How common has refund fraud — or returns fraud — become? So much so that fraudster groups have begun advertising their services on platforms like Reddit, Telegram and TikTok. That’s according to a Thursday (March 14) report by CNBC on the trend, which involves tricking merchants into...
Consumers lost a record $10 billion to fraud in 2023, with digital tools making it easier for scammers to find targets. That total is 14% higher than the amount of fraud losses reported during the previous year, the Federal Trade Commission (FTC) said Friday (Feb....
Financial fraud remains a persistent challenge across industries, and its threat is further sharpened by technological complexity and the growing sophistication of bad actors. “Fraud is growing and the recipes are getting slicker,” Gerhard Oosthuizen, CTO at Entersekt, told PYMNTS. “It is dovetailing nicely with generative AI...
The Department of Justice (DOJ) has announced a crackdown on fraud networks that steal money from consumer accounts and use fraudulent “microtransactions” to conceal their illicit activities from financial institutions. These networks employ deceptive tactics to continue their fraudulent schemes, causing significant financial losses to individuals and...
The U.S. subsidiary of Industrial and Commercial Bank of China (ICBC) reportedly disconnected itself from an electronic settlement platform for U.S. Treasury securities operated by BNY Mellon after ICBC suffered a ransomware attack, Reuters reported Friday (Nov. 10). In the meantime, BNY Mellon is manually...
A new report by the Federal Trade Commission (FTC) shows the extent of the problem of cross-border fraud. Since the FTC began monitoring complaints on the issue in 1996, it has received more than 2.6 million consumer reports of cross-border fraud, the agency said in...
Metropolitan Commercial Bank (MCB) has agreed to pay a penalty of $15 million following an investigation by the New York State Department of Financial Services (DFS). Superintendent of Financial Services Adrienne A. Harris announced that MCB had failed to properly oversee its MovoCash Digital Prepaid...
A Florida nurse practitioner has been convicted in a $200 million Medicare fraud scheme. Elizabeth Hernandez, 45, took part in a scheme to defraud the government by submitting phony claims for genetic testing and medical equipment that the Medicare beneficiaries did not need, the U.S. Department of Justice (DOJ)...
The rise of generative artificial intelligence (AI) has reshaped the cyber threat landscape. Firms increasingly rely on AI, and this reality is set to accelerate as the information ecosystem continues to be transformed by innovations that not only present new opportunities, but also open up...
