FinTech News

CSRHub integrates Richmond Global Sciences data for enhanced ESG impact analysis

CSRHub, a leader in consensus ESG ratings, has announced its integration with Richmond Global Sciences data to enhance its analysis of companies' ESG impacts. This...
compliance

Navigating the complex world of FinTech compliance in 2024

In an in-depth discussion this month with The Fintech Times, experts including Lucy Huntley from FullCircl, addressed some of the most pressing challenges that compliance teams face in the FinTech sector. They also explored potential solutions that could ease the compliance burden and enhance fairness and safety within the industry.
Iress, a leading technology provider for the financial services industry, and Zurich, a prominent global insurer, have announced a partnership to enhance the quotation process for life insurance products on Iress’s The Exchange platform.

Iress and Zurich partner to refine life insurance premium accuracy

Iress, a leading technology provider for the financial services industry, and Zurich, a prominent global insurer, have announced a partnership to enhance the quotation...
HKMA

HKMA outlines vision for Hong Kong as Asia’s leader in sustainable finance

The HKMA has initiated the Sustainable Finance Action Agenda (Action Agenda), announcing a strategic vision to solidify Hong Kong's role as the top sustainable...

JPMorgan, Natixis spearhead new initiative to boost SDG impact reporting

The Impact Disclosure Taskforce, led by financial firms including JPMorgan and Natixis, have unveiled their voluntary Impact Disclosure Guidance.

Reality Defender secures $33m to combat AI-generated deepfakes in FinTech

Reality Defender, a startup specializing in detecting deepfake and AI-generated media, has secured $33m in its Series A funding round.
InsurTech firm Igloo, a leading player in Southeast Asia’s insurance technology market, has officially launched its direct-to-consumer (D2C) platform, igloo.co.id, in Indonesia.

Igloo launches D2C insurance platform to expand accessibility in Indonesia

InsurTech firm Igloo, a leading player in Southeast Asia’s insurance technology market, has officially launched its direct-to-consumer (D2C) platform, igloo.co.id, in Indonesia. The launch signifies...
Smartsearch

SmartSearch bolsters executive team to lead innovation in AML solutions

SmartSearch, a UK provider of digital compliance and AML solutions, recently announced a significant expansion of its executive leadership team.
Solutions by Text and Glia, a leader in digital customer interaction solutions, have entered into a strategic partnership aimed at enhancing customer engagement across the entire financial services lifecycle.

Solutions by Text and Glia partner to streamline customer engagement for banks and credit...

Solutions by Text and Glia, a leader in digital customer interaction solutions, have entered into a strategic partnership aimed at enhancing customer engagement across...
Nordic challenger bank Lunar, known for its innovative digital banking solutions, has made headlines with the launch of its GenAI Native Voice Assistant.

Lunar launches Europe’s first GenAI Native Voice Assistant for seamless banking support

Nordic challenger bank Lunar, known for its innovative digital banking solutions, has made headlines with the launch of its GenAI Native Voice Assistant. The Denmark-based...

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.

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