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Revolut, a global financial superapp serving over 35 million customers, has significantly expanded its Financial Crime (FinCrime) division, doubling the headcount since 2021.
The New Zealand Banking Association has unveiled new measures to amplify their fight against financial scams.
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 FBI has claimed that losses from business email compromise and email account compromise have surpassed $43bn worldwide.
Reports received by the Federal Trade Commission have found US citizens were scammed to the tune of $770m through social media cons during 2021.
A report by Group-IB has found threat actors are making $80m a month by impersonating known brands asking people to participate in phoney surveys and giveaways.
HSBC UK has launched a fraud awareness app to provide companies with news on emerging scams in real-time as well as tips and advice.
From: FinTech Global COVID-19 has plunged financial markets into chaos, but the pandemic also represents both challenges and opportunities for FinTech and RegTech companies as...
It will be impossible to completely stop scams from happening. While technology and better alertness will help to lower the number of successful incidents, some will inevitably slip through under the radar.