FinTech News

Finastra, a leading global provider of financial software applications and marketplaces, has announced the launch of its Loan IQ Simplified Servicing solution.

Finastra launches Loan IQ Simplified Servicing to streamline SME loan management

Finastra, a leading global provider of financial software applications and marketplaces, has announced the launch of its Loan IQ Simplified Servicing solution. This new offering...
Zip boosts valuation to $2.2bn with $190m in Series D raise

Zip boosts valuation to $2.2bn with $190m in Series D raise

Zip, an enterprise software firm, has raised $190m in a Series D funding round, boosting the company's valuation to $2.2bn.
Tapster

Tietoevry Banking and Tapster link to transform wearable payments in Europe

Tietoevry Banking, a provider of financial solutions, has entered into a agreement with the paytech innovator Tapster.
Mastercard, a global leader in payment solutions, has launched a new product to give consumers more control over how their financial data is shared with third parties.

Mastercard launches Connect Plus to enhance data control in open banking

Mastercard, a global leader in payment solutions, has launched a new product to give consumers more control over how their financial data is shared...
Element raises $54m in largest German InsurTech deal in H1 2024

US cements its place as a leader in the Global InsurTech market as funding...

Key Global InsurTech investment stats in H1 2024: Global InsurTech investments halved in H1 YoY US companies cemented its place on the Global InsurTech...

CaixaBank’s strategic alliance with Apple revolutionises e-commerce payments in Europe

CaixaBank, a leader in mobile payments, has joined forces with Apple, a global technology giant, to enhance the digital banking experience for its customers.
BNY partners with Kanexa to revolutionise open account automation

BNY partners with Kanexa to revolutionise open account automation

BNY, The Bank of New York Mellon Corporation, is a powerhouse in global financial services, while Kanexa stands as a leading figure in automation solutions.
Sharegain and DriveWealth team up to revolutionise securities lending for online brokers

Sharegain and DriveWealth team up to revolutionise securities lending for online brokers

Sharegain, a leading securities lending FinTech, and DriveWealth, a prominent financial technology platform known for its Brokerage-as-a-Service offerings, have recently unveiled a strategic partnership aimed at expanding opportunities within the securities lending market globally.
Swift and Nium join forces to streamline global financial transactions

Swift and Nium join forces to streamline global financial transactions

Nium, the leader in global infrastructure for real-time cross-border payments, has teamed up with Swift, the renowned provider of secure financial messaging services.
Tookitaki's anti-financial crime technology garners investment for growth in key Asian markets

Tookitaki’s anti-financial crime technology garners investment for growth in key Asian markets

Tookitaki, a leader in anti-financial crime software, has recently secured a strategic investment from True Global Ventures (TGV) Opportunity Fund.
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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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