Consumers are turning to peer-to-peer (P2P) apps like Venmo and Zelle for quick and easy money transfers. But while these services have become ubiquitous, concerns about fraud are casting a...

Quick Reads
FBI: GameOn Founder Cheated AI Investors Out of $60 Million

January 26, 2025
The founder of artificial intelligence (AI) firm GameOn has been charged with defrauding his company’s investors. The FBI last week charged Alexander Beckman, the company’s former CEO, with offenses including conspiracy, wire fraud, securities fraud and identity theft. Also charged was Valerie Lau Beckman, who is married to the founder and also worked as an […]

FTC Lawsuit Prompts Shutdown of Alleged ‘Online Business Opportunity Scam’

October 28, 2024
A Federal Trade Commission (FTC) lawsuit that alleges an “online business opportunity scam” led a federal court to temporarily shut down the operations of Lunar Capital Ventures, Ecom Genie and...

Santander and HSBC Join Government Warnings on QR Code-Based Cyberattacks

October 27, 2024
First came phishing. Now, consumers and cyberdefenders need to guard against “quishing.” As the Financial Times (FT) reported Sunday (Oct. 27), banks and regulators are warning against the rise of...

US Treasury: AI Helped Recover and Prevent $4 Billion-Plus in Fraud

October 17, 2024
The U.S. Treasury Department said artificial intelligence (AI) has helped fuel a fraud/improper payments recovery. The department announced Thursday that its “technology and data-driven” approach allowed it to prevent and...