Press Release July 6, 2023 | London Using the latest AI-powered insights, Mastercard is helping banks predict scams in real time and before any money leaves a victim’s account. TSB reports a reduction in losses to scams equivalent to £100 million across the U.K., should all banks adopt…
To print this article, all you need is to be registered or login on Mondaq.com. Payment scams exploiting the lure of cryptocurrency are a growing concern for individuals and businesses—losses from crypto scams increased from $907 million in 2021 to $2.57 billion in 2022. These scams typically involve criminals…
Cashless and contactless interactions saw a dramatic upswing in the last few years thanks to the COVID-19 pandemic. Digital transactions are now commonplace, so you no longer need to dig through your pockets to draw and hand over germ-saturated bills and credit cards. We handle our smartphones all day, so…
As a frequent PayPal user, I wasn’t surprised to see a payment request on the app pop up. But when I read it, I knew something was wrong. In the message, a stranger asked me to send them $699 in order to get a “refund.” While I instantly recognized the…
ARLINGTON, VA —Watch out when selling big-ticket items on Facebook Marketplace. Scammers have a new trick up their sleeves! According to BBB Scam Tracker reports, be wary of phony buyers who “need” you to upgrade your Zelle or another digital wallet app to accept money from them. How this scam…
Washington, D.C. – U.S. Senator Bob Casey (D-PA) is leading a letter to the Consumer Financial Protection Bureau (CFPB), pushing the agency to better protect users of peer-to-peer payment applications (P2P apps) from scams. As P2P apps like Venmo, Cash App, PayPal or Zelle have become more popular, scammers are…
Mobile payment apps like Venmo, Cash App and Zelle® make it easy to send money virtually between friends and family. Just download the app, set up a free account, connect it to your bank account or debit card, and voila! You can pay your babysitter, reimburse a friend for picking…
Scams targeting users of mobile payment apps such as Cash App, QuickPay, Venmo and Zelle are surging, the Better Business Bureau and Illinois utility Commonwealth Edison warned Thursday (Feb. 24). ComEd customers alone reported being scammed out of at least $27,000 in January 2022, the utility and consumer protection group…
