Latest fraud publications

Cyber fraudsters are switching from big money scams to con people out of as little as £10 on a massive scale in a phenomenon dubbed “silent stealing”, a new report warns.

The market has long demanded quicker and more convenient payment methods, and the industry is now answering with ubiquitous payments. Yet at what cost? PSD2 and open banking are now established in the legislative framework, and many third-party providers are springing up with new offerings that democratise access to payments and offer complementary value-added services.

Banks and other financial organisations are already seeing a surge in the volume and value of electronic transactions through digitalisation. And new channels, like PSD2, are set to exacerbate the pressure on existing fraud defences. Faster payments, through SWIFT gpi and other means, virtually eliminate the window of investigation. And, therefore, necessitate automated real-time detection.

Criminal group’s methbot scheme rented more than 1,900 computer servers hosted in Dallas data centres to load ads on fabricated websites A major fraud operation which caused businesses millions of dollars in losses from falsified ad revenue has been dismantled by US authorities. Two global cybercrime rings were uncovered resulting in the indictment of eight men on… Read More

The U.S. District Court has issued a final judgement against two Connecticut-based bitcoin mining companies, ruling that each was run as a Ponzi scheme. GAW Miners and ZenMiner must each pay $10.3 million in disgorgement and prejudgment interest, in addition to a civil penalty of $1 million. Both GAW Miners and ZenMiner were founded by… Read More

A new app, developed by a team from Pujiang Tech in the Shenzhen province, helps Chinese citizens recognize and report phone scams and other telecoms fraud. Vanguard Against Scams is a free app for Android phones that records and stores any calls from an unrecognized number for up to 72 hours. Users can share the… Read More