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fraud

Over 60% of UK consumers see mobile app fraud as top security threat

In a study conducted by the OWASP and Appdome, concerns over mobile app fraud are increasingly alarming among UK consumers. According to Finextra, the significant...
mea platform is set to bolster AXIS Capital's operational efficiency by leveraging its advanced GenAI technology, as part of its renewed partnership.

mea platform strengthens AI collaboration with AXIS for streamlined insurance operations

mea platform is set to bolster AXIS Capital's operational efficiency by leveraging its advanced GenAI technology, as part of its renewed partnership. This expanded partnership...
regulatory

Record-breaking fines and new legal precedents set in Q3 2024 regulatory crackdown

Regulators intensified their enforcement actions in the Q32024, setting unprecedented records in the number and magnitude of penalties, according to a report from global...
Bloomberg

Bloomberg unveils nature risk assessment tool for global investors

Bloomberg has launched a solution designed to provide investors with a comprehensive assessment of nature-related impacts and dependencies across a company's value chain for...
InsurTech firm Optalitix is set to implement its advanced solutions to enhance operational efficiencies between Burns & Wilcox’s CRM and underwriting systems, as part of a partnership between the firms.

Burns & Wilcox UK teams up with Optalitix to streamline pricing models and optimise...

InsurTech firm Optalitix is set to implement its advanced solutions the operational efficiencies of Burns & Wilcox’s CRM and underwriting systems, as part of...
IFC

IFS unveils cloud-based sustainability management module with PwC

IFS, the global leader in enterprise cloud solutions and industrial AI, has launched its latest innovation, the Sustainability Management Module.
Mastercard, a global payments technology company, has inaugurated a new, state-of-the-art Tech Hub in Pune, India.

Mastercard opens Pune Tech Hub to drive technological innovation and global operations

Mastercard, a global payments technology company, has inaugurated a new, state-of-the-art Tech Hub in Pune, India. The decision to launch the new Tech Hub stems...
Klarna has signed a strategic agreement with Elliott Advisors to fund £30bn of UK transactions through the sale of its short-term, interest-free product receivables.

Klarna signs strategic agreement with Elliott Advisors to fund £30bn of UK transactions

Klarna has signed a strategic agreement with Elliott Advisors to fund £30bn of UK transactions through the sale of its short-term, interest-free product receivables. The...
CDI

How automated CDI cuts processing times by 32%

Client onboarding in the banking sector can be dauntingly slow and resource-intensive, often stretching beyond 90 days to incorporate a single corporate client. According...
Canadian RegTech deals projected to double in 2024 amid investor recovery

Canadian RegTech deals projected to double in 2024 as investors’ interest recovers

Key Canadian RegTech investment stats in H1 2024: Canadian RegTech funding increased by 86% YoY Trend analysis showed Canadian RegTech deal volume for the...
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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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