FinTech News

Unlocking the future: The rise of biometric verification in securing identities

Biometric verification represents a significant advancement in security technology, utilising unique biological traits such as fingerprints and facial patterns to confirm an individual's identity.
Tokio Marine Kiln (TMK), a specialist insurance provider renowned for its expertise in marine and specialty insurance, has announced the appointment of Alexandros Ampatzis as the new head of marine for the Asia-Pacific (APAC) region.

Tokio Marine Kiln appoints industry veteran as head of marine for APAC

Tokio Marine Kiln (TMK), a specialist insurance provider renowned for its expertise in marine and specialty insurance, has announced the appointment of Alexandros Ampatzis...
Pivix Specialty Insurance Services, a managing general agency specialising in excess and surplus lines, has partnered with Canopius US Insurance to enhance insurance offerings in the wholesale distribution market.

Canopius and Pivix unite to streamline commercial property insurance access for wholesale brokers

Pivix Specialty Insurance Services, a managing general agency specialising in excess and surplus lines, has partnered with Canopius US Insurance to enhance insurance offerings...
AML

How strong AML strategies protect your business across sectors

AML compliance encompasses a range of international and national regulations aimed at preventing criminals from disguising illegal funds as legitimate income.
PEPs

FCA’s new guidelines on PEPs: A shift towards risk-sensitive compliance

In July 2024, the FCA initiated a crucial dialogue within the financial sector by opening a consultation aimed at refining the treatment of PEPs.  According...
Prudential Hong Kong, a leading life insurance provider in Hong Kong, has launched MedScreen+, a digital underwriting tool designed in partnership with Reinsurance Group of America. 

Prudential Hong Kong and RGA partner to launch MedScreen+ for faster digital underwriting

Prudential Hong Kong, a leading life insurance provider in Hong Kong, has launched MedScreen+, a digital underwriting tool designed in partnership with Reinsurance Group...
Chief AI

Exploring the need for Chief AI Officers in modern business strategies

As the digital era advances, businesses worldwide are increasingly integrating artificial intelligence (AI) into their core operations.
FCA

FCA survey reveals gaps in disciplinary policies among finance firms

The FCA has recently published the results of a comprehensive survey, aimed at understanding how regulated wholesale financial services firms handle non-financial misconduct.
ZestyAI and Donegal Insurance Group have partnered on an initiative that enhances property risk evaluation within Donegal’s Personal Lines policies through ZestyAI’s new Roof Age solution.

Donegal Insurance leverages ZestyAI’s Roof Age solution for enhanced property risk evaluation

ZestyAI and Donegal Insurance Group have partnered on an initiative that enhances property risk evaluation within Donegal’s Personal Lines policies through ZestyAI’s new Roof...
Dojo, a leading UK-based payment technology provider, has announced a major milestone in its ongoing partnership with YouLend, a global embedded financing platform.

Dojo and YouLend reach £1bn funding milestone to boost UK SMEs

Dojo, a leading UK-based payment technology provider, has announced a major milestone in its ongoing partnership with YouLend, a global embedded financing platform. Together, they...
Load more

Latest Analysis

News Stories

Diverse week for FinTech as $1.1bn raised across 17 deals

Diverse week for FinTech as $1.1bn raised across 17 deals

It was a diverse week for FinTech funding, with deals closing across nine different countries.  There were a total of 17 FinTech funding rounds covered...
Sift enhances fraud insights with new metrics in industry benchmark tool

Sift enhances fraud insights with new metrics in industry benchmark tool

Sift, a leading AI-powered fraud prevention platform, has introduced significant updates to its Fraud Industry Benchmarking Resource (FIBR), a free online tool designed to provide key fraud metrics across various industries, geographies, and timeframes.
Bitsight acquires Cybersixgill in $115m deal to enhance cyber threat intelligence

Bitsight acquires Cybersixgill in $115m deal to enhance cyber threat intelligence

Bitsight, a global leader in cyber risk management, has announced its $115m acquisition of Cybersixgill, a prominent cyber threat intelligence (CTI) provider. This strategic move...
FinCEN issues alert on deepfake fraud schemes targeting financial institutions

FinCEN issues alert on deepfake fraud schemes targeting financial institutions

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to assist financial institutions in identifying and addressing fraud schemes involving deepfake media created with generative AI (GenAI) tools.
change communication methods during a verification check.Some identity verification solutions may also flag possible attempts to circumvent verification checks, such as the use of third-party webcam plugins, which can let a customer display previously generated video rather than live video. Use of Deepfake Media in Phishing Attacks and Scams Criminals may also target financial institution customers and employees through sophisticated, GenAI-enabled social engineering attempts in support of other scams and fraud typologies, such as business email compromise (BEC) schemes, spear phishing attacks, elder financial exploitation, romance scams, and virtual currency investment scams.24For example, in family emergency schemes, scammers may use deepfake voices or videos to impersonate a victim’s family member, friend, or other trusted individual.25Similarly, criminals have reportedly used GenAI tools to target companies by impersonating an executive or other trusted employee and then instructing victims to transfer large sums or make payments to accounts ultimately under the scammer’s control.26 Financial Red Flag Indicators of Deepfake Media Abuse FinCEN identified the following red flag indicators to help financial institutions detect, prevent, and report potential suspicious activity related to the use of GenAI tools for illicit purposes.As no single red flag is necessarily indicative of illicit or suspicious activity, financial institutions should consider the surrounding facts and circumstances before determining whether a specific transaction is suspicious or associated with illicit use of GenAI tools. A customer’s photo is internally inconsistent (e.g., shows visual tells of being altered) or is inconsistent with their other identifying information (e.g., a customer’s date of birth indicates that they are much older or younger than the photo would suggest). A customer presents multiple identity documents that are inconsistent with each other.

Folks Finance secures $3.2m in Series A to advance crosschain DeFi solutions

Folks Finance, a DeFi platform specialising in lending, borrowing, and managing digital assets across multiple blockchains, has announced it raised $3.2m in an oversubscribed Series A funding round.
© FinTech Global © Copyright 2024. All rights reserved.

Technology partner
Advanced Vision IT

120,000+ FinTech leaders get exclusive industry stories delivered every week

Download the free AIFinTech100 report

FREE

Download the AIFinTech100 report for 2024 with details on each solution