This credit card network has the lowest fraud rate. And for almost 20 years, too

A credit card network has been recognized for having the lowest instances of fraud for nearly 20 years running.

Payments Dive reports that American Express (or “Amex,” to its friends) was praised by industry research publication Nilson Report for having a solid closed network structure and use of artificial intelligence (AI) that’s given way to this low fraud rate. One that Amex has reportedly maintained for 19 years.

An Amex press release regarding the Nilson study explains how the company has strove to adapt to rapidly evolving scams via its aforementioned AI technologies and closed network structure, as well as its team of data scientists that work to keep ahead of fraudsters.

And Amex certainly isn’t alone in its continued battle against scams: Mastercard recently added a new layer of protection that seeks to mitigate fraudulent retailer…

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THE HASHFLARE “CLOUD MINING” PONZI SCHEME (GLOBAL/ESTONIA)

Date: February 13, 2025 (Guilty Pleas) Perpetrators: Sergei Potapenko and Ivan Turogin

Case Description: This $577 million cryptocurrency fraud remains one of the largest digital asset scams in history, with major legal developments concluding in 2025. Potapenko and Turogin operated “Hashflare,” which they marketed as a massive cryptocurrency mining operation. Hundreds of thousands of victims worldwide purchased “mining contracts,” believing they were renting hash power to mine Bitcoin. In reality, the duo was running a sophisticated Ponzi scheme.

They created fake customer dashboards that showed “real-time” mining profits, but the money being paid out was simply the capital of newer investors. They laundered the proceeds through shell companies to purchase luxury real estate and a fleet of high-end vehicles. After a massive international investigation involving the FBI and Estonian authorities, the pair agreed to forfeit over $400 million in assets. This case underscores the “Cyber-enabled Fraud” warning issued by the FATF in early 2026: as technology evolves, the scale of fraud moves from local millions to global billions in the blink of an eye.

Link to Original: ACFE – High Profile Fraud of 2025