Tag: Fraud

The Payment Systems Regulator (PSR) is progressing in its fight against APP fraud by introducing two consultations. 

The UK's PSR has unveiled plans to establish a maximum reimbursement level of £415,000 for victims of APP fraud.

A Ponzi scheme is a fraudulent investment scam that promises high rates of return with little risk to investors.

In Q2 of 2023, the UK saw a rise in fraudulent activity with a loss of £593m, pushing the total stolen cash in the past year to almost £3.5bn.

Resistant AI, a company founded in 2019, employs machine learning techniques to safeguard financial services from fraud,

Unlocking the potential for commercial success, dynamic financial crime risk assessments offer a multitude of benefits for financial institutions. Acuminor, a RegTech company explained that these benefits serve to bolster the financial health, stability, and long-term growth of these institutions.

As cryptocurrencies become increasingly popular, the risk of scams targeting investors has grown. In response, Commonwealth Bank (CBA) has launched new safety measures aimed at safeguarding its customers. The bank will now impose restrictions, delays, and limits on certain payments to cryptocurrency exchanges.

The concept of FRAML, the integration of Fraud and Anti-Money Laundering (AML), is radically altering the outlook of risk management and compliance in the financial sector. A recent webinar, led by the Electronic Transactions Association (ETA) and sponsored by Hawk AI, engaged a panel of Fraud and AML professionals to dissect the benefits and hurdles of FRAML.

The EBA has published its 8th annual consumer trends report that summarised trends in the consumer protection space.

A report by NICE Actimize has found that the rise of banking fraud is a growing concern for financial institutions and consumers alike.