Fraud Prevention

Orca, a startup based in South Africa dedicated to combating fraud in emerging markets, has successfully raised €550K in an oversubscribed pre-seed funding round, according to a report from Tech Funding News.

Orca secures €550K to combat fraud in emerging markets

Orca, a startup based in South Africa dedicated to combating fraud in emerging markets, has successfully raised €550K in an oversubscribed pre-seed funding round,...
New partnership between Finastra and ScotPayments aims to minimise payment fraud

New partnership between Finastra and ScotPayments aims to minimise payment fraud

Finastra, a leading global provider of financial software applications and marketplaces, has partnered with ScotPayments, a centralised payments platform enhancing public service digital transformation in Scotland.
FundingShield has announced a strategic partnership with SitusAMC, in a bid to tackle the rising challenges of wire and title fraud that have plagued financial institutions in recent years.

FundingShield announces partnership with SitusAMC to deliver integrated fraud prevention services

FundingShield has announced a strategic partnership with SitusAMC, in a bid to tackle the rising challenges of wire and title fraud that have plagued financial institutions in recent years.

Mastercard teams with Riskified to reduce eCommerce fraud

Mastercard and Riskified have announced a partnership designed to help businesses increase eCommerce revenues while reducing fraud. 

PULSE extends debit fraud protection deal with FICO 

US FinTech PULSE has extended its debit fraud protection deal with global analytics software provider FICO.
Themis

Themis launches supply chain risk assessment tool

Themis has launched a supply chain risk tool that will enable firms to map out geographies and sectors and touch points from financial crimes.
Email impersonation prevention startup Sendmarc nets $7m to grow team

Email impersonation prevention startup Sendmarc nets $7m to grow team

South Africa-based Sendmarc, which protects against email impersonation, has reportedly raised $7m in its Series A round, as it looks to expand its team globally. 
nsKnow nets $17m for its bank account verification services

nsKnow nets $17m for its bank account verification services

nsKnox, which offers bank account verification and B2B payment security, has scored $17m in its latest batch of funding.
FrankieOne nets $15.5m for unified onboarding system

FrankieOne nets $15.5m for unified onboarding system

FrankieOne, a unified onboarding and fraud prevention platform, has reportedly raised $15.5m in its Series A+ funding round, bringing the round’s total to $30m.
SEON launches free fraud prevention toll for businesses

SEON launches free fraud prevention tool for businesses

Online fraud prevention company SEON has launched a ‘forever free’ version of its fraud prevention platform to better help online businesses be protected.
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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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