J.P. Morgan Chase reportedly plans to share with police the information it has about people who took advantage of a so-called “glitch” that was promoted by TikTok users late last week. Chase Bank suffered a technical error that allowed customers to immediately withdraw the full...
It’s said in jurisprudence that hard cases make bad law. Bad laws have the unintended consequences of hurting society, encouraging bad behavior, or both. In payments, and in the United Kingdom, the hard choices of what to do about authorized push payment (APP) fraud are...
Banks are confronting new, digital risks, and guarding against them demands a more agile, teamwork-focused approach. Michael Hsu, acting Comptroller of the Currency, said in a Tuesday (Sept. 3) speech before the Joint European Banking Authority and European Central Bank International Conference that within financial...
The U.K.’s payment regulator is reportedly making a drastic cut to its fraud reimbursement plan. Banks and payment companies in England would have had to reimburse victims of scams up to £415,000 ($544,000), but will now have to pay a maximum of £85,000 ($111,000), the...
As bitcoin ATMs have been installed in more locations, they have become a “payment portal for scammers,” the Federal Trade Commission (FTC) said in a Tuesday (Sept. 3) data spotlight. The amount of money consumers lost to scams involving bitcoin ATM machines increased tenfold between 2020 and 2023,...
In the wrong hands, digital footprints can turn into a blueprint for fraud. Particularly as identity theft proliferates and becomes more sophisticated, data breaches are increasingly turning personal and business information into a goldmine for cybercriminals looking for their next payday. “We are at about...
Singapore is considering a bill that would allow police to order banks to temporarily prevent people from sending money to scammers. The country’s Ministry of Home Affairs (MHA) is seeking public comment on the proposed Protection from Scams Bill after seeing that some victims of...
Hackers tied to China breached four U.S. companies, according to cybersecurity researchers. Lumen’s Black Lotus Labs said in a Tuesday (Aug. 27) blog post that the group Volt Typhoon found a server vulnerability at the startup Versa Networks that allowed it to hack the four...
Nigeria is reportedly eager to combat online extortion scams following a crackdown by Meta. The country’s Economic and Financial Crimes Commission is willing to work with global law enforcement to stop suspects based in Nigeria, a spokesperson for the watchdog said, per a Financial Times report...
