Tag: Scams

Scams are not a new threat; they have coexisted with the financial market since its beginnings. The earliest scam is estimated to have been in Ancient Greece and since then they have evolved to become so highly sophisticated that stopping them has become a Sisyphean task.

While people are very aware of the threat of scams, these unique threats continue to succeed and impact consumers and their financial institutions.

Santander UK has unveiled the latest findings from its inaugural Quarterly Scamtracker, revealing a concerning £18.4m stolen through scams in the first quarter of 2025. This represents a 13% decline from the previous quarter, yet the figures remain alarmingly high, with new scam trends emerging, complicating the threat landscape.

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 Australian Communications and Media Authority (ACMA) has registered new rules to require telecos to identify, trace and block SMS scams.

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.