According to a new report from the Reserve Bank of India (RBI), digital payments fraud in the country grew 14.57 billion rupees ($175 million) in the year ended March 2024 from a year ago. The rise in fraud comes as India increasingly embraces digital payments...
The Federal Trade Commission said it has been flooded with reports from consumers who have been taken in by scammers purporting to represent some of today’s leading companies. The FTC said Friday (May 24) that it received 52,000 consumer complaints in 2023 detailing scams where fraudsters claimed to represent Best Buy’s Geek Squad, which resulted in $15...
Ninety-five percent of eCommerce merchants have either already started enhancing their anti-fraud resources or plan to do so before the year is out. That is one key takeaway from “Fraud Management in Online Transactions,” a PYMNTS Intelligence collaboration with Nuvei that looks at the fraud-related challenges...
The U.K. payments sector is protesting the government’s plan to have companies reimburse fraud victims. Dozens of members of the Payments Association have written to the British economic secretary to the Treasury, Bim Afolami, to push back against the rules, Bloomberg News reported, citing a...
The Federal Reserve’s FraudClassifier divides fraud into two categories: authorized fraud and its unauthorized counterpart. Authorized fraud occurs when a legitimate party initiates a payment only to have a bad actor intervene and hijack the funds. Unauthorized fraud, on the other hand, happens when bad actors initiate or redirect a payment through...
Since biblical times, the greatest threats have often come from inside one’s own organization. Et tu, Brute? And recent news from the U.S. Attorney’s Office for the Southern District of New York (SDNY) shows that, even two-plus decades into the 21st century, insider fraud remains...
Fraud targeting older Americans’ money or cryptocurrency increased by double-digit percentages in 2023. The number of complaints of elder fraud increased by 14% during the year, while the associated losses rose by 11%, the FBI’s Internet Crime Complaint Center (IC3) said in a Tuesday (April 30) press release. Individuals...
UnitedHealth’s CEO said the company is still investigating a security failure behind a massive cyberattack. Testifying before the Senate Finance Committee Wednesday (May 1), Andrew Witty said the company has not yet determined why its computer systems were left open to a ransomware gang that...
From safeguarding online purchases to strengthening eCommerce ecosystems, strong customer authentication (SCA) helps confirm remote electronic transactions, reshaping the digital commerce landscape. While its mandatory implementation in Europe has effectively curbed fraud stemming from the theft of customers’ credentials, a new report by the European Banking Authority (EBA) revealed a concerning trend....
