FinTech News

Concentric AI secures $45m for AI-driven data security advancements

Concentric AI, a prominent provider of AI-based data security solutions, has successfully raised $45m in a Series B financing round.
ING, a global financial services group headquartered in the Netherlands, has appointed Alexandra MacMahon as its new country manager for its wholesale business in the United Kingdom, pending regulatory approval.

Former Santander executive Alexandra MacMahon joins ING as UK country manager

ING, a global financial services group headquartered in the Netherlands, has appointed Alexandra MacMahon as its new country manager for its wholesale business in...
Visa, a leading global digital payments company, has announced a partnership with the United States Agency for International Development (USAID) to broaden access to secure and inclusive digital government systems, especially within emerging markets.

Visa and USAID partner to drive global digital government systems and financial inclusion

Visa, a leading global digital payments company, has announced a partnership with the United States Agency for International Development (USAID) to broaden access to...
Mastercard teams up with top FinTech players to revolutionize installments payment

Mastercard teams up with top FinTech players to revolutionize installments payment

Mastercard is enhancing its US Installments Program to offer greater flexibility at the checkout stage, catering to the rising consumer demand for versatile payment solutions.

iProov and TrustCloud forge partnership for enhanced digital identity security

iProov, a pioneer in biometric identity solutions, and TrustCloud, a leader in secure digital transaction technologies, have announced a strategic partnership aimed at revolutionising digital identity management.
Cyber Guru raises $25m Series B to boost cybersecurity awareness and AI capabilities

Cyber Guru raises $25m Series B to boost cybersecurity awareness and AI capabilities

Cyber Guru, a cybersecurity training and awareness platform based in Rome, has secured $25m in a Series B funding round.
Boosting AI capabilities, Interos secures $40m from Blue Owl Capital

Boosting AI capabilities, Interos secures $40m from Blue Owl Capital

Interos, the trailblazer in AI-powered supply chain risk intelligence, has just fortified its financial footing with a substantial $40m growth capital investment from Blue Owl Capital.
DailyPay bolsters financial strength with $100m credit boost from Citi

DailyPay bolsters financial strength with $100m credit boost from Citi

DailyPay, a New York-based worktech company, announced a significant enhancement to its credit facility, having secured an additional $100m from Citi.
FinTech platform PayToMe.co secures seed funding to lead global financial revolution

FinTech platform PayToMe.co secures seed funding to lead global financial revolution

PayToMe.co, an award-winning FinTech platform simplifying global payments and cross-border transactions, has announced the successful completion of its seed funding round.

Authologic secures $8.2m Series A to combat AI-driven identity fraud

Authologic, a global digital identity verification platform, has successfully completed an $8.2m Series A funding round. The round was led by the prominent European venture...
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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.
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