FinTech News

Verisk, a global leader in data analytics and technology, has announced that its president and CEO, Lee Shavel, has been appointed to the Federal Advisory Committee on Insurance (FACI).

Verisk CEO Lee Shavel appointed to U.S. Federal Advisory Committee on Insurance

Verisk, a global leader in data analytics and technology, has announced that its president and CEO, Lee Shavel, has been appointed to the Federal...
CFPB

Legal battle brews as BNPL sector challenges CFPB’s regulatory overreach

The FTA, a consortium that includes FinTech companies like Klarna, has initiated a lawsuit against the CFPB in the U.S. District Court in Washington D.C.
Prudential Financial, Inc. has entered a strategic partnership with 123Seguro to bring accident & health, life, and ancillary insurance products to Brazil and Mexico.

Prudential Financial partners with 123Seguro to expand insurance services in Latin America

Prudential Financial, Inc. has entered a strategic partnership with 123Seguro to bring accident & health, life, and ancillary insurance products to Brazil and Mexico. The...
Liberty Mutual, a leading global insurer, has formed an exclusive partnership with Jaguar Land Rover North America (JLR) to provide tailored auto insurance solutions for JLR vehicle owners in the U.S. during the car buying process.

Liberty Mutual partners with Jaguar Land Rover to offer premium auto insurance to US...

Liberty Mutual, a leading global insurer, has formed an exclusive partnership with Jaguar Land Rover North America (JLR) to provide tailored auto insurance solutions...
Sophos

Sophos acquires Secureworks in $859m deal to boost global cyber capabilities

Sophos and Secureworks, two names in the cybersecurity sector, have entered into an agreement where Sophos will acquire Secureworks.
Finzly, a leading provider of payment solutions for financial institutions, has announced the launch of its instant payment service on AWS Marketplace.

Finzly launches instant payment service on AWS Marketplace

Finzly, a leading provider of payment solutions for financial institutions, has announced the launch of its instant payment service on AWS Marketplace. As an early...

Stream.Security lands $30m Series B to bolster cloud security capabilities

Stream.Security, the innovator in real-time cloud security solutions, has successfully closed a substantial $30m Series B funding round.

Equifax UK, OneID eye financial onboarding transformation with new solution

Equifax UK has teamed up with OneID, a pioneering digital identity provider, to enhance customer onboarding processes.
Thredd, a leading next-generation global payments processor, has launched its latest complimentary report, “Launching in America: A guide to issuing via BIN sponsorship.”

Thredd unveils U.S. payments market guide for FinTechs

Thredd, a leading next-generation global payments processor, has launched its latest complimentary report, “Launching in America: A guide to issuing via BIN sponsorship.” The guide...
UK leads European RegTech market with three top deals in H1 2024

Eight countries represented in top 10 European RegTech deals in H1 amid investor diversification

Key European RegTech investment stats in H1 2024: European RegTech investments halved in H1 YoY Investors diversify as eight countries represented in the top...
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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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