FinTech News

Precursor

Precursor Technology bags funding from NEL to expand UK operations

Precursor Technology Group, a prominent cybersecurity firm based in Newcastle, has secured an investment from NEL Fund Managers, supported by the European Regional Development...
Surfin

Surfin secures $12.5m to boost financial inclusion across three continents

Surfin, a FinTech company dedicated to the middle class, has successfully raised $12.5m in a Series A funding round led by Insignia Ventures Partners. This...

Blueprint Equity leads $7m investment in cyber platform CYRISMA

CYRISMA, a pioneering cybersecurity platform, has recently announced a $7m Series A funding round.
How artificial intelligence is transforming wealth management

How artificial intelligence is transforming wealth management

Artificial Intelligence (AI) is rapidly reshaping the landscape of wealth and asset management, offering innovative solutions that significantly alter how high-net-worth individuals manage their finances.
TSB

TSB Bank hit with £10.9m fine over unfair customer treatment

Britain's TSB Bank has been fined £10.9m by the markets watchdog for its failure to treat customers who were in arrears fairly.
RepRisk

Banking sector leads decline in greenwashing amidst tightening regulations

RepRisk has reported a notable 12% decline in greenwashing incidents globally across all sectors for the year ending June 2024.
EMF

Climate Bonds, EMF-ECBC link to align EU covered bonds with sustainable finance

Climate Bonds and the EMF-ECBC have partnered to certify bonds that align with the EU Taxonomy for sustainable economic activities.
Qantev, an AI-powered platform focused on health and life insurers, has raised €30m in a funding round led by Blossom Capital.

Health and life insurance platform Qantev secures €30m in funding led by Blossom Capital

Qantev, an AI-powered platform focused on health and life insurers, has raised €30m in a funding round led by Blossom Capital. Existing investors Elaia, Omnes,...
Penguin Benefits, a provider of parental leave planning technology, has expanded its platform to offer coverage across all 50 states and the District of Columbia.

Penguin Benefits expands parental leave planning platform to cover all 50 US states

Penguin Benefits, a provider of parental leave planning technology, has expanded its platform to offer coverage across all 50 states and the District of...
MoneyLion, a digital consumer finance platform, has partnered with TransUnion to increase the personalisation of financial services for consumers.

TransUnion and MoneyLion join forces to drive innovation in personalised finance

MoneyLion, a digital consumer finance platform, has partnered with TransUnion to increase the personalisation of financial services for consumers. The partnership is designed to integrate...
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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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