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Report: ‘Global scam economy’ thriving in 2023

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A payments study by Javelin Strategy & Research and SAS examines digital fraud trends worldwide, revealing eight expert strategies banks, retailers and other enterprises can use to fight back

CARY, N.C., June 26, 2023 /PRNewswire/ — The COVID-19 pandemic catalyzed a digital payments revolution, forever reshaping expectations. Today’s consumers demand flexible, real-time payment options throughout their digital journeys. As banks, fintechs, retailers and other businesses modernize and add apps and offerings to keep pace, criminals cash in on weaknesses at every turn. How are professional fraud fighters striking back? A payments fraud study by Javelin and analytics leader SAS explores the fraud climate in 12 countries and offers eight recommendations for curbing the deluge.

This 12-country #payments study explores the digital #fraud-fueled “global scam economy” + eight ways to fight back.

Global Digital Fraud Trends: Evaluating the Past, Present, and Future is the continuation of an October 2020 report by Javelin and SAS on the early pandemic’s digital fraud escalation. This next chapter examines the evolution of digital fraud trends and their impact on consumers and enterprises worldwide, and is based on:

2022 market research on the global fraud landscape.Javelin’s 2022 identity fraud survey, reflecting insights from 5,000 US consumers.Interviews with financial services leaders confronting evolving fraud attacks.

Registering to download the report also gives users access to three regional webinars exploring key findings in the US, EMEA and Asia-Pacific.

“Pandemic digital habits shifted so strongly into card-not-present transactions, and suddenly it feels as if everyone is online, including the bad guys,” said one European fintech executive. “We are making strides in controlling payment fraud with strong authentication and machine learning, but it took some losses to gain an understanding of how important it is to plan ahead.”

“Telecom and [business email compromise] fraud are sources of serious concern for my team,” said the Vice President of Special Investigations at one US bank. “The pandemic has made it impossible to create enough fraud strategy to stay ahead because the criminals now mix multiple merchant names, MCC codes and dollar amounts in automated attacks that are hard to prevent.”

2023’s digital economy presents fresh fraud trends with global impact
In the immediate wake of the COVID-19 pandemic, the digital economy exploded. For fraudsters, the sudden surge in digital transactions and payment modalities offered countless new fraud avenues. As anti-fraud pros grappled with how to adequately protect transactions, scammers largely focused on pandemic-themed schemes and socially engineered attacks.

But the landscape has changed. In 2023, the digital economy and the “global scam economy,” as coined by Javelin, are here to stay – and they will evolve in parallel. Per the report, 2020’s schemes du jour have been replaced by scams galore: romance scams, fake home-based employment opportunities and investment schemes popular among them.

Fraud diversified by region vexes local authorities and anti-fraud pros
Globally, threats are more or less identical, though certain fraud types have manifested and grown differently by region and nation, challenging local anti-fraud pros, law enforcement and governments accordingly. Among the regional trends and national landmark issues revealed in the 12-country study and explored in the webinar series:

AfricaSouth Africa‘s new Rapid Payments Program will not only foster faster payments but formalize them, helping reduce cash-based crimes that have long plagued the country. Related payment modernization is also expected to help the nation curb rampant cross-border money laundering and terrorist financing by accurately identifying senders and receivers.Asia-Pacific – Per one Singaporean banker, “the perpetrators are very polished,” as robocalls, vishing and phishing impact globally-connected citizens who primarily bank on mobile phones. In response, financial firms in Singapore are enacting push notifications to account holders and daily transaction limits. India’s digital biometric ID system, Aadhaar, boasts 1.3 billion citizens enrolled (99% of Indian adults), serving as a global template for other countries, including Malaysia and Sri Lanka. In Australia, the digital identity validation offered by ConnectID and myGovID is steadily replacing traditional credentials. China has seen explosive adoption of an alternative digital payments ecosystem delivered via social media giant WeChat, and QR codes dominate digital payments.Europe – In the United Kingdom, open banking continues to drive digital innovation, and the Bank of England is considering a central bank digital currency. France marked permanent changes in consumers’ digital purchasing and payment habits, along with the introduction of a national identity program for smartphones. Even as political and environmental strife challenged Italy’s financial sector, more than 30 million citizens adopted its Public Digital Identity System. Meanwhile, organized crime prompted a nationwide money mule awareness campaign by Europol.North America – Embedded lending and Buy Now, Pay Later (BNPL) financing are growing worldwide, but particularly in the United States, where more than two-thirds of consumers report they are “likely” or “very likely” to tap BNPL again after first use. Ballooning BNPL fraud haunts regulators, merchants and payment platforms. The Federal Reserve’s FedNow instant payment service is poised to launch in mid-2023, promising safer payments and greater interoperability. Canada’s national identity program is helping create infrastructure for citizens to frictionlessly access government, financial and health care services. In Mexico, prepaid debit cards continue to boom, while advanced digital payment options fuel thriving e-commerce.South America – Peer-to-peer (P2P) payment culture is flourishing in Brazil via its PIX system, and fintech investment for the unbanked has reached record highs. Still, prolific data breaches, scams and malware attacks threaten the enormous potential of the country’s digital growth, demanding robust fraud and enterprise security safeguards.

Digitally inclusive fraud strategies light the way – eight expert strategies
Among the report’s eight spotlight recommendations for combatting fraud in the digital age: multifactor authentication and account-based alerts should be considered essential, not nice-to-haves. Also paramount in the guidance is the consolidation of monitoring solutions on a single, powerful AI-driven platform.

“A carefully layered deployment of machine learning models, biometrics and contextual, supplementary tools can help financial service firms make faster, more accurate decisions that scale across all verticals,” said Krista Tedder, Head of Payments at Javelin Strategy & Research. “Solutions must be interwoven – and underpinned by shared data streams – to effectively combat the increasingly sophisticated tools and strategies we see being employed by criminals worldwide.”

“US consumers alone lost $8.8 billion to scams last year – a more than 30% jump from 2021 to 2022 – according to the Federal Trade Commission,” said Stu Bradley, Senior Vice President of Fraud & Security Intelligence at SAS. “Consumer trust in the expanding global digital payment ecosystem is an imperative – and that trust is predicated on firms making effective use of advanced customer authentication and anti-fraud technologies, including AI, machine learning and biometrics, to detect and prevent fraud across channels.”

Download the report and access the three regional webinars on-demand at SAS.com/scameconomy.

About SAS
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2023 SAS Institute Inc. All rights reserved.

Editorial Contacts:

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Danielle Bates

julia.norton@sas.com 

danielle.bates@sas.com

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Black Lake Technologies Shortlisted as SAIL Award TOP30 Finalist and Selected as Global Industrial AI Flagship Case, Showcasing Latest Industrial Agent at WAIC 2026

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SHANGHAI, July 18, 2026 /PRNewswire/ — The 2026 World Artificial Intelligence Conference (WAIC) opened in Shanghai on July 17. Shanghai Blacklake Technologies Co., Ltd. (“Black Lake”), an industrial AI company, is showcasing a portfolio of industrial AI agents at the conference. The company has also been named to the Top 30 shortlist for the 2026 WAIC Super AI Leader (SAIL) Award and selected as a Trusted Partner under the Global Call for Trusted Partners for Industrial AI in the Global South.

The accreditations highlight Black Lake’s latest progress in bringing AI into critical manufacturing decision-making workflows and deploying industrial AI capabilities on the shop floor around the world.

This year’s conference attracted over 1,100 exhibiting companies and showcased more than 3,000 exhibits, setting a new record for exhibition scale. The conference delivered a clear signal: as artificial intelligence becomes a common priority across global industries, attention is moving beyond model capabilities toward practical applications in real-world operating environments.

Manufacturing provides a particularly demanding test for this transition. Factory operations are governed by multiple constraints, including process specifications, equipment capabilities, material availability, production capacity, delivery schedules and quality requirements. Therefore, AI has to do so much more than simply comprehend information input. It must make reliable judgments within clearly defined business rules and operational constraints.

Black Lake has focused on industrial digitalization and industrial AI for years, developing and deploying AI applications in a range of factory environments.

At WAIC 2026, the company is presenting industrial AI agents covering order splitting and process planning, quotation and pricing, procurement, production scheduling, quality inspection, and order tracking. These applications are designed to move AI beyond an auxiliary role and into critical manufacturing decision-making workflows.

Traditional industrial software is primarily responsible for data recording, digital workflows, and worker coordination. However, critical decisions such as how to split an order, determine pricing, schedule production, and assess quality risks still depend heavily on the experience of engineers and frontline workers.

Industrial AI agents are intended to convert fragmented industrial knowledge and production experience into decision-making capabilities that can be invoked, reused and continuously refined by software systems.

Order decomposition and process planning are representative examples. After receiving an engineering drawing, a factory typically relies on experienced engineers to identify components, materials and dimensions, define the required manufacturing processes and technical specifications, and establish a basis for subsequent quotation and quality inspection.

The process is highly dependent on individual expertise and represents one of the first critical decision points after an order is received.

Black Lake Technologies’ CAD-to-Process Agent can understand product drawings and, taking into account the factory’s equipment capabilities, process requirements, and production practices, rapidly generate process steps along with the corresponding technical requirements. Drawing analysis that once took hours can now be completed in approximately one minute, achieving an accuracy rate of over 95% in real deployment and providing engineers with stable, efficient decision support. Currently, the industrial agents developed by the company cover core processes including design, scheduling, production, and quality inspection, and have entered the stage of large-scale deployment.

Founded in 2016, Black Lake serves nearly 40,000 factories worldwide. Its customers span more than 30 industries, including food and beverage, automotive components and equipment manufacturing.

By working across factory order management, production and fulfillment workflows, Black Lake has accumulated the technical capabilities and industry knowledge required to support decision-making in complex industrial environments.

In April 2026, Black Lake completed a Series D funding round of nearly RMB 1 billion. The company said the proceeds would primarily be used to accelerate the deployment of its industrial AI products and support its international expansion.

AI-related products are becoming a new source of growth for the company. In a recent interview, Black Lake founder and CEO Zhou Yuxiang said that the company had recorded significant growth in AI-related revenue since the beginning of 2026. He also said that manufacturing customers were taking less time to make purchasing decisions for industrial AI agents.

Zhou expects AI adoption among Chinese factories to increase substantially over the next three to four years.

Unlike consumer-facing AI, which is primarily associated with content generation and personal productivity, industrial AI agents can directly affect production costs, capacity utilization, delivery performance, and product quality. Their commercial value therefore depends largely on whether they can perform specific tasks reliably in complex production environments.

During WAIC 2026, Black Lake was named to the Top 30 shortlist for the 2026 Super AI Leader (SAIL) Award. The SAIL Award is one of WAIC’s major awards and recognizes achievements in technological breakthroughs, application innovation, and industrial value.

Black Lake was also selected as a Trusted Partner under UNIDO’s Global Call for Trusted Partners for Industrial AI in the Global South.

The Global Call was launched under the guidance of the United Nations Industrial Development Organization (UNIDO), in partnership with the Shanghai Artificial Intelligence Research Institute, and in connection with the work of UNIDO AIM Global and its Shanghai-based Centre of Excellence.

The initiative aims to build a curated pool of leading partners to co-develop scalable industrial AI solutions and public goods for the Global South.

For Black Lake, the two accreditations underscore the growing importance of reliability, explainability, and scalability in the evaluation of industrial AI, in addition to the capabilities of AI models.

Global expansion will be a major priority in the company’s next phase of development. Black Lake is currently focusing on Southeast Asia, Latin America and Eastern Europe, adapting its industrial AI agents to the industrial structures, production processes and management requirements of different markets.

Although manufacturing operations vary across countries and regions, manufacturers share similar concerns about efficiency, quality, delivery reliability and production flexibility.

Black Lake is transforming industrial AI capabilities that have been validated in complex factory environments into configurable and deployable products. Through these products, the company aims to work with manufacturers worldwide to explore more efficient, flexible and intelligent approaches to production.

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SOURCE Black Lake

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76% of Coupon Codes Work at Checkout, but Most Failures Trace Back to Terms Shoppers Never Read, CouponDopa Study Finds

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Study Finds 76% of Coupon Codes Work at Checkout

NEW YORK, July 18, 2026 /PRNewswire-PRWeb/ — Multi-country research across 11 regions finds that most coupon code failures were not due to expired codes, but to terms and conditions shoppers did not check before checkout.

Our research shows that most coupon code failures are caused by overlooked terms and conditions not expired codes. Understanding the offer requirements can significantly improve checkout success.” — Anderson Joe, CMO, CouponDopa

A new study testing 1,000 coupon codes across 11 countries found that three in four online discount codes applied successfully at checkout, while the remaining failures were tied more often to unmet terms than to expired or invalid codes.

The research was conducted by CouponDopa, a multi-regional coupon platform operating in 11 countries. Codes were tested across multiple retail categories in July 2026 to measure real checkout success rates.

KEY FINDINGS

Overall success rate: 76%. Overall failure rate: 24%. Highest-performing country: Netherlands, 81%. Lowest-performing countries: Poland and Italy, tied at 70%. Highest-performing category: Electronics. Lowest-performing category: Travel. Desktop success rate: 78%. Mobile success rate: 74%.

The study’s most significant finding was not the failure rate itself, but the reasons behind it.

“The assumption most shoppers make is that a coupon code doesn’t work because it’s expired,” said Anderson Joe, CMO at CouponDopa. “Our testing found that expiry was rarely the primary issue. In most failed attempts, the code was still active, but the shopper’s cart did not meet a listed condition, such as a minimum spend or a region restriction.”

WHY COUPON CODES ACTUALLY FAIL

Minimum spend not met: the most common reason for failure across all 11 regions, since many codes require a basket value above a set threshold.Region-specific restrictions: codes valid in one country frequently failed in another.Unread terms and conditions: codes were applied to excluded categories, sale items, or specific product ranges without checking eligibility first.Delivery and shipping thresholds: free shipping codes requiring a minimum order value were sometimes mistaken for blanket offers.

No exact percentage breakdown of failure causes is available. Minimum spend is confirmed as the single most common cause; the other three were not ranked against each other.

“In our view, a code that fails because of an unmet minimum spend is not necessarily a broken code,” said Anderson. “It may simply be a condition the shopper did not see before checkout.”

REGIONAL FINDINGS — NETHERLANDS LEADS

Country Success Rate

Netherlands 81%

Germany 79%

United States 77%

Canada 77%

United Kingdom 76%

Australia 75%

New Zealand 74%

France 73%

Spain 72%

Poland 70%

Italy 70%

Netherlands recorded the highest success rate of the 11 regions tested. Germany followed closely. The United Kingdom matched the overall study average, and Canada and the United States recorded the same rate. Poland and Italy recorded the lowest rates in the study, tied at 70%.

ELECTRONICS OUTPERFORMS TRAVEL

Electronics recorded the highest coupon code success rate of any category tested, at 80%, while travel recorded the lowest, at 69%.

“Electronics codes in our sample tended to carry fewer conditions,” noted Anderson Joe. “Travel codes more often included conditions tied to dates, destinations, or booking windows, which may explain the difference.”

MOBILE SHOPPERS RECORD LOWER SUCCESS RATES

Desktop checkouts recorded a 78% success rate compared with 74% for mobile, a 4-point gap. Researchers said the difference may relate to how terms are displayed on smaller screens, though this was not directly tested.

“We saw a consistent gap between desktop and mobile across our markets,” said Anderson Joe. “We can’t say precisely why from this data alone, but it’s a pattern worth further study.”

ABOUT THE STUDY

CouponDopa tested 1,000 coupon codes across 11 countries during July 2026, across electronics, fashion, food delivery, travel, beauty, and home categories. Codes were manually tested at real checkouts on desktop and mobile. A code counted as successful only when the discount appeared in the checkout total. Failed codes were categorized by reason. Read the complete methodology available at CouponDopa tested 1000 coupon codes in 11 regions.

ABOUT COUPONDOPA

CouponDopa is a multi-regional coupon and discount platform operating across 11 countries. CouponDopa verifies coupon codes across hundreds of brands before publishing, providing shoppers with discount information across major retail categories, including verified codes available on CouponDopa’s store pages.

MEDIA CONTACT

Organization: Coupondopa

Contact Person Name: Anderson Joe

Website: https://www.coupondopa.com/

Email: info@coupondopa.com

Contact Number: +1 (530) 269-6377

Address: 165 ithaca Bayshore NY, 11706 USA

City: Bay Shore

State: NY

Country: United States

Media Contact

Anderson Joe, Coupondopa, 1 631 404-9968, coupondopa@gmail.com, https://www.coupondopa.com/

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SOURCE CouponDopa

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Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus

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BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.

Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.

Strategic guidance

According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.

Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.

He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.

During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.

Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.

WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”

Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.

The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.

The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”

Firm support for UN

In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.

Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.

Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.

Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.

Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.

Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.

At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.

He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.

Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.

According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.

President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.

However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.

In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.

Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.

This article first appeared on Global Times

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SOURCE Global Times

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