As travelers pack their bags for long-awaited summer trips, a new breed of scammer is tagging along — powered by artificial intelligence (AI). From fake rental listings to phantom flight deals, AI-assisted travel fraud is surging, leaving vacationers out of pocket and out of luck....
As we move fast and furiously into a digitally connected economy, payments modernization is essential. After all, how businesses and consumers pay, and get paid, is central to defining the future of both commerce and daily life. That’s why the modernization of payment systems is...
Scam factories, where perpetrators themselves are victims of a system they help perpetuate, present a significant challenge to the integrity of global financial networks, resulting in an estimated $75 billion lost over the last four years. These fraud factories operate predominantly across developing markets like...
False declines, which cause friction in the payment process, have a detrimental effect on transaction success rates and discourage customers from returning. According to findings detailed in “Fraud Management, False Declines and Improved Profitability,” false declines put a staggering $157 billion at risk in the United...
September 24, 2024
Banks and financial institutions (FIs) face challenges in balancing the convenience of digital banking with the need for robust security measures. Economic impacts from fraud have forced these institutions to shift resources away from innovation toward immediate threat mitigation, hindering progress in the sector. As security threats evolve, a PYMNTS Intelligence report, “Progress and Protection: […]
June 24, 2024
As travelers pack their bags for long-awaited summer trips, a new breed of scammer is tagging along — powered by artificial intelligence (AI). From fake rental listings to phantom flight...
May 31, 2024
As we move fast and furiously into a digitally connected economy, payments modernization is essential. After all, how businesses and consumers pay, and get paid, is central to defining the...
March 13, 2024
Scam factories, where perpetrators themselves are victims of a system they help perpetuate, present a significant challenge to the integrity of global financial networks, resulting in an estimated $75 billion...
December 07, 2023
Consumers who scan a QR code for what they think is a legitimate purpose could actually be giving their personal information to scammers. The Federal Trade Commission (FTC) warned consumers of this threat in a consumer alert posted Wednesday (Dec. 6). “A scammer’s QR code could take you to a spoofed site that looks real but isn’t,” Alvaro Puig, […]
July 30, 2023
Security researchers have reportedly discovered malware that steals user data via optical character recognition. This malware, known as CherryBlos and uncovered by security firm Trend Micro, has been embedded into at...
July 12, 2023
Federal prosecutors have filed charges against a second former executive of college financial-planning startup Frank. They have indicted Olivier Amar, former chief growth officer of Frank, in connection with fraud...
July 11, 2023
The Securities and Exchange Commission (SEC) has announced charges against investment firm Merrill Lynch, Pierce, Fenner & Smith and its parent company BAC North America Holding Co. The charges, stemming from 2009 to 2019,...
