Tagged: fraudulent transactions

April 17, 2022 @ 8:00 pm By Omar Faridi  |  

We recently connected with Bill Sytsma, Senior Vice President at Callsign, a digital trust pioneer servicing some of the top banks in the US, to discuss authorized push payment (APP) fraud. Bill began working at Callsign in January 2021, where he is responsible for the… Read More

October 28, 2021 @ 9:43 am By Omar Faridi  |  

dLocal, a tech-first payments platform that enables enterprise merchants to connect with  consumers in emerging markets, has introduced its latest developments for risk management. The first product in the stack is Smart Defense, which is described as an advanced, custom-built solution that combats fraud by… Read More

September 24, 2021 @ 10:39 am By Omar Faridi  |  

Vesta, a transaction guarantee platform for digital or online purchases, has published its Global Card-Not-Present (CNP) Fraud Report, which features an analysis of millions of virtual transactions from Q1 2020 through Q1 2021 in order to track how CNP fraud has evolved during that particular… Read More

September 18, 2021 @ 3:46 pm By Omar Faridi  |  

Socure, an established provider of digital identity verification and fraud solutions, has introduced the industry’s “first” predictive document and ID verification solution with native fraud risk signals and intelligence. Socure’s Predictive Document Verification aims to go beyond just authenticating a government-issued ID and matching a… Read More

September 16, 2021 @ 6:22 pm By Omar Faridi  |  

The Infocomm Media Development Authority (IMDA), Monetary Authority of Singapore (MAS), and Singapore Police Force (SPF) recently revealed that malicious actors overseas had been able to divert and use SMS one-time passwords (OTPs) to carry out fraudulent credit card transfers impacting 75 banking clients based… Read More

December 7, 2020 @ 9:25 pm By Omar Faridi  |  

United Overseas Bank (UOB) has revealed that its artificial intelligence (AI)-powered anti-money laundering (AML) technology has been quite effective at assisting the Singapore-based bank with analyzing large volumes of transactions to identify suspicious or potentially fraudulent financial activities. The UOB, a multinational banking organization with… Read More

October 22, 2020 @ 11:32 pm By Omar Faridi  |  

Ajay Bhalla, President, Cyber and Intelligence Solutions, Mastercard, notes that artificial intelligence (AI) algorithms are part of the payment company’s “first line of defense” in protecting over 75 billion transactions that Mastercard processes on its network every year. Bhalia recently revealed the different ways that… Read More

October 15, 2020 @ 3:42 pm By Omar Faridi  |  

LexisNexis Risk Solutions has published its latest research report, titled Risk Solutions 2020: True Cost of Fraud Study: Financial Services & Lending (for the US and Canadian financial services and lending sectors). The research report covers the different types of fraudulent activities in the lending… Read More

October 10, 2020 @ 3:03 pm By Omar Faridi  |  

Blockchain analysis firm Chainalysis notes that its Reactor tools lets researchers and investigators track and analyze the movement of virtual currencies between different crypto addresses. The Reactor tool is also used to identify transactions that may involve stolen or otherwise illicit digital currency. Cybercriminals might… Read More

September 15, 2020 @ 8:22 am By Omar Faridi  |  

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, has released an updated report, titled, Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing. Published on September 14, 2020, the report notes that… Read More

September 14, 2020 @ 9:02 am By Omar Faridi  |  

Current Financial Crimes Enforcement Network (FinCEN) regulations state that it’s the responsibility of all financial service providers to accurately and promptly identify and report any suspicious or potentially fraudulent activity. This activity may be related to how criminals or bad actors exploit convertible virtual currencies… Read More

September 5, 2020 @ 3:32 pm By Omar Faridi  |  

Earlier this week, Modulr reportedly became the very first non-bank or building society to join the Confirmation of Payee service, which allows people to check whether the payment details they’ve provided for an individual or company match the details that are held by the recipient’s… Read More

September 1, 2020 @ 1:32 pm By Omar Faridi  |  

The retail banking sector has been hit with numerous scams during the past few years. Cybercriminals are now also beginning to increasingly go after much larger corporate accounts by launching sophisticated malware and phishing attacks, according to Beate Zwijnenberg, chief information security officer at ING… Read More

July 28, 2020 @ 11:18 pm By Omar Faridi  |  

Leading blockchain analysis firm, Chainalysis, which recently secured $49 million in capital through a Series B round, announced on July 27, 2020, that it has launched Market Intel, its newly designed website for asset managers and regulatory agencies. The new site may be used to… Read More

June 11, 2020 @ 11:09 pm By Omar Faridi  |  

South Korea’s Financial Supervisory Service (FSS), a financial regulator that examines and supervises financial institutions under the oversight of the Financial Services Commission (FSC), is reportedly planning to look into the security of various Fintech platforms, due to unauthorized payments being conducted via Toss. Toss… Read More

March 1, 2020 @ 12:44 pm By Omar Faridi  |  

The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), reports that the number of suspicious or potentially fraudulent transactions and order reports (STORs) recorded by the agency have decreased for the first time since it began recording them in 2016 Last year, the FCA… Read More