Mastercard says it is helping banks to stop payment scams in their tracks, before funds leave a victim’s account. The payments provider said that in partnership with UK banks including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo and TSB, it is using payments data to help identify payment scams. Mastercard’s new tool helps banks to get an instant rating that shows the risk of a payment being made to a fraudulent account. This is based on factors such as account activity and the relationship between the payer and payee. Ajay Bhalla, president of cyber and intelligence at Mastercard, said: “We are helping banks identify and predict which payments are being made to fraudsters and stop them in real-time.” Spotting fraudulent payments among millions made every day is like finding a needle in a haystack Paul Davis, TSB Over four months, TSB said that Mastercard’s tool has increased its fraud detection. Paul Davis, director of fraud prevention at TSB, said: “Spotting fraudulent payments among millions made every day is like finding a needle in a haystack, with scams becoming ever more complex – so prevention and monitoring tools are key. “Our partnership with Mastercard is providing the intelligence needed to identify fraudulent accounts and prevent payments ever reaching them.” The Financial Ombudsman Service recently said it is seeing a higher proportion of complex scam complaints, with some involving investments or cryptocurrency. It is seeing increasing numbers of complaints which contain the features of more than one scam. For example, someone may be duped by a romance scammer who then persuades them to invest in cryptocurrency schemes which do not exist. Or someone may attempt to pay for goods which do not exist and then receive a phone call from a scammer impersonating their bank who persuades them to make multiple payments by claiming their payment attempts have been unsuccessful. Many banks are currently signed up to a voluntary reimbursement code in cases where blameless scam victims transfer money to a fraudster, but there have been concerns about this not always being applied consistently. TSB has its own fraud refund guarantee. Plans are under way to make reimbursement mandatory. The Payment Systems Regulator (PSR) has said new rules compelling banks to reimburse scam victims who have been tricked into paying fraudsters will come into force next year. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Art historian helps build new Assassin’s Creed game after son’s suggestion Twitter to stop TweetDeck access for unverified users Broadband customers plagued by issues despite inflation-busting price hikes

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Kim Kardashian and Rylan Clark are among some of the celebrities to have signed up for the new social media site Threads. The Meta app, from the company behind Facebook and Instagram, has a text-style format which encourages users to post updates and join public discourse. Tibetan Buddhist spiritual leader Dalai Lama also signed up to the newly launched platform. Former Strictly Come Dancing: It Takes Two presenter Clark kept his first update short with a photo captioned: “Get ya threads out for the ladddsss.” Chef Gordon Ramsay, known for his Hell’s Kitchen and Kitchen Nightmares series, said in his post: “Is this where I find the lamb sauce?” Colombian pop singer Shakira already has one million followers on the app, whilst reality TV star and businesswoman Kardashian has one and a half million, despite a lack of posts on her profile. TV personality and model Khloe Kardashian, who is Kim’s sister, is also on the platform and posted a photo with the caption: “Oh hi my little threaders”. Other celebrities such as Paris Hilton, former One Direction members Louis Tomlinson and Zayn Malik, The Last Of Us star Bella Ramsey, Dragons’ Den panellists Deborah Meaden and Steven Bartlett and former Big Brother presenter Davina McCall have also signed up. Also setting up account were American singer-songwriter Olivia Rodrigo, radio DJ Chris Moyles, Little Mix singer Leigh-Anne Pinnock, British singer Louise Redknapp, American rapper Jack Harlow and The Help actress Jessica Chastain. The site is connected to Instagram so usernames and verification checks can carry over so celebrities can make the move to Threads easily. Brands and companies including streaming platform Netflix, clothing retailer Pretty Little Thing and supermarket Aldi have also joined the app. Threads posts can be up to 500 characters long and include links, photos, and videos of up to five minutes in length. On Meta’s website, the company says: “Our vision with Threads is to take what Instagram does best and expand that to text, creating a positive and creative space to express your ideas.” Elon Musk bought Twitter in 2022, which is also text based and allows posts of up to 280 characters. The South African-born billionaire announced at the weekend that his social media platform would be temporarily limiting the number of tweets people can read in a day, as thousands of users reported problems accessing the site. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Mastercard helping banks predict scams before money leaves customers’ accounts Art historian helps build new Assassin’s Creed game after son’s suggestion Twitter to stop TweetDeck access for unverified users

TAIPEI, Taiwan--(BUSINESS WIRE)--May 11, 2023--

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KAWASAKI, Japan--(BUSINESS WIRE)--May 15, 2023--

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