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. To address these issues, the Reserve Bank of India (RBI) took action in 2023 by mandating stricter IT governance and risk controls.

Deepfake 119

Deepfake APACS Scams Authentication 119

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.

FinTech 114

FinTech Cross-Border Deepfake Cross-Border Payments 114

Fintech News

MARCH 20, 2024

Research by Sumsub shows that one in every 100 users of digital platforms globally became a victim of fraud ring activities in 2023. Fraud networks, however small they may seem right now, will gain prominence, just like AI-powered deepfakes. said Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub.

APACS 101

APACS Fraud Prevention Deepfake Account Takeovers 101

Fintech News

JULY 10, 2024

Sumsub reports significant increases in fraud, particularly in deepfakes, across the Philippines, Indonesia, and Malaysia. Sumsub established its first APAC headquarters in Singapore in July 2023. These partnerships aim to enhance fraud prevention efforts and strengthen the business environment in the region.

Identity Theft 98

Identity Theft APACS Deepfake Money Laundering 98

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

JUNE 6, 2024

The bank’s customers also fell victim to a phishing scheme involving WhatsApp Web that ensnared more than 90 individuals in 2023, causing losses totalling S$176,000 (approx. A notable example is the recent US$25 million scam in Hong Kong, where scammers used deepfake technology to impersonate company executives in a video call.

Scams 102

Scams Phishing Deepfake Verification 102

The Fintech Times

MARCH 28, 2024

In March 2023, Sumsub benchmarked the crypto industry by launching its protocol-agnostic Travel Rule solution, offering a full compliance toolkit across the whole customer lifecycle. It released its findings in its ‘ State of Verification and Monitoring in the Crypto Industry 2023 ‘ report.

Travel Rule 64

Travel Rule Rules Interoperability Deepfake 64

The Fintech Times

DECEMBER 21, 2023

We’re excited to share the thoughts of fintech CEOs and industry leaders from across the globe to 2023’s key takeaways and what we should expect to be top of the agenda in 2024. “As hackers continue to gain access to powerful AI tools, we can expect this trend to gain greater prominence in 2024.

Cross-Border Payments 115

Cross-Border Payments Cross-Border Online and Mobile Banking Payments 115

Fintech News

MAY 14, 2024

The convergence of exponential increases in processing power, continuous advancements in deep learning and neural networks, and the democratisation of AI tools has fueled a creative explosion in digital media. Deepfakes have since evolved into a formidable challenge for conventional identity verification methods.

Deepfake 114

Deepfake Authentication Verification AI 114

Fintech News

MARCH 5, 2024

Through this payment linkage launched in December 2023, individuals can pay for goods and services by scanning the Hong Kong FPS QR code or the Thai PromptPay QR Code at participating merchants. Singapore witnessed a staggering 33% rise in deepfakes in Q2 2023, highlighting a global escalation of this threat.

Embedded Finance 102

Embedded Finance APACS Financial Inclusion CBDC 102

Fintech News

MARCH 5, 2024

Through this payment linkage launched in December 2023, individuals can pay for goods and services by scanning the Hong Kong FPS QR code or the Thai PromptPay QR Code at participating merchants. Singapore witnessed a staggering 33% rise in deepfakes in Q2 2023, highlighting a global escalation of this threat.

Embedded Finance 92

Embedded Finance APACS Financial Inclusion CBDC 92

Fintech News

FEBRUARY 18, 2024

This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travel rule. Sumsub recently launched our travel rule compliance solution in March 2023.

Verification 115

Verification Travel Rule Multi-Currency Compliance 115

Fintech News

SEPTEMBER 9, 2024

There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. Battling the growing threat of deepfakes with digital identity But really, how important is digital identity to a flourishing digital banking ecosystem?

Deepfake 111

Deepfake PCI DSS Verification Financial Inclusion 111

Seon

SEPTEMBER 28, 2023

Future security measures, such as generative AI and deepfake detection – particularly given that biometric authentication will become increasingly challenged by AI-focused fraudsters in the years to come. Modern security measures, such as biometric authentication and MDM.

Security 52

Security Phishing Best Practices Data Breach 52

Seon

JUNE 1, 2023

In fact, on February 27, 2023, FinCEN issued a report warning financial institutions of the rise in mail theft-related check fraud. After all, digital transactions have their own vulnerabilities, so the current rise in AI fraud , particularly deepfakes, may lead to an increase in the need for in-person check transactions.

Checks 52

Checks Security Fincen Payer 52

Fintech News

MARCH 19, 2024

This follows Accredify’s US$7 million funding round in April 2023, co-led by iGlobe Partners and SIG Venture Capital with additional support from Pavilion Capital and Qualgro.

MFA 103

MFA Deepfake Credential Privacy 103

Finovate

JULY 29, 2024

Here’s wealth manager Josh Brown, a shareholder in the company since 2020, bringing the roses less than a year ago: You can talk as much about cloud and mobile and social and machine learning and distributed computing and generative AI as you’d like, if you can’t secure your data and provide safe access to users, you have nothing.

Cybersecurity 59

Cybersecurity Online and Mobile Banking Deepfake Breach 59

Segpay

NOVEMBER 20, 2023

Key Takeaways AI Advancements and Innovations have revolutionized content generation, user experiences, and personalization in the adult industry. Billion in 2023 to 267.3 Billion in 2023 to 267.3 The potential of artificial intelligence or AI advancements in the adult industry. Billion by 2031. Billion by 2031.

AI 52

AI Privacy Fraud Detection Indemnification 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. More than 500 SaaS platforms have integrated to MineOS’ no-code API.

Verification 69

Verification Privacy AI AML 69