The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money.

Instead of a live caller engaging in social engineering with a single prospective target, automatic dialers call thousands of people, instructing them to call bogus telephone numbers purported to belong to the IRS, Social Security Administration, or their bank, says The Santa Fe Group's Bob Jones

Of all of the valuable consumer assets that fraudsters like to steal, loyalty or rewards points or cash is becoming a favorite.

The shift from person-to-person deposits to digital options – including mobile, ATMs and RDC – has created new challenges to fraud prevention efforts.

Magecart attackers steal credit card or bank data directly from the checkout pages on e-commerce websites and resell them on the dark web, says PerimiterX's Ameet Naik.

The consumer bureau alleges the Providence, R.I., bank mismanaged billing error claims over a six-year period. Citizens Bank says it is “puzzled and disappointed” by the agency’s action.

It seems the payments industry is once again pushing liability to the merchants with no plans to hold anyone else along the payments ecosystem accountable for ensuring that viable solutions are available, says the Merchant Advisory Group's John Drechny.

Some fraudsters pose as loan applicants and submit doctored video or photos of property and assets to scam lenders they won't see in person. Firms like Elevate Funding and Credibly are fighting back.

For banks and other financial institutions to survive and thrive in the age of mobile payments and e-commerce, they need to continue to enhance their mobile apps with more innovations, tighter security features and more time-saving capabilities.

For banks and other financial institutions to survive and thrive in the age of mobile payments and e-commerce, they need to continue to enhance their mobile apps with more innovations, tighter security features, and more time-saving capabilities, says Informa Financial Intelligence's Gina DeCorla.