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AI

How AI is revolutionising third-party risk management: Four key accelerations

In the evolving landscape of global business, third-party risk management (TPRM) remains a concern for teams across IT, security, boards, and regulatory bodies.

How FIs are tackling Gen AI challenges: Key insights from Theta Lake’s 2024 report

Theta Lake, a leader in DCGA, has unveiled its sixth annual report, revealing significant insights into the adoption of Gen AI  in the financial services sector.
ESG

Governance rises as key concern in ESG investment decisions

Investors' enthusiasm for ESG factors in their investment decisions has shown a marked decrease, according to the latest ESG Attitudes Tracker from the Association...
Malaysia

SC and World Bank advocate for stronger ESG disclosures in Malaysia

The SC and the World Bank have unveiled the "ESG Disclosure Assessment of Malaysia’s Listed Companies and Recommendations for Policy Development" report during the SC-World Bank Conference 2024.
Regnology

Regnology bolsters US presence with strategic acquisition of CG3-1

Regnology has successfully acquired CG3-1, a firm noted for its regulatory calculations for the USA broker-dealer market. CG3-1, established in 2018, is renowned among US...

Axyon AI boosts AI asset management capabilities with fresh €2.1m investment

Axyon AI has successfully secured a further €2.1m in funding, completing a funding round that totals €6m initiated in December 2023.
Sprout.ai, an intelligent claims automation platform for the insurance industry, has appointed Ian Thompson, former Group Chief Claims Officer at Zurich, as the first member of its newly created growth advisory board.

Ex-Zurich CCO Ian Thompson joins Sprout.ai’s growth advisory board

Sprout.ai, an intelligent claims automation platform for the insurance industry, has appointed Ian Thompson, former Group Chief Claims Officer at Zurich, as the first...
Napier AI

Napier AI and ThreatMark team to boost fraud detection and AML compliance

Napier AI and ThreatMark, a fraud prevention-focused firm, have recently entered into a strategic partnership.
Omnea

Accel leads $20m Series A investment in procurement Innovator Omnea

Omnea has announced a significant milestone in its journey, securing a substantial $20m in a Series A funding round.
ESG Book

ESG Book links with Zfolio to transform financed emissions management

ESG Book, the world's leading provider of sustainability-related data for public and private companies, has joined forces with Zfolio.
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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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