FTC Reports Record Fraud Losses, Warns of Bank Imposter Scams
The U.S. Federal Trade Commission (FTC) reported that total fraud losses reached an all-time high of $15.9 billion last year—an approximately 27% year-over-year increase—and found that some victims lost more than $1 million to scams. An FTC report noted that imposter scams remained the most commonly reported type of fraud, continuing a five-year trend. While […]
EMVCo Proposes Standards for Stronger Payment Authentication
EMVCo has released a draft framework that could pave the way for a universal standard for verifiable digital credentials in card‑based payments, a move that could make online checkout both more secure and less cumbersome. As verifiable digital credentials continue to gain traction for secure digital transactions, EMVCo is working to ensure that its data […]
How Banks Are Fighting the Scourge of Money Mules
Money mule activity, long associated primarily with money laundering, now fuels a wide range of scams, including identity fraud, payment fraud, and organized financial crime. Mule accounts allow criminals to receive stolen funds and quickly move money across financial institutions, distancing themselves from the original crime. Too often, mule activity is dismissed as legitimate because […]