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☆ Stop being fooled by misinformation. Do this instead
▼ + stars: | 2023-11-29 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +8 min

It’s a text from your credit card company — someone is trying to purchase a $2,500 laptop using your account number. Be it finance, health care or politics, there is a global “infodemic” of misinformation that is affecting people’s health and well-being, according to the World Health Organization. “For most of the population who isn’t extreme in their attitudes, fact-checking and debunking reduces the degree to which people rely on falsehoods, but it doesn’t fully eliminate it,” van der Linden said. This approach works much like a vaccine, van der Linden said. “Instead of talking about immigration or abortion, talk about ‘Star Wars’ and ‘South Park’ as a starting point,” van der Linden said.

Persons: COVID, ”, Sander van der, van der Linden, Oscar Wong, nudges, “, ” van der Linden, you’re, Anakin, Obi, ” Obi, “ We’ll Organizations: CNN, Facebook, World Health Organization, WHO, “, Social, University of Cambridge, American Psychological Association, Getty, Cambridge, Research, ‘ Locations: Sander van der Linden, Covid, Cambridge, Canada, absolutes

☆ AI tools such as ChatGPT are generating a mammoth increase in malicious phishing emails
▼ + stars: | 2023-11-28 | by ( Bob Violino | ) www.cnbc.com time to read: +6 min

"It is not a coincidence that the launch of ChatGPT at the end of last year coincides with the timeframe in which we saw exponential growth of malicious phishing emails," Harr said. On average, 31,000 phishing attacks were sent on a daily basis, according to the research. Since the fourth quarter of 2022, there's been a 1,265% increase in malicious phishing emails , and a 967% rise in credential phishing in particular, according to a new report by cybersecurity firm SlashNext. Another reason for such a high increase in phishing attacks is because they are working, Harr said. Another good practice is to implement email filtering tools that use machine learning and AI to detect and block phishing emails.

Persons: Harr, Patrick Harr, there's, Chris Steffen, Prince of, Steffen Organizations: BEC, Enterprise Management Associates Locations: Brooklyn, New York, American, Prince of Nigeria

☆ Holiday shoppers have the ‘best discounting season in years,’ expert says. These tips can help you save even more
▼ + stars: | 2023-11-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

For consumers, there is no incentive to holding on to gift cards. If you don't want to use it for yourself, consider using it to buy a gift for someone else or gifting them the gift card. watch nowDO take advantage of credit card rewardsMany consumers also have credit card rewards available they have not yet redeemed. DON'T use credit cards without a plan to pay them offThe average credit card interest rate is now a record 20.72%, according to Bankrate. You may sign up for a new credit card that requires a minimum threshold for new purchases to unlock rewards.

Persons: Rossman, Paul Fabara, CNBC.com

☆ Mastercard doubles down on effort to detect and tackle crypto fraud with AI tie-up
▼ + stars: | 2023-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

(Photo by Joan Cros Garcia/Corbis via Getty Images)Mastercard is doubling down on its efforts to detect and prevent fraud that's routed through cryptocurrency exchanges. The company told CNBC exclusively that it's partnered with Feedzai, a regulatory technology platform that aims to combat money laundering and financial scams online using artificial intelligence. "This will increase fraud detection by protecting unwary consumers, but will also detect potential money laundering activity and mule accounts," Feedzai CEO and co-founder Nuno Sebastio told CNBC. An estimated 40% of scam transactions exit directly from a bank account to a crypto exchange today, according to Feedzai data. Feedzai says its software can identify and block suspicious transactions in a matter of nanoseconds — but also recognize transactions that are legitimate.

Persons: Joan Cros Garcia, Corbis, it's, Feedzai, Mastercard's, Nuno Sebastio, Sebastio Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Feedzai Locations: BARCELONA, SPAIN, Barcelona, Spain, Coimbra, Portugal, San Mateo , California, Silicon Valley

☆ The House Ethics Committee just released a damning report on George Santos finding that he 'brought severe discredit upon the House.'
▼ + stars: | 2023-11-16 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

The House Ethics Committee just released a report on its investigation into George Santos. AdvertisementThe House Ethics Committee finally released a report on its months-long investigation into Republican Rep. George Santos of New York on Thursday morning. "Representative Santos' conduct warrants public condemnation, is beneath the dignity of the office, and has brought severe discredit upon the House," the committee declared in a statement accompanying the report. The committee also released a much lengthier report compiled by an investigative subcommittee (ISC), along with hundreds of pages of additional evidence. Here's the 8-page report that the House Ethics Committee released:And here's the lengthier 56-page report from the investigative subcommittee:

Persons: George Santos, Here's, —, Santos, Anthony D'Esposito —, New York Republicans who's Organizations: Service, Republican Rep, Federal, Commission, ISC, Republicans, Democratic, Republican, New York Republicans Locations: George Santos of New York

☆ COVID-19 fraudsters bought fancy cars, a Pokemon card - even a private island
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: +9 min

Patrick Parker Walsh is serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy the island. Instead, he's serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy Sweetheart Island. They potentially plundered more than $280 billion in federal COVID-19 aid; another $123 billion was wasted or misspent. They've created special "strike forces " to hunt down COVID-19 aid thieves and vowed not to give up the chase. A few weeks after Oudomsine applied for the pandemic aid, the government rushed him $85,000 to keep his non-existent business afloat.

Persons: Richard Lardner, Patrick Parker Walsh, Julio Aguilar, he's, fraudsters, Donald Trump, Ivanka Trump, James Brady, Trump, Alex Wong, Bob Westbrooks, Westbrooks, They've, Lisa Monaco, General Merrick Garland, Garland, David Weiss, Hunter Biden, Joe Biden, Drew Angerer, Konstantinos Zarkadas, Cartier, Zarkadas, Lee E, Price III, Price, Vinath Oudomsine, Oudomsine, Mickey Mantle, Dudley H, Bowen, Patrick Walsh's, Walsh, Jamie Lovemark, Kevin Lamarque Organizations: Press, AP YANKEETOWN, Associated Press ., James, Getty, YouTube, U.S . Justice, Top Justice Department, U.S, U.S . Department of Justice, Rolex, Houston, Associated Press, National Transportation Safety Board, Bethany Locations: Yankeetown, Fla, Sweetheart, Coast, Florida's, Florida, Associated Press . WASHINGTON, DC, U.S, Washington ,, Las Vegas, Tennessee, Vermont, COVID, Washington , DC, New York, Houston, Georgia, America, Bethany Beach , Delaware

☆ Peter Rudegeair — Reporter at The Wall Street Journal
▼ + stars: | 2023-11-04 | by ( Peter Rudegeair | ) www.wsj.com time to read: +1 min

Peter RudegeairPeter Rudegeair is a reporter covering how technology is changing financial services. He works in The Wall Street Journal's newsroom in New York. In 2022, Peter was part of a team of Journal reporters that received the New York Press Club award for business reporting for their coverage of Robinhood, GameStop and meme-stock mania. Those stories also earned the New York Press Club's 2021 award for spot news and an honorable mention from the Society for Advancing Business Editing and Writing. Peter joined the Journal in 2015 from Reuters News, where he covered the banking industry's efforts to rebuild in the wake of the 2008 financial crisis.

Persons: Peter Rudegeair Peter Rudegeair, Goldman Sachs, Peter, Gerald Loeb Organizations: PayPal, JPMorgan, Apple, Facebook, Google, New York Press, GameStop, Society for, Reuters, Council, Foreign Relations Locations: New York, Washington

☆ Three hours to guilty: How the government nailed Sam Bankman-Fried
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +9 min

David Dee Delgado | ReutersIn Sam Bankman-Fried's fraud trial, prosecutors won quickly by keeping it simple. "While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time," Williams said. Sam Bankman-Fried's parents, seated to the left, react to the verdict. "Sam Bankman-Fried will be remembered as one of the biggest fraudsters of our lifetimes," Mariotti said. WATCH: Sam Bankman-Fried found guilty on all seven counts

Persons: Sam Bankman, David Dee Delgado, CNBC they'd, Yesha Yadav, Fried, Nicolas Roos, Danielle Sassoon, Crypto, Roos, Sassoon, Marc, Antoine Julliard, Renato Mariotti, who's, Bryan Cave Leighton Paisner, Damian Williams, Williams, Andrew Ross Sorkin, Sorkin, that's, It's, SBF, Mariotti, Paul Tuchmann, Wiggin, Dana, Tuchmann, Elizabeth Williams, Caroline Ellison, Bankman, Ellison, James Koutoulas, Koutoulas, Gary Wang, Nishad Singh, FTX coder Adam Yedidia, FTX's, Sun, Kevin J, O'Brien, Mark Cohen Organizations: FTX, Manhattan, Reuters, CNBC, Vanderbilt University ., U.S . Justice Department's Securities, Commodities, Southern, of, Prosecutors, Stanford, Alameda Research, New York Times DealBook, Washington , D.C, U.S, Justice Department, Trading Commission, Securities and Exchange Commission Locations: New York City, London, Chicago, U.S, of New York, Alameda, Washington ,, Bankman, New York

☆ TSB leads UK banks in reimbursing customers conned by fraudsters
▼ + stars: | 2023-10-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 31 (Reuters) - TSB came top among Britain's main banks in reimbursing customers conned by fraudsters, the Payment Systems Regulator (PSR) said on Tuesday in its first public survey of how individual lenders handle fraud. "This provides better information for customers on how firms handle APP fraud and encourages these firms to take more action to tackle it." UK Finance, a banking industry body, said the financial services sector invests more in countering fraud than anyone else, and is the only sector that reimburses victims. "What today’s data from the PSR does not show is where fraud starts," UK Finance said in a statement. Over 90% of authorised fraud begins online, over the phone, through social media or fake messages, but tech and telecom companies bear no responsibility for reimbursing victims, UK Finance said.

Persons: fraudsters, Chris Hemsley, Hemsley, Huw Jones, Jason Neely Organizations: TSB, Payment Systems, PSR, Sabadell, Nationwide, HSBC, Finance, Thomson

☆ Bitcoin could hit $150,000 by 2025, predicts Bernstein
▼ + stars: | 2023-10-31 | by ( Melina Khan | ) www.cnbc.com time to read: +2 min

The price of bitcoin could rise to $150,000 by 2025, Bernstein said Tuesday in a note citing optimism about a bitcoin exchange-traded fund. Bernstein analyst Gautam Chhugani said the firm expects the U.S. Securities and Exchange Commission to approve a bitcoin ETF by the first quarter of 2024. The only similar product is Grayscale's Bitcoin Trust , or GBTC, which presently holds around 3% of outstanding bitcoin, according to the note. Last week, the price of bitcoin reached $35,000, its highest level since May 2022. However, the court ruling does not guarantee the SEC will approve a bitcoin ETF.

Persons: Bernstein, Gautam Chhugani, Chhugani, Gary Gensler, FTX, Sam Bankman, Fried Organizations: U.S . Securities, Exchange Commission, SEC, BlackRock, Binance, CNBC

☆ Biden Issues Executive Order to Create A.I. Safeguards
▼ + stars: | 2023-10-30 | by ( Cecilia Kang | David E. Sanger | ) www.nytimes.com time to read: +1 min

President Biden signed a far-reaching executive order on artificial intelligence on Monday, requiring that companies report to the federal government about the risks that their systems could aid countries or terrorists to make weapons of mass destruction. The order also seeks to lessen the dangers of “deep fakes” that could swing elections or swindle consumers. “Deep fakes use A.I.-generated audio and video to smear reputations, spread fake news and commit fraud,” Mr. Biden said at the signing of the order at the White House. “I’ve watched one of me,” Mr. Biden said, referring to an experiment his staff showed him to make the point that a well-constructed artificial intelligence system could convincingly create a presidential statement that never happened — and thus touch off a political or national security crisis. Already, Europe is moving ahead with rules of its own, and Vice President Kamala Harris is traveling to Britain this week to represent the United States at an international conference organized by that country’s prime minister, Rishi Sunak.

Persons: Biden, Mr, “ I’ve, ” Mr, “, ‘, Kamala Harris, Rishi Sunak Organizations: White Locations: United States, Europe, Britain

“I’m not sure,” he responded over and over, as Ms. Sassoon asked about statements he had made when he was chief executive of FTX. Ms. Sassoon displayed statements that appeared to show Mr. Bankman-Fried saying one thing in public, then acting differently in private. Criminal defendants usually avoid testifying so that prosecutors don’t have a chance to question them. In December, federal prosecutors charged Mr. Bankman-Fried with orchestrating a sweeping scheme to steal as much as $10 billion from FTX’s customers. Mr. Bankman-Fried was also accused of creating a secret backdoor in FTX’s code that allowed Alameda to seize billions of dollars in customer funds.

Persons: “ I’m, ”, Sassoon, Bankman, Elizabeth Holmes, don’t, FTX, Fried Locations: Washington, Bahamas, Alameda

☆ Canada to ramp up verification of student admissions to curb immigration fraud
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Marc Miller speaks at a news conference about how and when Canada will share historical documents related to residential schools in Ottawa, Ontario, Canada January 20, 2022. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsOTTAWA, Oct 27 (Reuters) - Canada will step up the verification of university acceptance letters as it seeks to prevent immigration by fraudsters who target international students, Immigration Minister Marc Miller said on Friday. Canada is a popular destination for international students since it is relatively easy to obtain a work permit, but the student immigration system is rife with fraud and "perverse incentives," Miller told reporters in Brampton, Ontario. Such institutions could benefit from faster student permit application processing, Miller said, adding that more details will be shared next year. Canada depends on immigration to drive its economy and support an aging population, and Prime Minister Justin Trudeau has been ramping up annual immigration.

Persons: Marc Miller, Patrick Doyle, fraudsters, Miller, Justin Trudeau, Ismail Shakil, Jonathan Oatis Organizations: REUTERS, Rights OTTAWA, Immigration, Canada, Thomson Locations: Canada, Ottawa , Ontario, Brampton , Ontario, Ottawa

☆ Insurance companies are betting on AI and mass data analytics in a battle against fraud that costs billions
▼ + stars: | 2023-10-24 | by ( Amanda Paule | ) www.businessinsider.com time to read: +9 min

AdvertisementAdvertisementLosses from insurance fraud are nearly double what they were 30 years ago. Scott Clayton, the head of claims fraud at Zurich Insurance Group. AdvertisementAdvertisementOn the other hand, around 40% of fraud is premeditated, and these cases can cost insurance companies upwards of €3,000, or around $3,170, according to the study. But the Insurance Fraud Detection Market is expected to grow from $5 billion in 2023 to $17 billion in 2028. AdvertisementAdvertisementIn the past 10 years, various third-party developers like Friss, IBM, and Shift Technology have started tailoring machine-learning systems to insurance companies.

Persons: —, they're, Alan Turing, It's, Scott Clayton, shallowfakes —, Clayton, I'm, we'll, Arnaud Grapinet, he's, Grapinet, it's, Rob Galbraith, Jennifer Lindberg, Rob Morton, Galbraith Organizations: Service, Coalition Against Insurance, Zurich Insurance, AXA Research Fund, Technology, IBM, Employees Locations: United States, Spain

☆ The Race to Save Our Secrets From the Computers of the Future
▼ + stars: | 2023-10-22 | by ( Zach Montague | More About Zach Montague | ) www.nytimes.com time to read: +2 min

The danger extends not just to future breaches but to past ones: Troves of encrypted data harvested now and in coming years could, after Q-Day, be unlocked. Current and former intelligence officials say that China and potentially other rivals are most likely already working to find and store such troves of data in hopes of decoding them in the future. Today, the most powerful quantum device uses 433 “qubits,” as the quantum equivalent of transistors are called. That figure would probably need to reach into the tens of thousands, perhaps even the millions, before today’s encryption systems would fall. But within the U.S. cybersecurity community, the threat is seen as real and urgent.

Persons: ”, Glenn S Organizations: National Security Agency, Homeland Security Department Locations: China, Russia, United States

☆ Americans have been scammed out of $2.7 billion in 2.5 years on social media—7 red flags to look out for
▼ + stars: | 2023-10-12 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

Americans lost $2.7 billion combined to scams originating on social media between January 2021 and June 2023, says a new report from the Federal Trade Commission. The methods are aplenty, from romance scams to fake merchants, or fraudsters who take over your social media profiles and con your friends out of money. In some cases, scammers even create advertisements — using each social media platform's own tools — to target users based on age, interests and past purchases. Those younger users' tech savvy can end up working against them, David McClellan, CEO of cybersecurity startup Social Catfish, told CNBC Make It last year. "These people are overly trusting of the technology they're using, and they're more apt to respond to a stranger messaging them," McClellan said.

Persons: David McClellan, McClellan Organizations: Federal Trade Commission, FTC, CNBC

WINCHESTER, Va. (AP) — An animal trainer featured in the popular Netflix series “Tiger King” has received a suspended two-year sentence after being convicted of wildlife trafficking in Virginia, the state attorney general’s office announced. Antle was accused of illegally buying endangered lion cubs in Frederick County, Virginia, for display and profit at his South Carolina zoo. A jury convicted him in June of two felony counts each of wildlife trafficking and conspiring to wildlife traffic. Antle, who owns the Myrtle Beach Safari, appeared in “Tiger King: Murder, Mayhem and Madness,” a Netflix documentary miniseries that focused on tiger breeders. “In Virginia, we uphold the rule of law without exception, whether dealing with violent repeat offenders, big pharma, fraudsters and scammers, or wildlife traffickers,” he said.

Persons: ”, general’s, Doc ” Antle, Jason Miyares, Antle, Miyares, “ Organizations: Netflix, Prosecutors, fraudsters Locations: Va, Virginia, Frederick County , Virginia, Carolina, Myrtle

☆ The Great Zelle Pool Scam
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. Out of all the kinds of money, money to build a pool is probably the very best kind of money for the world to suffer the loss of. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

Persons: Madison Ketcham, Gary Kruglitz, Gary, couldn't, he'll, Gary —, —, Cheryl, Sheryl, Sheryl —, we'd, Jeff Allen's, didn't, Jeff, Krystal, we'll, He'd, you've, Karen, I'm, she'd, Yellllow, Zelle, Chase, Sen, Elizabeth Warren, there's, That's, It's, Jesus, who'd, Donald Trump, Gary Kruglitzes, Cheryls —, Yasmine48, Nixon, Evan Kohlmann, cybercrime, we've, I've, Kohlmann, Guess, Let's, that's, Elizabeth Warren's, it's, they're, Warren's, Warren, I'd, they'd, blinked Organizations: Boston Pops, The New York Times, New York Times, Chase, Bank of America, PNC, US Bank, PayPal, Disney, NBC, Warner Bros, Netflix, JPMorgan Chase, Bank —, of, Professionals, Justice Department, Northeast . Contractors, Cloudburst Technologies, Facebook, FBI, Mafia, Massachusetts State Police, Monterey Police Department, Police Locations: Massachusetts, Lyme, Tennessee, Wells Fargo, Truist, Silicon Valley, Amsterdam, Northeast, what's, Paxful, Estonia, Korea, Monterey , Massachusetts, Monterey

☆ Amazon customers report false email confirmations for gift cards they did not buy
▼ + stars: | 2023-10-01 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Amazon customer service representatives this weekend have been handling a wave of inquiries from customers who received suspicious and confusing email confirmations about gift card purchases they had not made. An Amazon customer service representative said that the company is looking into the cause of the faulty emails, but that accounts are safe and customers can ignore the messages. "Dear Amazon customer," one of the emails read. "Thank you for purchasing Google Play gift cards from Amazon.com." The Amazon emails also contained a warning against gift card scams: "There are a variety of scams in which fraudsters try to trick others into paying with gift cards from well-known brands."

Persons: fraudsters Organizations: Google, Mastercard

☆ Amazon sent an email that sounded like a gift card scam to warn about gift card scams, confusing customers
▼ + stars: | 2023-10-01 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +2 min

Amazon customers flooded social media, confused about an email telling them they bought gift cards. The email warned the recipients about gift card scams, but the email itself sounded like a scam. Social media users said they received the email even though they never bought gift cards. "My wife received three emails from Amazon regarding recently purchased Amazon gift cards," one user wrote. Scammers often use retail gift cards to buy third-party cards, such as Google Play, which can be resold on the black market.

Persons: —, fraudsters, Reddit, I'm Organizations: Service, Google, Mastercard

☆ Zelle Fraud: I Got Scammed Out of $31,000 and My Bank Didn't Care
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

Because a lot of bank branches were still closed, and the crew wanted their money, he requested that we transfer the money via Zelle. When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

☆ Coinbase CEO slams JPMorgan for banning crypto payments in UK, suggests government should act
▼ + stars: | 2023-09-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Coinbase CEO Brian Armstrong is unhappy with JPMorgan Chase's decision to block crypto-related transactions at its U.K. digital banking subsidiary, Chase UK. "I don't think that's OK. I don't think that's the rule of things in our society. Other British lenders have taken similar steps to bar crypto transactions, citing the risk of fraud. Examples include NatWest, which placed limits on the amount of cash that can be sent to crypto exchanges, and HSBC , which banned crypto purchases altogether.

Persons: Brian Armstrong, Armstrong, CNBC's Organizations: Coinbase Global Inc, JPMorgan, Chase, NatWest, HSBC Locations: New York

☆ How to avoid getting scammed out of your home or becoming a victim of land fraud
▼ + stars: | 2023-09-27 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

Gordon isn't the only victim of this type of fraud — known as home-title fraud, land fraud, or seller-impersonation fraud — where scammers impersonate the rightful owner of a property by forging documents in order to sell it. Petrescu and Gordon share a few measures property owners can implement to help stop land fraud from happening to them. That may seem like an obvious one, but for a vacant piece of property, owners might forgo that extra security. He used the same title company to buy the land and to refinance it a year later. "Here we have the same title company that I used, and now the fraudster's using the same title company," Gordon said.

Persons: —, William Gordon's, Gordon isn't, scammers, Daniel Kenigsberg, Victor Petrescu, Levine Kellogg Lehman Schneider, Grossman, " Petrescu, Petrescu, Gordon, William Gordon William Gordon Another, there's, hadn't, Victor Petrescu Levine Kellogg Lehman Schneider, he'll Organizations: FBI, MLS, Service Locations: Arizona, Tucson, Fairfield , Connecticut, Miami, Petrescu, Pima County , Arizona

☆ JPMorgan's UK digital bank blocks customers from buying crypto
▼ + stars: | 2023-09-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Chase UK, the British challenger bank brand of JPMorgan, has blocked customers in the U.K. from purchasing crypto assets. The company said in a statement Tuesday that, starting Oct. 16, Chase UK customers would "no longer be able to make crypto transactions via debit card or by outgoing bank transfer." Chase UK cited data from Action Fraud, Britain's fraud reporting agency, that showed U.K consumer losses to crypto fraud increased by over 40% in the last year, surpassing £300 million for the first time. Chase UK is the latest bank in the country to take steps to limit the ability of their customers to purchase cryptocurrencies. "We're committed to helping keep our customers' money safe and secure," a Chase spokesperson told CNBC via email Tuesday.

Persons: Chase, We're Organizations: Chase, JPMorgan, Wales, Office, National Statistics, cryptocurrencies, NatWest, HSBC, Nationwide, CNBC Locations: England

NEW YORK (AP) — Chase UK, JP Morgan's British digital bank, says it will bar customers from making cryptocurrency transactions starting next month — citing an uptick in scams and fraud. From Oct. 16 onward, Chase customers will no longer be able to make crypto transactions using their debit card or through an outgoing bank transfer, the bank said Tuesday. “If we think you're making a payment related to crypto assets, we'll decline it,” Chase said in an email to customers. The AP also reached out to Action Fraud for statement Tuesday following Chase's decision to stop customers from making crypto transactions. to make it harder for customers to participate in crypto markets and therefore less likely to fall victim to scams,” they wrote.

Persons: —, JP, Chase, ” Chase, Dan Wyatt, Christopher Whitehouse, JPMorgan Chase, Wyatt, Whitehouse, ” Organizations: — Chase, Associated Press, AP, JPMorgan, Chase, NatWest Locations: British, London

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