PYMNTS

APRIL 21, 2020

The scams often impersonate legitimate companies and have fake social media accounts. Ripple has been walking the walk in terms of its complaints, hiring a team of experts in cybersecurity and digital threat intelligence to combat fraud and implementing a new submission form online for users to report instances of fraud they’ve seen.

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TheGuardian

JUNE 14, 2023

Bank says UK consumers could lose £250m from scams originating on Meta platforms in 2023 Fraud on Facebook, Instagram and WhatsApp is projected to cost victims £250m this year, a leading UK bank has said, adding to pressure on the tech firms’ parent company, Meta, to tackle scams on its platforms.

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PYMNTS

SEPTEMBER 30, 2019

A recent study about how people respond to scammers shows that consumers are more likely to become victims on social media and online marketplaces than over the phone, The Wall Street Journal reported on Sunday (Sept. Researchers found that the majority of consumers fell prey to scammers on legitimate websites and social media. .

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TheGuardian

SEPTEMBER 22, 2021

UK Finance said fraudsters had capitalised on the coronavirus pandemic, with criminals targeting children as young as 14 via social media to become money mules. Continue reading.

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PYMNTS

MARCH 30, 2018

With fresh concerns about government regulation of cryptocurrency surfacing, Bitcoin and other digital tokens continued the recent declines in value, erasing $550 billion in value for the global cryptocurrency market since the start of 2018.

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PYMNTS

DECEMBER 12, 2019

Twitter and Square CEO Jack Dorsey announced plans to support an independent team “of up to five open source architects, engineers, and designers to develop an open and decentralized standard for social media,” according to Coindesk. The goal is for Twitter to ultimately be a client of this standard,” Dorsey said.

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PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

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PYMNTS

DECEMBER 24, 2020

If 2020 taught us anything about cryptocurrencies, it’s that they’ve reached a tipping point. Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. Bitcoin, of course, exists as one of the most widely recognized cryptocurrencies. Keeping An Eye On Fraud.

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PYMNTS

APRIL 3, 2018

Securities and Exchange Commission (SEC) has charged two founders of a cryptocurrency company for an allegedly fraudulent initial coin offering (ICO) that raised more than $32 million. And they allegedly hired celebrities to promote their ICO on social media platforms. “As Their firm, Centra Tech Inc.,

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PYMNTS

JUNE 21, 2019

The endless speculation over Facebook’s plans to build a new set of global payments rails and launch a global cryptocurrency comes to an end today with the official launch of Libra. How To Build A High Performing Platform Payments Fraud Team. For digital platforms, fraud represents a two-headed beast. Or does it?

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PYMNTS

JANUARY 1, 2021

As reported in this space , the DSA and DMA cover online marketplaces, social media and other platforms. In the nascent and burgeoning cryptocurrency space, the U.S. The communications can now include email and text messages (in unlimited quantity and even across social media direct messages), according to the CFPB.

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PYMNTS

DECEMBER 18, 2018

According to a report in Reuters , citing a blog post by Twitter , the social media company said it discovered the traffic to a customer support forum while looking into a security hole that makes user data, such as phone country codes, accessible to hackers.

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PYMNTS

APRIL 5, 2019

Most of the fraudulent sellers asked for payment in cryptocurrency form, while others used a “middleman” to serve as a go-between between the buyer and the seller of the information, who then took a cut of the profits. “These groups violated our policies against spam and financial fraud and we removed them.

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FICO

NOVEMBER 22, 2021

Not to mention, the window for fraud has grown because retail events kicked off in October to counter concerns about supply chains and logistics. Growth in e-Commerce has Seen Fraud Surge. The fraud problem has gone viral. France and Germany have seen fraud increase during the pandemic. In the U.S. In the U.S.

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PYMNTS

OCTOBER 23, 2018

An Elon Musk message on Twitter – apparently a joke about bitcoin that fell flat – ended up causing the messaging and social media platform to lock down the account of the co-founder of both Tesla and PayPal. Musk decided to respond with a joke about cryptocurrency — hence that not-exactly-serious offer about selling bitcoin.

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PYMNTS

JANUARY 1, 2021

Indian FinTech Cashaa and the country's United Multistate Credit Cooperative Society teamed up to launch what they say is the world's first cryptocurrency bank branch through a joint-venture bank called Unicas, according to a release. The operation also will provide traditional banking services, according to the backers.

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PYMNTS

FEBRUARY 16, 2020

The law will also grant the Money Authority of Singapore a formal set of powers to tackle cybersecurity issues arising from cryptocurrency, including things like fighting domestic terrorism and money laundering, which have been common for the format. Steemit is a platform where users can be paid to curate and create content.

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PYMNTS

JULY 14, 2019

And the operator of BitFunder, a defunct trading platform that was denominated in bitcoin, and WeExchange was sentenced for obstruction of justice as well as securities fraud, CoinDesk reported. The slide deck was reportedly leaked through social media by an accountant. at the World Bank.

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PYMNTS

AUGUST 8, 2018

The strategy focuses on social media support fraud, and saw a 38 percent increase quarter-over-quarter. The year’s second quarter also saw an increase in social media link spam after a previous decline of this type of attack in Q1. Another phishing strategy, known as angler phishing, also showed its teeth in Q2.

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PYMNTS

JUNE 24, 2019

The think pieces have come in waves, as have the reactions from analysts, cryptocurrency enthusiasts and regulators — and the world waits to see exactly what Facebook and its cadre of payments and commerce players design. The news about Libra has been out for about a week. There will be perceptual hurdles to clear, and regulators to convince.

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PYMNTS

JUNE 24, 2019

Amid the announcement of a new cryptocurrency – that would be Libra – the Financial Action Task Force (FATF), which operates as global regulatory firm based in Paris with a membership roster of countries such as China and the United States, has said it will boost its examination of digital currencies with an eye on money laundering.

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PYMNTS

JUNE 5, 2019

Think of the Apple iPhone, and thoughts are likely to turn to matters involving social media, selfies, family photos, mobile commerce and even payments. Another relatively fresh digital scam involves cryptocurrencies and diamonds. But cryptos have done a great job of acting as conduits to all sorts of fraud.

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PYMNTS

SEPTEMBER 11, 2019

Pump and dump is a type of fraud that manipulates the price of an asset through a rush of high-volume purchases by fraudsters. Meanwhile, cryptocurrency payment processor BitPay has been accused of blocking donations to Hong Kong for several weeks. The surge artificially inflates demand, and then the actors dump their tokens.

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PYMNTS

NOVEMBER 15, 2019

German cryptocurrency company Karatbars has been ordered to stop doing business after being accused of running a pyramid scheme. Department of Justice announced that two Massachusetts men were arrested and charged with conducting a scheme to take over victims’ social media accounts and steal their cryptocurrency.

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PYMNTS

JUNE 23, 2019

Overstock CEO Patrick Byrne said that he welcomes Facebook ’s entry into the cryptocurrency market. Byrne told CNN Business that the social media giant’s launch of its own digital currency validates the space — and Overstock would be open to partnering with Facebook on the project. I perpetrated a fraud.

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PYMNTS

SEPTEMBER 11, 2019

Cryptocurrencies — Facebook’s Libra included — face at least some new headwinds as they target a mainstream embrace. It should be noted here, too, that the social media giant has tried to make the leap into financial services before. In reference to the regulatory climate, don’t expect it to ease anytime soon.

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CFPB Monitor

JULY 19, 2022

On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.” Malini Mithal testified that the FTC received over 200,000 reports of military fraud in 2021, totaling over $267 million in losses.

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PYMNTS

MARCH 7, 2018

As social media companies focus on preventing harmful content from spreading across their platforms, Twitter seeks to stop cryptocurrency scams from circulating as well. The news comes as Facebook announced it is not interested in running cryptocurrency ads , Recode reported in January.

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PYMNTS

JANUARY 30, 2018

29), the SEC’s complaint states that AriseBank “used social media, a celebrity endorsement and other wide dissemination tactics to raise what it claims to be $600 million of its $1 billion goal in just two months.” In addition, the agency was able to freeze the company’s assets and those of its two co-founders, CNBC reported.

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PYMNTS

JULY 1, 2019

It is unknown how many people were tricked by the scam, but before Facebook took it down, the post had more than 37,000 social reactions, 8,100 comments and nearly 5,000 shares. Ignatov is accused of a conspiracy to commit wire fraud, a crime that could see him serve a maximum of 20 years in jail.

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PYMNTS

JULY 23, 2019

The social media giant is now compelled to address a growing number of fabricated exchanges associated with its digital asset, The Washington Post reported on Tuesday (July 23). Facebook’s Libra has not even officially rolled out, yet there are already fake outlets springing up.

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PYMNTS

MAY 8, 2019

Facebook is shoring up its secretive blockchain team with hires from PayPal, according to a report by Bloomberg , and the company might be planning to release its own type of cryptocurrency, which could be announced as soon as the next quarter. Tomer Barel, who spent almost 10 years watching risk and fraud for PayPal, was also hired.

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Qudos Bank

FEBRUARY 15, 2024

While dating apps, social media networks and gaming apps are great to connect with like-minded people, they could also put you at risk of connecting with a scammer that will manipulate you for money. Latest Stats According to Scamwatch 1 , from January 2023 to November 2023: Australians reported 280,240 scam events for a total of $455.5

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PYMNTS

MARCH 16, 2018

Those who claim that all cryptocurrencies are a pyramid scheme haven’t seen anything yet. On March 16, 2018, a federal court cracked down on four individuals behind a cryptocurrency pyramid scheme. To generate revenue, participants had to recruit other new participants who would also pay the enrollment fee in cryptocurrency.

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PYMNTS

MARCH 13, 2019

According to a report in BGR , SBI said messages from WhatsApp and other social media platforms are tricking customers into sharing details of their accounts. In late February, a man was able to trick people out of $250,000 using fake cryptocurrency.

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PYMNTS

JULY 10, 2019

Despite the pervasiveness of digital identity in everyday life, concerns surrounding digital ID security continue to make headlines, with billions of dollars lost to fraud. Facebook made waves last month when it announced Libra, a cryptocurrency set to launch next year.

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PYMNTS

APRIL 20, 2018

Just this week, Chinese police arrested the founders of a nationwide cryptocurrency pyramid scheme that had amassed $13 million from over 13,000 people. federal court cracked down on four individuals behind a cryptocurrency pyramid scheme. And last month, a U.S.

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