Tagged: scams

April 1, 2025 @ 8:49 pm By Omar Faridi  |  

Revolut, the global fintech claiming 50 million+ customers, released its Consumer Security and Financial Crime Report, revealing the evolving tactics of fraudsters globally. The report highlights that criminals are increasingly “turning to encrypted messaging services to exploit victims, with the proportion of fraud originating on… Read More

March 25, 2025 @ 9:14 pm By Omar Faridi  |  

Australia’s household spending trends in early 2025 reveal an increasingly cautious consumer landscape, shaped by growing economic pressures and shifting priorities, while a parallel rise in scams targeting vulnerable groups underscores a concerning challenge. Insights from Commonwealth Bank (CommBank), Westpac, and ANZ highlight these key… Read More

March 15, 2025 @ 3:57 pm By Omar Faridi  |  

In an era of information overload, Payments Canada says it is taking a stand against misinformation and fraud, as highlighted by Victoria McMullen, Director of Marketing and Communications, in a thoughtful reflection on The 2024 SUMMIT panel discussion. Informative insights from the session—featuring professionals such… Read More

March 13, 2025 @ 12:34 pm By Omar Faridi  |  

Visa (NYSE: V), a global provider of payment technology, unveiled its scam disruption practice focused on identifying and stopping complex scams as they emerge. The new department, which sits under Visa Payment Ecosystem Risk and Control (PERC), has reportedly saved victims “$350 million across dozens… Read More

March 13, 2025 @ 12:25 pm By JD Alois  |  

The Canadian Securities Administrators (CSA), the Canadian Anti-Fraud Centre (CAFC) and the Royal Canadian Mounted Police (RCMP) have joined to issued a statement about the perils of financial fraud. While it is Fraud Prevention Month in Canada, consumers should always be aware of the various… Read More

March 12, 2025 @ 10:32 pm By Omar Faridi  |  

The Federal Trade Commission (FTC) recently revealed that US consumers reported losing more than $12.5 billion to fraudulent schemes in 2024. This latest figure from the FTC marks a significant 25% increase from the previous year, highlighting a concerning escalation in financial losses despite ongoing… Read More

February 25, 2025 @ 9:32 pm By Omar Faridi  |  

In 2024, cybersecurity firm Kaspersky reportedly blocked 26% more phishing attempts worldwide compared to the previous year. Cybercriminals continued to capitalize “on well-known brands like Booking, Airbnb, TikTok and Telegram to steal credentials or install malware.” Additionally, users encountered more than “125 million attacks involving… Read More

February 19, 2025 @ 12:50 pm By Omar Faridi  |  

Mastercard (NYSE: MA) and Feedzai, an AI solution provider in financial crime prevention, announced they are joining forces to make it easier for banks to identify and stop scams. As payments continue to evolve, fraudsters are increasingly “using AI to scam consumers.” This cost more… Read More

February 4, 2025 @ 12:24 am By Omar Faridi  |  

Experian released its Future of Fraud Forecast, revealing emerging fraud threats that could challenge businesses and consumers in 2025. This year’s predictions show that fraudsters will “continue to double down on the digital landscape and leverage Generative AI (GenAI) to commit sophisticated crimes at a… Read More

February 2, 2025 @ 6:26 pm By Omar Faridi  |  

ASIC has recently written to superannuation trustees urging them to strengthen anti-scam practices, or risk ex”posing members to harm.” The open letter, which is reportedly signed by ASIC Commissioner Simone Constant, outlines their guidance for superannuation trustees in “preventing, detecting and responding to scams and… Read More

January 26, 2025 @ 6:58 pm By Omar Faridi  |  

Consumers should remain vigilant against romance fraud, which continues to harm unsuspecting individuals each month, according to Bank of Ireland. The bank emphasizes the importance of staying cautious and not allowing emotions to override financial judgment. Romance fraud involves scammers creating false identities to build… Read More

January 22, 2025 @ 10:05 pm By Omar Faridi  |  

Westpac has released new data revealing the effectiveness of Australia’s scam prevention efforts. The new analysis conducted by BDO compared Australia, the United Kingdom (UK), Canada and the United States (US) and found Australia is “one of the most successful countries” in bringing down scam… Read More

January 8, 2025 @ 8:06 pm By Omar Faridi  |  

Maybank announced that it launched a counter-fraud security feature on the MAE App called Money Lock, which allows customers to lock funds in the savings or current accounts of their choice from “being digitally accessed, keeping the funds safe from online scammers.” With this added… Read More

January 6, 2025 @ 8:28 am By Omar Faridi  |  

Amid this dynamic landscape, the blockchain industry advances at the intersection of security and innovation, according to a report from SlowMist. The research report from SlowMist provides an in-depth review of key regulatory policies and anti-money laundering (AML) developments in 2024. It examines major blockchain… Read More

December 28, 2024 @ 11:36 am By Omar Faridi  |  

The authorities in France are taking action to combat the phenomenon of financial crime (including major scams and fraudulent activities) catching out an increasing number of individuals. The Paris Public Prosecutor’s Office, the Autorité des Marchés Financiers (AMF), the Autorité de Contrôle Prudentiel et de… Read More

December 10, 2024 @ 10:11 pm By Omar Faridi  |  

As consumers took advantage of Black Friday and Cyber Monday deals, analysis from TransUnion (NYSE: TRU) found that 4.6% of attempted ecommerce transactions globally were suspected to be Digital Fraud from this Thanksgiving to Cyber Monday. Based on insights from TransUnion’s intelligence network, TransUnion found… Read More

November 29, 2024 @ 8:29 am By Omar Faridi  |  

NordVPN has shared insights on “unmasking” dark web deals. The team at NordVPN have looked at what tools and scams are trending among hackers this holiday / shopping season. According to the update, dark-minded hackers are able to find scam and phishing kits as well… Read More

November 11, 2024 @ 7:16 am By Omar Faridi  |  

Feedzai, the RiskOps platform for financial risk management, in partnership with the Global Anti-Scam Alliance (GASA), releases the 2024 Global State of Scams Report. The study reveals scams have siphoned off US$1.03 trillion globally over the past year, with US victims seeing the “largest impact… Read More

November 8, 2024 @ 9:39 am By Omar Faridi  |  

NatWest has shared an update on the fastest growing scams of 2024. The update from UK’s NatWest noted that an increase in fake parcel delivery texts, social media marketplace scams and AI voice cloning “during the last 12 months.” This, according to the analysis from… Read More

November 2, 2024 @ 4:21 pm By Omar Faridi  |  

In October of 2024, Web3 security incidents led to total losses of approximately $147 million. According to the comprehensive SlowMist Blockchain Hack Archive, 28 separate attacks resulted in about $129 million in losses, with $19.3 million later recovered. These incidents are said to have involved… Read More