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Motley Fool’s The Ascent recently took look at FTC statistics in order to get a handle on mounting COVID-19 fraud losses losses to persons and businesses. COVID-19 fraud is defined in this case as any type of scam, fraud, or identity theft related to the novel coronavirus. Key findings from the report include: As of August 10, 2020, Americans have reported over 160,000 cases of fraud and losses of over $106 million.
Pymnts.com explores the various hurdles banks face when taking that big — and increasingly necessary — step. They note that migrating to the cloud is a vital tool traditional financial institutions (FIs’) will need in order to compete with digital-native FinTechs.
A story from the New York Post features Case William Kelley, 42, who utilized a home printer to create a fraudulent check to successfully purchase a Porsche from an Oklahoma Dealer. This may sound like fake news…
To the layman, much of the language in the AI space can be mystifying, particularly in deep learning. Take for example one of the core elements; the node. A deep learning node is “a computational unit that has one or more weighted input connections, a transfer function that combines the inputs in some way, and an output connection. Nodes are then organized into layers to comprise a network.”
Nigerian “419 scammer” goes big time “Hushpuppi” portrayed himself as successful and wealthy to recruit and fool victims It was a small error that eventually snared him By now, the phrase “Nigerian email scammer” has become a cliche to the extent that one wonders if they actually exist in the literal sense — a person…
Ensenta/EPS has put together an excellent report exploring NINE DRIVERS OF MOBILE DEPOSIT GROWTH (You can download a copy HERE). They come out of the gate by noting that large financial institutions continue to invest in increasingly better mobile deposit user experiences for two reasons: Improving return on investment (ROI) Growing their deposit base Given…
An article by Antoinette Burnside, assistant vice president and product manager for Kennewick-based Community First Bank and HFG Trust, appeared in the Tri-Cities Area Journal of Business, describing how pervasive check fraud is feeding financial fraud in general.
Among the myriad fraud schemes emerging during the COVID-19 crisis are “money mule schemes.” A money mule is “a person who transfers illegally acquired money on behalf of or at the direction of another.” These are scams that, frankly, take advantage of the desperation some persons and businesses feel due to to COVID-19 economic impacts. In this climate, actors are able to fairly easily deceive otherwise savvy victims by impersonating federal government agencies, international organizations, or charities.
Modern bank consumers are more and more comfortable interacting with their accounts online, often from a portable device. It’s never been easier to make deposits — using an app on an always-handy phone — and see the “funds available” right in an account, reassuring the user that the money is indeed deposited and… available. MyBankTracker…
Pymnts.com looks at the startling emerging story of a Germany payments company called Wirecard, where as much as $2.1 billion may be unaccounted for.
The story notes that “even the largest companies with the most resources to digitize and combat fraud are not immune to the risk — from both within and outside of, the organization.”