Application fraud and account takeover attacks have soared during the pandemic, but modern technologies enable secure and convenient banking
Scams that start on social media have been increasing for years and climbed from $134 million total reported losses in 2019 to $117 million in just the first six months of 2020, the Federal Trade Commission said today.
The ABA Foundation, in collaboration with the Federal Trade Commission, released a new infographic today to educate consumers on impostor scams which disproportionately affect older adults.
Consumers aged 60 and older lost nearly $440 million to fraud in 2019, a $40 million rise from the prior year, according to a report submitted to Congress today by the Federal Trade Commission.
Banks saw fewer monthly fraud attempts in the first half of 2019 compared to the first half of 2018, according to a new pre-COVID study from LexisNexis Risk Solutions.
With the Federal Trade Commission estimating that American’s lost $1.48 billion to phishing scams in 2018, ABA Vice Chairman Scott Anderson, president and CEO of Zions Bank, urged consumers to be vigilant and protect themselves when browsing online.
Banks and other financial institutions have been “strong partners” in assisting the Department of Justice and law enforcement detect and investigate potential fraud connected to the Small Business Administration’s Paycheck Protection Program, Acting Assistant Attorney General Brian Rabbitt noted in a press conference today.
Even before consumers’ acceleration to online shopping due to the pandemic, card-not-present debit transactions rose 21% year-on-year in 2019, according to Pulse’s debit issuer survey released today.
The Financial Crimes Enforcement Network issued an advisory alerting financial institutions to several types of cybercrime and cyber-enabled crime connected to the coronavirus pandemic.
The Financial Crimes Enforcement Network today warned financial institutions about a recent high-profile scam through which fraudsters exploit prominent Twitter accounts to solicit virtual currency payments from victims.