The Top Payment Fraud Trends in 2024 - Fintech Singapore

Get the hottest Fintech Singapore News once a month in your Inbox The payment ecosystem is grappling with a rapidly evolving fraud landscape, characterized by a sharp rise in purchase return authorization (PRA) attacks, increasingly sophisticated ransomware schemes and the growing misuse of artificial intelligence (AI) by cybercriminals, a new report by Visa Payment Fraud Disruption (PFD) says. The State of Scams: Fall 2024 Biannual Threats Report, released end of October, highlights emerging threats and scams targeting the payment ecosystem, emphasizing the heightened complexity of fraud schemes and the availability of AI-driven tools. According to the report, threat actors are increasingly leveraging AI to perpetuate fraud. One notable example is the use of AI for voice cloning to enhance imposter scams by creating a façade of legitimacy. AI is also employed to conduct reconnaissanc...