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RBI

RBI sets new guidelines for banks to prevent money laundering and terrorist financing

The RBI has reinforced its commitment to combat Money Laundering and Terrorist Financing by issuing new guidelines for banks, non-banking financial companies and other...
AI

The rising impact of AI in financial decision-making and fraud prevention

The use of AI in corporate finance departments is becoming increasingly significant, as highlighted in a recent survey conducted by Wolters Kluwer. According to...
COVU, a company specialising in AI-native services for insurance agencies, has successfully raised $12.5m in equity and debt financing as part of its first Series A funding round.

COVU raises $12.5m to advance AI-driven insurance platform

COVU, a company specialising in AI-native services for insurance agencies, has successfully raised $12.5m in equity and debt financing as part of its Series...
Zurich Financial Services Australia, a leading provider of insurance solutions in the Australian market, has launched a new Total and Permanent Disability (TPD) product aimed at offering enhanced coverage for individuals requiring long-term care.

Zurich Australia bolsters its coverage with new TPD option

Zurich Financial Services Australia, a leading provider of insurance solutions, has launched a new Total and Permanent Disability (TPD) product aimed at offering enhanced...
Mexico

Unlocking business success: How KYC enhances financial security in Mexico

KYC regulations serve as a critical safeguard in Mexico, a country identified by the U.S. Department of State as a major conduit for laundering...
EIS, a leading SaaS core platform provider for the US Group Benefits Market, has integrated AbsenceSoft, a market-leading absence management solution, into its cloud-native ecosystem.

EIS integrates AbsenceSoft to enhance claims management for group benefits insurers

EIS, a leading SaaS core platform provider for the US Group Benefits Market, has integrated AbsenceSoft, a market-leading absence management solution, into its cloud-native...
W-8IMY

The critical role of W-8IMY forms and withholding statements

Understanding the nuances of W-8IMY Forms is crucial for foreign intermediaries, flow-through entities, and certain U.S. branches, which must certify their status for withholding tax purposes.
Coconut Software has announced a partnership with Glia to enhance the efficiency and effectiveness of customer interactions across various channels within the financial sector.

Coconut Software partners with Glia to enhance customer interactions

Coconut Software has announced a partnership with Glia to enhance the efficiency and effectiveness of customer interactions across various channels within the financial sector. The...
The insurance industry has undergone a significant transformation over the past few years, largely driven by the hastening adoption of technology and vastly evolving consumer expectations. Among the key players in this evolution is Peak3, a leading provider of SaaS solutions tailored specifically for the insurance sector. With a strong commitment to innovation and a focus on digital transformation, Peak3 is redefining the landscape of insurance technology.

How Peak3 has scaled the InsurTech landscape

The insurance industry has undergone a significant transformation over the past few years, largely driven by the hastening adoption of technology and vastly evolving...
Revolut, a leading FinTech company offering a wide range of financial services, has announced a new offering for its UK business merchants.

Revolut launches new American Express payment option for UK business merchants

Revolut, a leading FinTech company offering a wide range of financial services, has announced a new offering for its UK business merchants. The company, known...
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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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