FinTech News

Gradient AI, a prominent enterprise software provider, has partnered with Michigan Planners, a full-service insurance agency, to provide more accurate risk assessments and better-customised health plans.

Michigan Planners enhances health plans with Gradient AI’s SAIL underwriting platform

Gradient AI, a prominent enterprise software provider, has partnered with Michigan Planners, a full-service insurance agency, to provide more accurate risk assessments and better-customised...
hyperexponential, a global pricing platform provider for re/insurers, has introduced its first templated reinsurance pricing model, designed for treaty reinsurance, including Excess of Loss (XoL) agreements.

hyperexponential introduces innovative reinsurance pricing model

hyperexponential, a global pricing platform provider for re/insurers, has introduced its first templated reinsurance pricing model, designed for treaty reinsurance, including Excess of Loss...
Volt Underwriting has officially launched as an approved coverholder, backed by Dale Underwriting Partners’ Lloyd’s Syndicate 1729, with support from MGA Accelerator DA Strategy.

Volt Underwriting launches with $25m capacity for energy sector risks

Volt Underwriting has officially launched as an approved coverholder, backed by Dale Underwriting Partners’ Lloyd’s Syndicate 1729, with support from MGA Accelerator DA Strategy. The...
Deutsche Bank, a leading global financial services provider, has announced the launch of dbX, its next-generation integrated correspondent banking ecosystem.

Deutsche Bank introduces next-gen banking ecosystem for financial institutions

Deutsche Bank, a leading global financial services provider, has announced the launch of dbX, its next-generation integrated correspondent banking ecosystem. The platform was developed to...
Revolut, a global FinTech company known for its versatile digital banking services, has launched a new point-of-sale (POS) terminal device aimed at larger businesses across the UK and Ireland.

Revolut launches new POS terminal for large businesses ahead of Black Friday

Revolut, a global FinTech company known for its versatile digital banking services, has launched a new point-of-sale (POS) terminal device aimed at larger businesses...
UK InsurTech funding struggles in H1 2024 as investors turn conservative

London based hyperexponential lead the pack for the biggest UK InsurTech deal in H1

Key UK InsurTech investment stats in H1 2024: UK InsurTech deal activity dropped by 32% in H1 2024 YoY The average deal size completed...
compliance

The cost of overlooking compliance in challenger banks

Launching a new consumer and commercial bank involves numerous complexities and is a very costly venture. Ignoring compliance comes with a heavy price.
thescreener

theScreener and MSCI join forces to transform ESG data integration

theScreener, a leading provider of financial analytics, has recently announced its collaboration with MSCI. This partnership is set to significantly enhance theScreener's Environmental, Social, and...
CSRD

How to define organisational boundaries for CSRD compliance

The CSRD aims to elevate and standardise sustainability disclosures for companies both within and outside the EU that operate across Europe.
cybersecurity

Australian government launches initiative to boost small business cyber resilience

The Australian government has unveiled a significant initiative, unveiling the Small Business Cyber Resilience Service with an investment of $11.1m. Aimed at bolstering cyber...
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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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