“Millions of Brits are putting themselves at risk by ignoring warnings that bank account details do not match when making a transfer, according to research from Lloyds Bank.”

“The Monetary Authority of Singapore (MAS) and the Bank for International Settlements (BIS) Innovation Hub Singapore Centre have developed a prototype analytics platform that could help regulatory authorities perform more effective supervision. The Project Ellipse platform enables regulatory and other data – such as articles and news – to be integrated into a single platform, which helps authorities identify potential risks to individual banks and the banking system, BIS and MAS said in a statement on Thursday (Mar 31).”

“Fraudsters targeted fintechs at an alarming rate in 2021, according to Sift Science Inc.’s first-quarter 2022 Digital Trust & Safety Index. The index reveals that the payment-fraud attack rate across fintechs within Sift’s network increased a whopping 70% in 2021 compared to 2020. The attack rate is defined as the number of fraudulent transactions blocked by Sift out of total transactions. The increase was the highest in any vertical in Sift’s network of more than 34,000 sites and apps. The index also included a survey of more than 1,000 consumers.”

“Feedzai , the leading RiskOps platform, announces that it ended its fiscal year with +40% year-over-year growth in exit annual recurring revenue (ARR). With a total of 24 tier one new logos across the globe, the company also recorded no churn on core customers. Additionally, extended contracts were signed with key clients like Citi Bank in North America, Lloyds Banking Group in EMEA, Picpay in LATAM, and Cuscal in APAC.”

“ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software , today announced the launch of Fraud Scoring Services —an industry-first fraud scoring platform delivering next-generation machine learning capabilities for financial institutions of all sizes to deliver real-time fraud detection and prevention.”

“Zelle’s immediacy has also made it a favorite of fraudsters. Other types of bank transfers or transactions involving payment cards typically take at least a day to clear. But once crooks scare or trick victims into handing over money via Zelle, they can siphon away thousands of dollars in seconds. There’s no way for customers — and in many cases, the banks themselves — to retrieve the money. Nearly 18 million Americans were defrauded through scams involving digital wallets and person-to-person payment apps in 2020, according to Javelin Strategy & Research, an industry consultant”

“ThetaRay, a leading provider of AI-powered transaction monitoring technology, and Payoneer (NASDAQ: PAYO ), the commerce technology company powering payments and growth for the new global economy, will be collaborating to monitor global cross-border payments on Payoneer’s platform. ThetaRay’s SONAR SaaS solution will be used to monitor millions of transactions per year.”

“To remedy the problem, Chargebacks911 , a post-transaction fraud-prevention platform, has partnered with Microsoft Corp. to create a service that combines data and artificial intelligence to detect fraudulent transactions, as well as friendly friend, pre-authorization and post-transaction  The new service leverages Chargebacks911’s friendly fraud analytics and Microsoft’s adaptive artificial intelligence technology, which learns fraud patterns, to optimize fraud controls and reduce losses from post-transaction fraud, also known as fraudulent chargebacks .”

“CIMB Group Holdings Bhd. said it incurred a credit loss of 280.9 million ringgit ($67 million) in 2021 due to a processing error that saw excess funds deposited in some customer accounts. The Malaysian lender, which counts sovereign wealth fund Khazanah Nasional Bhd. as its largest shareholder, discovered the problem this year that related to a third-party remittance service, Group CEO Abdul Rahman Ahmad said in a statement, confirming a report by Bloomberg News.”

“Payments into and out of the accounts of Nationwide customers are being delayed in the latest round of disruption to hit the building society. Temporary queues have been set up on faster payments – the digital system which is mostly used to transfer money to other individuals and businesses within a couple of hours. Nationwide said the problem was the result of a technical issue. Frustrated customers have faced similar problems in recent months.”

“The popularity of mobile payment apps like Cash App and Venmo is giving rise to incidents of scammers using these digital networks to bilk ComEd customers out of their hard-earned money. ComEd urges customers to be aware of these new scam attempts so they identify and avoid them. In January 2022, ComEd received more than 240 reports of scams from customers, a more than 150-percent increase from January 2021.”

“This month, the FBI issued a statement warning consumers that criminals are increasingly using SIM card swap schemes to steal money, including cryptocurrencies. While the agency’s Internet Crime Complaint Center logged 320 complaints on such incidents, with losses of about $12 million, over the three-year period from 2018 through 2020, it received five times that many complaints last year — 1,611 — with losses of about $68 million, the Feb. 8 FBI statement said.”

“The House of Commons Committee’s bipartisan report on economic crime published on February 2, 2022, has alerted the UK government to a “growing fraud epidemic,” ordering them to urgently legislate against online scammers.   Despite the government having announced an economic crime plan in July 2019, the report found that there had been a 43% jump in fraud and computer misuse between June 2019 and June 2021, increasing the financial toll on consumers and taxpayers.”

“Prosecutors say Jones and his accomplices contacted Amex posing as actual customers who had lost their credit cards. They then tracked the shipment of newly-issued cards using their phones, and intercepted the delivery before it reached the real customer. With their cards, they went to high-end shops in L.A., Beverly Hills and Costa Mesa and purchased tens of thousands of dollars worth of luxury goods.”

“The European Banking Authority (EBA) launched today its central database for anti-money laundering and counter-terrorist financing (AML/CFT). This European reporting System for material CFT/AML weaknesses, EuReCA, will be central to coordinating efforts by competent authorities and the EBA to prevent and counter money laundering and terrorist financing (ML/TF) risks in the Union.”

“A member of a fraud-focused community on Telegram is advertising access to TLO, a data tool typically used by private investigators to obtain sensitive information on targets, including their Social Security Number (SSN), date of birth, and physical address history.”

“While cybercrime gets a lot of attention from law enforcement and the media these days, I’ve been documenting a less high-tech threat emerging in recent months: a surge in stolen checks . Criminals are increasingly targeting U.S. Postal Service and personal mailboxes to pilfer filled-out checks and sell them over the internet using social media platforms. The buyers then alter the payee and amount listed on the checks to rob victims’ bank accounts of thousands of dollars. While the banks themselves typically bear the financial burden and reimburse targeted accounts, criminals can use the checks to steal victims’ identities, which can have severe consequences .”

“Cryptocurrency-linked crime surged to a record high last year in terms of value, with illegal addresses receiving $14 billion in digital currencies, up 79% from $7.8 billion in 2020, according to a blog from blockchain analysis firm Chainalysis released on Thursday. As of early 2022, Chainalysis said illicit addresses already hold over $10 billion worth of cryptocurrencies, with the majority of this held by wallets associated with crypto theft. Illicit addresses are defined as wallets tied to criminal activities such as ransomware, Ponzi schemes and scams.”

“Now questions are swirling around dozens of EMIs regulators licensed as part of a move to boost London’s reputation as a fintech center and promote banking competition. Hundreds of regulatory, legal and corporate filings reviewed by Bloomberg sketch an unsettling picture of this new corner of the City. And they point to oversight weaknesses at the U.K.’s Financial Conduct Authority. Among the companies approved by the FCA, Bloomberg’s review found, are ones with executives or shareholders tied to Baltic money-laundering scandals, alleged financial wrongdoing in Russia and Kyrgyzstan, health-care fraud in the U.S. and suspected wrongdoing in Luxembourg and Australia. Dozens of firms are controlled by investors in jurisdictions far beyond the U.K., including the British Virgin Islands, Cyprus, Ukraine and the United Arab Emirates. Some openly boast of doing business with high-risk customers.”