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☆ Number of older adults who lost $100,000 or more to fraud has tripled since 2020, FTC says
▼ + stars: | 2024-11-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

In 2023, about 4,600 adults age 60 and older reported being defrauded of a six-figure sum, according to a report the FTC issued in October. Such thefts can be especially devastating to older adults, who have less opportunity to earn back what they've lost, greatly impacting their quality of life in old age, experts said. Common scams targeting older AmericansConsumers overall lost $10 billion to scams in 2023, a record high, according to the FTC. Older adults were 60% more likely than younger ones to report losses exceeding $100,000 last year, according to the FTC. Criminals commonly stole such vast sums from older adults via romance scams, investment frauds and imposter scams, the FTC said.

Persons: Karl, Josef Hildenbrand, That's, they've, John Breyault, Breyault, Crypto Organizations: Getty, Federal Trade Commission, National Consumers League, FTC, Finance, A.I, underreporting, Gallup, Microsoft, Publishers Clearing, Social Security Administration, Federal Bureau of Investigation, FBI

☆ Banks are reporting a tenfold surge in digital scams, cybersecurity firm BioCatch says
▼ + stars: | 2024-11-13 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

U.S. and Canadian banks reported a tenfold surge in digital scams this year as criminals flock to techniques that rely on duping customers into sending them money, according to cybersecurity firm BioCatch. Banks are under pressure to kick criminals off their platforms and compensate more victims as regulators and lawmakers focus on the harm done by digital scams. Customers of the three banks reported a combined $166 million in Zelle transactions were fraudulent in 2023. BioCatch declined to provide a specific number for reported scams, citing client confidentiality. In another sign of the cat-and-mouse dynamic of cybercrime, BioCatch clients reported 59% fewer fraudulent account openings.

Persons: Tom Peacock, Fraudsters, Peacock, Banks, Wells Fargo, Zelle, BioCatch Organizations: Global, CNBC, American Express, Barclays, HSBC, JPMorgan Chase, Bank of America, Consumer Financial, Services Locations: Tel Aviv, Israel, Wells, U.S

☆ Bitcoin hits $80,000. Why Trump is boosting crypto
▼ + stars: | 2024-11-10 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

After briefly touching the $80,000 milestone, bitcoin was trading just below it Sunday mid-morning. The crypto industry believes Trump’s victory is a bullish sign for bitcoin and other digital currencies. Although Trump was once a bitcoin skeptic, once saying it “was based on thin air,” he has fully embraced crypto in recent months — unlike the Biden administration, which has sought to rein in crypto. A big reason Trump has changed his tune on crypto: He now has a financial stake in it. In September, Trump and his children started a new crypto business called World Liberty Financial.

Persons: CNN — Bitcoin, Donald Trump, Bitcoin, Trump, “, ” Trump, ”, Biden, Gary Gensler, ” Gensler’s, Sam Bankman, Gensler, Gensler’s, cryptocurrencies, Elon Musk Organizations: CNN, Biden, Liberty, . Securities, Exchange, ” Gensler’s SEC, SEC, Department of Justice, cryptocurrencies Locations: USA

While on the campaign trail, Trump threatened retribution against some tech companies, including jailing Meta's chief, Mark Zuckerberg. "That is likely to have devastating consequences for US tech companies that sell in foreign markets as well as crippling domestic consumption." Hay said that while most presidents wouldn't have any say on existing cases, "Trump is a bit more of a wild card." AdvertisementBut still, he said, new guidelines wouldn't have much impact on the biggest tech companies. There are fears that if H1-Bs are restricted under the second Trump administration, the US could lose its competitive edge on the world stage.

Persons: Donald Trump, —, Trump, Elon, marveling, — Musk, jailing, Mark Zuckerberg, Zuckerberg, Mark Lemley, Lemley, GlobalData's Neil Saunders, Chris Walton, Walton, there's, George Hay, Hay, wouldn't, Kamala Harris, Dan Romanoff, Joe Biden, Anna Rathbun, Biden, he's, Rathbun, James Brundage, Saunders, Valerie Wirtschafter, Harris, Romanoff, Wirtschafter Organizations: Trump, Big, Service, SpaceX, Big Tech, Google, Justice Department, Department, Barclays, Stanford Program, Law, Science & Technology, Business, Retail, Target, Apple, Cornell University, Republicans, Morningstar, AT, Time Warner, Republican, Walmart, Brookings, Artificial Intelligence, Emerging Technology Initiative Locations: Americas

AI regulation is likely to change under Trump, but major antitrust cases are unlikely to be impacted. While on the campaign trail, Trump threatened retribution against some tech companies, including jailing Meta chief Mark Zuckerberg. "That is likely to have devastating consequences for US tech companies that sell in foreign markets as well as crippling domestic consumption." AdvertisementBut still, new guidelines won't have much impact on the biggest tech companies, Hay said. Experts fear that, if H1-Bs are restricted under the second Trump administration, the US could lose its competitive edge on the world stage.

Persons: Donald Trump, —, Trump, Elon, marveling, — Musk, jailing, Mark Zuckerberg, Zuckerberg, Mark Lemley, Lemley, Neil Saunders, Chris Walton, Walton, there's, George Hay, Hay, wouldn't, Kamala Harris, Dan Romanoff, Joe Biden, Anna Rathbun, Biden, Rathbun, James Brundage, Ernst, Saunders, Valerie Wirtschafter, Harris, Romanoff, Wirtschafter Organizations: Trump, Big, Service, SpaceX, Big Tech, jailing Meta, Google, Justice Department, Department, Barclays, Stanford Program, Law, Science & Technology, Retail, Target, Apple, Cornell University, Republicans, Morningstar, AT, Time Warner, Republican, Walmart, Brookings, Artificial Intelligence, Emerging Technology Initiative Locations: Americas

☆ Oasis fans hit with a ‘landslide’ of ticket scams
▼ + stars: | 2024-11-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Hundreds of Oasis fans are looking back in anger after falling victim to a “landslide” of ticket selling scams. The bank said Oasis fans made up around 70% of all reported ticket fraud between August 27 and September 25. Fans scrambling for tickets have fumed about eye-watering prices and long waits online. Lloyds said its customers buying Oasis tickets on a major UK ticket selling site splashed out more compared with any other music concert over the past three years, parting with an average of £563 ($731) per debit card transaction during the first day of ticket sales in August. That’s higher than the average £342 ($444) spent on tickets for Taylor Swift’s UK tour last year, it noted.

Persons: ”, Liz Ziegler, you’re, Noel, Liam Gallagher —, SJM, Taylor Organizations: London CNN, Oasis, Lloyds Banking Group, Lloyds, Facebook, Meta, “, CNN, Taylor Swift’s Locations: United Kingdom, Ireland, United States, Canada, Mexico, Australia

☆ La Dolce Vita Orient Express: Eat your way around Italy in style
▼ + stars: | 2024-11-02 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +4 min

Editor’s Note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. La Dolce Vita Orient ExpressNew details have been teased about the hotly anticipated La Dolce Vita Orient Express train and the upcoming Orient Express hotels in Rome and Venice, the first for the relaunched brand. The brand’s first Orient Express hotel will be the Orient Express La Minerva in Rome, followed by Orient Express Palazzo Donà Giovannelli in Venice. That follows the international gang-bust in France and Italy last month over counterfeit French wine being sold for $16,000 per bottle. In Japan, the alcoholic drink doburoku was once illegal “moonshine,” but this once controversial drink is now making a comeback.

Persons: Heinz Beck, Nizza, Giovannelli, Fraudsters, doburoku, poitín, There’s Organizations: CNN, Vita Orient, Vita Orient Express, Orient Express, Montalcino, Orient, Carolina, Fuji, Delta Air Lines Locations: Antarctica, Rome, Venice, Italy, Da Nang, Hue, France, Japan, Ireland, Germany, Turkey, Antalya, Western, North Carolina, Hurricane, French

☆ Cheesemakers left reeling after a 'bizarre' heist of cheddar worth almost $400,000
▼ + stars: | 2024-11-02 | by ( Maria Noyen | ) www.businessinsider.com time to read: +6 min

Almost 50,000 pounds of artisanal cheese were stolen in a sophisticated heist in the UK. AdvertisementOne of the most sophisticated cheese heists in history has left British cheesemakers reeling and facing an uncertain future. Neal's Yard unwittingly delivered the cheese, estimated to be worth about £300,000 ($390,000), to the fraudsters before realizing they were not legitimate buyers. "One of the things that made it so appealing was thinking that we'd see British cheese in a French supermarket." Calver said Neals Yard Dairy's ability to survive the financial loss is critical for the sector.

Persons: —, fraudsters, Matt Austin, Ben, we'd, Trethowan, Tom Calver, they've, we've, Ticehurst, Brothers Todd, Maugan, David Lockwood, Calver, Todd Trethowan, Nicholas Saunders, Randolph Hodgson Organizations: Service, BBC News, Metropolitan Police, Business, Westcombe, Neal's Locations: French, British, London, Netherlands, Gouda, Trethowan, cheddar, Covent Garden

☆ American Battleground: How ‘brat summer’ set up Kamala Harris’ remarkable run
▼ + stars: | 2024-10-30 | by ( Tom Foreman | ) edition.cnn.com time to read: +21 min

Chief among them, the person the outgoing president tapped to replace him on the ticket, Vice President Kamala Harris. “People understood that if you didn’t choose Kamala Harris, you’d have a big problem with your base voters,” Etienne says. He’s had plenty of women who worked for him over the years, but there was no one who looked like Kamala Harris and there was no one in a position of authority. Vice President Kamala Harris and Minnesota Gov. Elijah Nouvelage/AFP/Getty ImagesComing Thursday: How cat people are still haunting Trump’s campaign

Persons: Joe Biden, Donald Trump, Read, ” Joe Biden, CNN’s MJ Lee, Nancy Pelosi, Biden, Lee, “, ”, Pelosi, “ America’s, Evan Vucci, Trump’s, Team Trump, “ Trump, unpleasantly, Tim Alberta, NPR’s Michel Martin, Kamala Harris, “ Joe Biden’s, California’s Gavin Newsom, Michigan’s Gretchen Whitmer, J.B, Pritzker, Kentucky’s Andy Beshear, Maryland’s Wes Moore, Pennsylvania’s Josh Shapiro, Sens, Amy Klobuchar, Joe Manchin, Pete Buttigieg, Harris, ” Lee, Ashley Etienne, Barack Obama, you’d, ” Etienne, Trump, Harris ’, ‘, “ Kamala, I’ve, Ron Bieber, cheaters, Donald Trump’s, “ We’re, Kevin Mohatt, CNN’s Kristen Holmes, CNN’s Phil Mattingly, Van Jones, he’s, Rachel Scott, Vincent Alban, Obama, Hillary Clinton, Lyin, Kamala ”, Etienne, Treene, Jeff Zeleny, detests Biden, viscerally detests, He’s, Tim Walz, Ohio Sen, JD Vance, Walz, ” Vance, Vance, Brendan Smialowski, CNN’s Edward, Isaac Dovere, Beyoncé’s, Roe, Wade, smirking, Elijah Nouvelage Organizations: CNN, Guardian, White, Republican National Convention, Team, Trump, Governors, Democratic National Convention, Naval, Democratic Party, Harris, Biden, Democratic, AFL, National Association of Black Journalists, ABC, Howard University, Minnesota Gov, Marine, Army National Guard, United States Marine Corps, Ohio Republican, Arlington National Cemetery, Pentagon, Getty, Republicans, “, Fox News, ABC News Locations: Wilmington, Delaware, Atlantic, Michigan’s Gretchen Whitmer , Illinois, Minnesota, West Virginia, Michigan, Wisconsin, West Allis , Wisconsin, Trump, Jamaica, India, United States, Iraq, United States of America, Afghanistan, Philadelphia, AFP, Roe, Alabama, Atlanta

☆ Fraudsters scam famed London cheese company out of $390,000 of cheddar
▼ + stars: | 2024-10-28 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +3 min

London CNN —Scammers have stolen more than 24 tons of artisanal cheese from one of Britain’s most famous dairy companies. Celebrity chef Jamie Oliver has appealed to his social media followers to look out for the stolen goods. The post continued: “Over 950 wheels of Hafod, Westcombe, and Pitchfork Cheddar were delivered before the fraud was discovered. Oliver said in a video posted on Instagram: “You’re going to think I’m joking but I’m not - there’s been a great cheese robbery. “Some of the best cheddar cheese in the world has been stolen,” he added.

Persons: London CNN —, ”, Jamie Oliver, Ken McKay, –, Oliver, “, there’s, ” Oliver, Tom Calver, Calver, Trethowan Organizations: London CNN, ITV, Pitchfork, Metropolitan Police, CNN Locations: London, Cheddar, French, Westcombe, France

Counterfeiting has ballooned into a massive problem for Crye, costing it millions of dollars a year, said Jonathan Antone, the company's general counsel. By 2016, sellers were speaking out about Amazon's growing counterfeit problem, telling CNBC of the company's effort to openly court Chinese manufacturers. "There's a lot more space on that digital shelf for potential counterfeit products," he added. Agents seized "multiple tractor trailer loads" of counterfeit MultiCam products, estimated to be worth $8 million, according to court documents. Crye showed CNBC examples of counterfeit MultiCam products that were allegedly sold by retailer L&Q Tactical, one of the defendants in the lawsuit, on Amazon.

Persons: Ramin Kohanbash, Bernard Klein, Jonathan Antone, Crye, It's, it's, Counterfeits, Jason Goldberg, Goldberg, counterfeits, Kebharu Smith, Jeff Bezos, Bezos, Smith, We're, Antone, Ernesto Rodriguez, Crye's, Crye Precision's Ernesto Rodriguez Organizations: New York's Brooklyn Navy Yard, California, outfitters, California Surplus, CNBC, Amazon, Brand Registry, Justice Department, FBI, Prada, Homeland Security, Department of Defense, Agents, Crye Locations: New, New Jersey, America, Brooklyn, Brooklyn , New York, Arlington , Virginia, Texas, California

☆ Scammers are stealing homes from under their owners' noses. AI is making it scarily easy.
▼ + stars: | 2024-10-22 | by ( Jordan Pandy | Katie Balevic | ) www.businessinsider.com time to read: +12 min

The owner of a $137.5 million LA mansion says they're a victim of deed fraud and can't sell it. AdvertisementSpelling Manor's owner told the Journal through their lawyer that scammers filed a fraudulent deed with Los Angeles County earlier this year. The FBI's Internet Crime Complaint Center doesn't specifically track deed fraud. Gordon eventually got his property back after the title company signed a quitclaim deed that relinquished ownership, giving him his land back. Kiar said that in September, someone contacted a title company saying they had a vacant lot to sell in Hallandale Beach.

Persons: they're, —, Aaron Spelling, It's, Eric Schmidt —, scammers, Paul Harris, Tyler Adams, it's, Fraudsters, Victor Petrescu, LKLSG, Adams, Spelling, Elvis Presley, Elvis Presley's, Riley Keough, Jerod Harris, Lisa Jeanine Findley, Graceland, Findley, Scammers, William Gordon's, Gordon, Gabriella Cázares, Kelly, Petrescu, Daniel Kenigsberg, Marty Kiar, Kiar, hadn't, fraudsters Organizations: Service, Google, Wall Street Journal, Association, Spelling, BI, Mapleton, LA, Graceland, GAB, Getty, Naussany, NBC Miami Locations: Los Angeles, Beverly, Mapleton, Saudi, Angeles, Spelling, LA, Miami, Memphis , Tennessee, Missouri, Arizona, Pima County, Texas, —, Fairfield , Connecticut, Johannesburg, Broward County , Florida, Hallandale Beach

☆ AI helped Uncle Sam catch $1 billion of fraud in one year. And it’s just getting started
▼ + stars: | 2024-10-17 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —The federal government’s bet on using artificial intelligence to fight financial crime appears to be paying off. The Treasury Department credited AI with helping officials prevent and recover more than $4 billion worth of fraud overall in fiscal 2024, a six-fold spike from the year before. US officials quietly started using AI to detect financial crime in late 2022, taking a page out of what many banks and credit card companies already do to stop bad guys. The Treasury’s use of AI to fight financial crime is just getting started. Officials are testing new data sources to better spot fraud and shady payments, and they are teaming up with state agencies to fight unemployment insurance fraud.

Persons: That’s, “ It’s, Renata Miskell, ” Miskell, it’s, It’s, Janet Yellen, Yellen, Miskell, ” Organizations: New, New York CNN, US Treasury Department, CNN, Treasury, Treasury Department, Social Security, Internal Revenue Service, Juniper Research Locations: New York, Hong Kong

☆ Police in France and Italy bust gang that sold bottles of fake vintage wine for $16,000 apiece
▼ + stars: | 2024-10-16 | by ( Jack Guy | ) edition.cnn.com time to read: +3 min

CNN —Six people have been arrested as part of an investigation into a wine fraud ring that allegedly sold fake French wine for up to €15,000 ($16,300) per bottle. Police in Italy searched 14 properties and seized large amounts of wine, wine bottles, counterfeit stickers from top French vineyards and machines used to recap bottles, according to a statement from European law enforcement agency Europol, published Tuesday. “The surge in demand for fine wine in the 21st century… has motivated fraudsters,” George told CNN. “Better training and better knowledge of what bottles of fine wine – and especially old bottles of fine wine – really look like would be useful,” said George. Bolgheri Sassicaia red wine comes from an area on the coast of Tuscany and has become one of Italy’s best-known fine wines since it appeared on the market in the 1970s.

Persons: ” Europol, Europol, Prosecutors, Stuart George, ” George, ” Fraudsters, ”, George, “, Petrus, Finanza Organizations: CNN, Police, Russian, French Gendarmerie, Swiss Federal Police, Arden Fine Wines, Reuters, Guardia Locations: Italy, Italian, Russian, French, Dijon, London, Tuscany, Sicily, Milan, Bulgaria

☆ This influencer was scammed out of thousands in crypto — and has a tip to help you avoid fraud
▼ + stars: | 2024-10-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

"I was like, it was too good to be true, and I still fell for it," she told CNBC Make It. Rowena transferred the crypto to an Instagram account she believed belonged to a finance professional managing investments for a friend. "It's stopping and thinking, and it's having a conversation with someone," she told CNBC Make It last week. "I had invested some money into crypto, which I'm going to hold my hands up and say I don't fully understand," Rowena told CNBC Make It. "It's about making sure that wherever you're going for information, that it's a reputable source," Quinn-Cirillo told CNBC Make It.

Persons: Carly Rowena, Carly Rowena Carly Rowena, Rowena, she'd, Rowena messaged, —, I'm, Carly Rowena Rowena, Akamai, Censuswide, Tara Quinn, Cirillo, Quinn, hasn't, Natalie Billingham, Billingham, she's Organizations: CNBC, YouTube, British Psychological Society, Facebook, Meta Locations: British, TikTok, Costa Rica, Akamai

☆ Deepfake romance scam raked in $46 million from men across Asia, police say
▼ + stars: | 2024-10-15 | by ( Jessie Yeung | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —She appeared to be a beautiful woman and in the minds of men across Asia, the video calls they spoke on confirmed their newfound love was real. But Hong Kong police say the men had fallen prey to a romance scam that used deepfake artificial intelligence to lure its victims into parting with more than $46 million. In a news conference Monday, police in the Asian financial hub announced the arrests of more than two dozen members of the alleged scam ring, which they say targeted men from Taiwan to Singapore and as far away as India. But increasingly realistic deepfake technology has raised the stakes and put authorities on high alert. According to Hong Kong police, the romance gang’s deepfake scam typically began with a text message, in which the sender – posing as an attractive woman – said they had mistakenly added the wrong number.

Persons: Hong Kong CNN —, “, –, scammers, ” Organizations: Hong Kong CNN, Hong, Police, Facebook Locations: Hong Kong, Asia, Taiwan, Singapore, India, Southeast Asia, British

In this 2004 photo, then-District Attorney Kamala Harris waits for a proceeding to convene in San Francisco. The long-standing problem of racial inequities in the criminal justice system is among the issues that prompted Harris to become a prosecutor in the first place. “I grew up knowing about the disparities, inequities, and unfairness in the criminal justice system,” Harris said during a 2019 town hall hosted by MSNBC. And I am proud of the work that I did.”As a prosecutor, Harris adopted what she called a “smart on crime” approach to law enforcement. Her cautious stance on the issue frustrated many advocates of criminal justice reform, including those who expressed support for Harris on other issues.

Persons: Kamala Harris, Democratic Sen, Dianne Feinstein, Harris, ”, Paul Chinn, ” Harris, “, Michael Brown, George Floyd, –, Sen, JD Vance, Harris ’, Brendon Woods, —, ” Woods, Tim Walz, CNN’s Dana, Will Lanzoni, James Singer, Walz, truancy, Ayman Haddadin, Alice, Haddadin, Connor Haddadin, Alice Haddadin, Brown, Damian Dovarganes, Bryce Peterson, “ You’re, they’re, Kevin McCarty, hasn’t, ” McCarty, Tom Tait, ” Tait, McCarty Organizations: CNN, Democratic, San Francisco Chronicle, California Department of Justice, California’s, Minnesota Gov, MSNBC, San Francisco’s Commonwealth Club, truancy, Orange, Orange County District, Department of Justice, Golden State, John Jay College of Criminal, Legislative Black Caucus, Los Angeles Times, Anaheim Police Department, Senate Locations: San Francisco, California, Ferguson , Missouri, Minneapolis, Oakland , California, Minnesota, Savannah , Georgia, United States, Orange County, Los Angeles, Los, Golden, Sacramento, Anaheim, Floyd

Longtime friends and neighbors fell out of touch and in some cases died, leaving the couple more isolated and vulnerable. Not long before he met the Davises, Maw pitched a local businessman on investing in his engine business. In the Davises, he had met a couple who had sizable bank accounts and an impressive car collection. The buyer also said he paid more for LaDonna’s property than for two larger buildings on the same street.) The Davises' property on Holt Avenue in West Covina.

Persons: James, LaDonna, ”, Michael McCasland, Min Zaw Maw, Maw, “, Javier Puga, ” Puga, Ladonna’s, Frank Piro, Piro, Amis, didn’t, McCasland, Davis, Min Maw, “ Maw ingratiated, ” McCasland, Rich Schapiro, Diana Homeier, ” Homeier, ” Maw, Maw “, LaDonna Davis, Moe, Gilbert Amis, ” Amis, Brett Hitchman, ” Piro, ” LaDonna, Min, Juan Dotson, Dotson, Michael Ebiner, ” Ebiner, ’ ”, Gus May, Hitchman, ” Hitchman, LaDonna “, Ebiner, breathlessly, Stacey Wood, Wood, ’ Organizations: Powertek Engineering Group, Pacific Western Bank, Citizens Business Bank, NBC News, McCasland, Holt, St, NBC, Nascar, Google, Protective Services, Center, Adult Protective Services, ”, Public Guardian, West, West Covina police, Bank of America, Scripps College Locations: Holt, Myanmar, Arcadia, LaDonna, West Covina, Vincent, St, Upland, Calif, Angeles County, McCasland, Los Angeles

Individuals looking to help storm victims can also be tricked into donating to fake charities, FEMA says. CNN’s Impact Your World team has ways viewers and readers can help Hurricane Milton victims through vetted charities here. Noting that many areas in the county have “incurred severe property damage because of back-to-back impacts from Hurricane Helene and Hurricane Milton,” Pinellas County’s Office of Consumer Protection urged residents in a public advisory Thursday to be cautious when hiring someone to make storm-related repairs. John Falchetto/AFP/Getty ImagesSeniors are more susceptibleIn the aftermath of Hurricane Milton, Florida authorities are also fighting to stop insurance scams targeting storm victims, often the elderly, says Patronis, the state’s chief financial officer. Florida is home to over 6.3 million seniors – anyone 60 and older, according to the Florida Department of Elder Affairs.

Persons: Hurricane Milton, Ron DeSantis, ”, Jimmy Patronis, Melanie McGovern, McGovern, they’re, I’m, ’ ” McGovern, Helene, Milton, “, it’s, ” McGovern, heartstrings, GoFundMe, they’ve, DCNOnline.org, John Falchetto, Fraudsters, ” Patronis Organizations: CNN, Gov, Better, FEMA, Consumer Protection, National Center for Disaster, ” Pinellas County’s Office, ”, Lakes Country, Getty, Florida Department of Elder Affairs, Lakes Country Club Village, State Locations: Hurricane, Florida, Pinellas County, Siesta Key, ” Pinellas, Pinellas, Fort Pierce , Florida, AFP, Hurricane Milton, United States, Fort Pierce

☆ AI is transforming fraud prevention in digital payments. Here's how.
▼ + stars: | 2024-10-11 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

Visa Protect is an AI-driven suite of solutions that includes real-time risk scoring to help prevent fraud and secure digital transactions. These risk solutions harness the power of artificial intelligence to help safeguard merchants, financial institutions, and consumers at every transaction stage. AI shines in fraud preventionFor over 30 years, Visa has been a leader in using AI to combat fraud. But AI has proven to be a powerful weapon in risk prevention for digital payments and transactions. Learn more about Visa Protect risk solutions.

Persons: James Mirfin, Mirfin, We've Organizations: Visa, Research, Visa Protect, Open Banking, Intelligence, Service, Insider Studios

☆ Tensions rise between banks and tech companies over online fraud liability in the UK
▼ + stars: | 2024-10-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Meta is facing calls from U.K. banks and payment firms like Revolut to financially compensate people who fall for scams on their services. Proposals to make tech firms liableTensions have been running high between banks and tech companies for some time. A key ask has been for the tech firms to share more detailed intelligence on how criminals are abusing their platforms. Social media firms not doing enough to combat and remove attempts to defraud internet users was another complaint from regulatory authorities at the event. Jones added that it was tough to "break the inertia" at tech companies to "really get them to get after it."

Persons: Jaap Arriens, it's, Meta, Woody Malouf, Matt Akroyd, Kate Fitzgerald, Rob Jones, Jones Organizations: Nurphoto, Getty, Systems, PSR, Payments Association, Facebook, NatWest, Metro Bank, Financial Times, Labour Party, CNBC, Stewarts, Social, Economic Crime, U.K, National Crime Agency, Tech, Meta, Intelligence Locations: London

☆ Crypto relationship scams pose 'catastrophic harm,' SEC official says. Here's how to avoid them
▼ + stars: | 2024-10-07 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

krisanapong detraphiphat | Moment | Getty ImagesInvestors are at a heightened risk of cryptocurrency scams tied to fake relationships established over social media, dating apps and networking sites, federal officials warn. Last month, the SEC brought its first-ever enforcement actions tied to crypto relationship frauds. Crypto scam losses 'can be huge'Crypto, examples of which includes bitcoin and ethereum, is a digital currency. watch nowThere are "many variations" of crypto investment fraud, but the most prominent last year was the relationship scam, the FBI said. Jules, a victim of a crypto relationship scam, detailed her experience with the crime on a new FINRA podcast.

Persons: krisanapong, Fraudsters, Grewal, CoinW6, Kim Casci, Palangio, Micah Hauptman, Hauptman, Jules, —, Crispin La Valiente Organizations: Finance, FBI, Securities, Exchange Commission's, SEC, LinkedIn, Federal Bureau of Investigation, Consumers, Support, Financial Industry Regulatory Authority, Consumer Federation of America Locations: Seattle

☆ Fixing Social Security funding woes requires addressing immigration 'fraud,' Vance said. Here's what experts say
▼ + stars: | 2024-10-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +12 min

Trump in March said on social media platform Truth Social that Democrats are "killing Social Security and Medicare by allowing the invasion of the migrants." The earnings suspense file is an electronic holding file for wage items where names and Social Security numbers on Form W-2s do not match the Social Security Administration's records, an agency spokesperson said via email. "Immigration, in general, has a very positive role," said Sam Gutterman, chairperson of the American Academy of Actuaries' Social Security committee. The Social Security Administration in an email explained that there are strict rules about who can legally receive benefits and Social Security numbers. "The Social Security Act does not permit payment of benefits to noncitizens residing in the U.S. if they're not lawfully present here," a Social Security spokesperson said.

Persons: Sen, JD Vance, Alex Wong, Donald Trump, Kamala Harris —, Vance, Harris, Tara Watson, Watson, Andrew Biggs, General, Jeffrey Brown, Brown, I've, " Biggs, Sam Gutterman, Renata Miller, they're, actuary, Stephen Goss, Goss Organizations: Radford University, Getty, Social Security, Medicare, Republican, Trump, CNBC, of Homeland, Brookings Institution, Immigration, Immigrants, American Academy of Actuaries, Taxation, Social, someone's Social, American Enterprise Institute, Social Security Administration, Social Security Administration Office, Finance, American Academy of Actuaries ' Social Security, Department of Health, Human Services, HHS, Department of Homeland, SSA Locations: Radford , Virginia, U.S, misdirection

☆ Police arrest five people over fake Brad Pitt scam after two women lost $362,000
▼ + stars: | 2024-09-24 | by ( Jack Guy | ) edition.cnn.com time to read: +1 min

CNN —Police in Spain have arrested five people accused of scamming two women out of 325,000 euros ($362,000) by pretending to be Hollywood star Brad Pitt online. One woman lost 175,000 euros ($195,000) to the fraudsters, while another lost 150,000 euros ($167,000). Both victims were contacted via a Brad Pitt fan site by fraudsters who managed to convince them that the actor wanted to invest in various projects with them, police said. Investigators found that, as part of the scam, a network of bank accounts were created using fake identity documents. “Mules” were also used to help to launder money through their own bank accounts in exchange for a small payment.

Persons: Brad Pitt, fraudsters, “, ”, Pitt Organizations: CNN — Police, Hollywood, Guardia Civil, Investigators Locations: Spain

☆ UK Prime Minister Keir Starmer says tough times are needed to spark national renewal
▼ + stars: | 2024-09-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Prime Minister Sir Keir Starmer during an 'In Conversation' event with Debbie Weinstein, managing Director Goole UK&I during the Labour Party Conference at the ACC Liverpool. Liverpool, ENGLAND — U.K. Prime Minister Keir Starmer insisted on Tuesday that tough decisions taken now will spark a new era for Britain, as he sought to shake a fog of pessimism that has clouded his new premiership. "Change must mean nothing less than national renewal," he told a crowd of Labour Party delegates Tuesday. Wes Streeting, minister for health and social care, said that promised improvements to the U.K.'s National Health Service (NHS) would take time to implement. We need to rebuild the economy, rebuild public services and rebuild trust in politics," he said at the conference Monday.

Persons: Sir Keir Starmer, Debbie Weinstein, Keir Starmer, Starmer, Jeremy Corbyn, Rachel Reeves, Reeves, Wes Streeting, Tulip Siddiq Organizations: Goole, Labour Party Conference, ACC Liverpool, Labour Party, Conservative, Wealth Fund, Finance, National Health Service, Treasury, Labour, CNBC, Conservative Party Locations: Liverpool, ENGLAND, Britain, England

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