FinTech News

Global commercial insurance rates shockingly experienced their first decline in seven years, according to the Global Insurance Market Index released today by Marsh.

Global commercial insurance rates experience first decline in seven years

Global commercial insurance rates shockingly experienced their first decline in seven years, according to the Global Insurance Market Index released today by Marsh. Rates fell...
The California Joint Powers Insurance Authority, has selected Risk Control Technologies (RCT) to modernise and enhance its loss control and risk management processes.

California JPIA selects Risk Control Technologies to bolster its loss control processes

The California Joint Powers Insurance Authority has selected Risk Control Technologies (RCT) to modernise and enhance its loss control and risk management processes. The collaboration aims...
Inspectify, a Seattle-based property inspection and underwriting platform, has raised $5.26m in a funding round led by Munich Re Ventures.

Inspectify raises $5.26m to drive innovation in property risk assessment

Inspectify, a Seattle-based property inspection and underwriting platform, has raised $5.26m in a funding round led by Munich Re Ventures. This recent capital injection sees...

Unlocking efficiency in compliance management with AI technology

AI has emerged as a revolutionary force in compliance mapping, transforming traditional processes and delivering substantial business value.
Mastercard, a global payment technology leader, has announced the expansion of its Product Express platform to include FinTechs in Africa, the Middle East, Europe, North America, and additional markets across Latin America.

Mastercard expands Product Express to enable faster FinTech card launches across global markets

Mastercard, a global payment technology leader, has announced the expansion of its Product Express platform to include FinTechs in Africa, the Middle East, Europe,...
MSCI

Richard Mattison joins MSCI to spearhead ESG and climate strategy

MSCI has announced the appointment of Dr. Richard Mattison as Head of ESG and Climate, effective October 29.
YouLend

YouLend secures $1bn credit facility with Castlelake to boost US SMB financing

YouLend, a global embedded financing platform, today announced a significant expansion in its financial capacity.

Socure to strengthen market position with $136m Effectiv acquisition

Socure has announced its acquisition of Effectiv, a dynamic real-time risk decisioning firm, for a total of $136m.
Aurora Insurance, a London-based digital insurance platform, has secured seed funding from QBE Ventures, as it aims to develop cutting-edge solutions within the commercial insurance sector.

London-based digital insurance platform Aurora raises seed funding from QBE Ventures

Aurora Insurance, a London-based digital insurance platform, has secured seed funding from QBE Ventures, as it aims to develop cutting-edge solutions within the commercial...
FinTech Wales, a trade association supporting the growth of the financial technology sector in Wales, has announced the creation of two new positions in its Cardiff office.

FinTech Wales bolsters team to drive growth in the region

FinTech Wales, a trade association supporting the growth of the financial technology sector in Wales, has announced the creation of two new positions in...
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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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