Payments on Fire™ Episode 257 - Scams, Stings, and Swindles in Payments - Catching up with David Maimon, SentiLink
Feb 27, 2025
David Maimon, Head of Fraud Insights at SentiLink, returns to share his expertise on emerging trends in payments fraud. He highlights the alarming rise in check fraud and the sophisticated methods employed by organized crime. Maimon discusses the surge in account takeover fraud, especially targeting investment accounts, and the intersections with money laundering. He also delves into the role of generative AI in evolving fraud tactics, emphasizing the urgent need for improved security measures to combat these threats.
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1999 Fraud Boom
- In 1999, Yvette Bohannon's fraud detection startup PayLinks got swamped with calls from merchants during the first retail busy season.
- Merchants discovered significant fraud within their revenue numbers as chargebacks surged, prompting them to seek fraud server solutions.
Check Fraud Resurgence
- Check fraud, experiencing a resurgence, involves criminals stealing checks from mailboxes using arrow keys.
- Initially, checks were washed using chemicals; now, they're often sold, revealing the scale of the problem.
Double Trouble with Checks
- Stolen checks provide access to routing and account numbers, exploitable for ACH fraud.
- This represents a double threat, increasing the potential damage significantly.