The Fintech Times

MAY 16, 2024

Banks are coming under an increasingly intense barrage of cybersecurity attacks, and many of these now use deepfakes and generative AI to make the initial breach. As deepfakes proliferate, a trickle of lawsuits has the potential to become a flood – and one which absolutely could sink the banks.

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Deepfake Security Cybersecurity Procedures 69

Fintech News

JANUARY 17, 2024

What’s even more alarming is the stark increase in this fraud rate, which surged by 24 percent from 2022 to 2023. Meanwhile, in a separate incident in Singapore, the cybersecurity landscape saw a significant surge in phishing attempts targeting local entities in 2022.

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Deepfake APACS Scams Authentication 119

The Fintech Times

MAY 12, 2024

Emerging technology such as AI has enabled threat actors to take a sophisticated approach to fraud, with global full-cycle identity verification platform, Sumsub , revealing a 10x increase in the number of deepfakes detected worldwide from 2022 to 2023.

Financial Crimes 69

Financial Crimes Crime Money Laundering Deepfake 69

Fintech News

DECEMBER 10, 2023

Getting a grip on identity fraud Sumsub Growing prevalence of AI-driven deepfakes, digital forgeries and identity ‘spoofing’ to obtain valuable personal and business data is impacting industries across the board.

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FinTech Cross-Border Deepfake Cross-Border Payments 114

Fintech News

JUNE 6, 2024

From December 2021 to January 2022, close to 800 individuals fell victim to an SMS phishing scam where fraudsters impersonated OCBC. Frederic Ho, VP, Asia Pacific, Jumio “However, with the rise of advanced deepfake and face-swapping technologies, relying solely on biometric identity verification is no longer adequate.

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Scams Phishing Deepfake Verification 102

The Fintech Times

MARCH 28, 2024

.” In October 2023, Sumsub analysed over 800,000 fraud attempts and millions of verification checks within the crypto sector between 2022 and 2023 and surveyed over 100 crypto companies. It released its findings in its ‘ State of Verification and Monitoring in the Crypto Industry 2023 ‘ report.

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Travel Rule Rules Interoperability Deepfake 64

Finovate

JANUARY 24, 2024

Will AI Be More Profound Than The Invention Of The Internet? What Do Financial Institutions Really Need To Understand About Generative AI? It’s not difficult to understand why Generative AI (Gen AI) is on the top of the agenda for FinovateEurope this year.

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Deepfake AI Adjustments Consumer 52

Seon

JUNE 1, 2023

According to the FTC via Statista, 2022 saw the loss of $178 million due to check fraud – ranking it even higher than payment app and payment service-based fraud at $163m. Check fraud, where fraudsters interfere with check payments, runs rampant in spite of the increase in digital payments. appeared first on SEON.

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Checks Security Fincen Payer 52

Segpay

APRIL 4, 2024

How do you best understand Artificial Intelligence (AI), and what are the ethical considerations? This month, we wanted to dive deeper into this hot topic to help you stay ahead of the AI learning curve. Capability Exploration We are all discovering how best to use the latest capabilities of AI.

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Legal AI Deepfake Assessments 52

Finovate

MARCH 29, 2024

The report revealed an “eight-month-long coordinated identity fraud ‘mega attack’ consisting of organized criminals executing more than 22,000 separate fraudulent onboarding efforts using AI-generated variations on a single passport. FRNZX was founded in January 2022. Co-founder Nevo Lapidot is CEO.

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Verification Privacy AI AML 69