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Love and lies: How financial institutions can help prevent confidence scams

Abrigo

Fraudsters create fake profiles on dating apps and social media platforms, using stolen images and fabricated stories to build relationships with their targets. Verify the person's identity and use online tools to cross-check information. Never share personally identifiable information with someone you've just met.

Fraud 221
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Crypto scams & crypto fraud detection for financial institutions

Abrigo

In addition, many Americans value online relationships, making them easy prey. The key is leveraging fraud detection software to stay one step ahead of evolving tactics. Social media scams: The FTC reports that half of those who have reported crypto losses since 2021 said the scam began with an ad, post, or message on social media.

Fraud 195
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What is elder financial exploitation? FinCEN guidance for financial institutions

Abrigo

Education, collaboration, and advanced fraud detection software can help prevent it. Abrigos new fraud detection software for banks and credit unions finds more fraud faster. The scammers often persuade older adults to grant remote access to their devices or to pay for unnecessary software or services to "fix" non-existent issues.

Fraud 195
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New Ransomware Uses Social Media, Demands Payment in Bitcoin

Bank Innovation

A new type of ransomware is targeting users through their social media accounts, most notably through Facebook and LinkedIn, before doing what ransomware does: locking the computer and demanding payment for access–in bitcoin.

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Fraud typologies all financial institutions should know

Abrigo

Variations include: Pig butchering scams Scammers build relationships with victims through social media or dating apps, persuading them to invest in cryptocurrency or other financial opportunities. These scams often take place on dating apps and social media.

Fraud 221
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Software Co BigCommerce IPO Soars 183 Pct

PYMNTS

BigCommerce , which works in software for online business operations, saw its value rise by 292 percent after an initial public offering (IPO) for $216 million was priced above a target range, according to a report by Bloomberg. exchange for a company raising at least $100 million, according to Bloomberg’s data.

Software 194
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GoDaddy Agrees To Buy Poynt To Boost Digital Payments Technology

PYMNTS

GoDaddy was interested in Poynt because of the digital shift in payments due to the pandemic, as well as in-person and online shopping converging more all the time, the release stated. Poynt is used by over 100,000 merchants and has over $16 billion in annual gross merchandising volume (GMV), according to the release.