Fintech News

JUNE 30, 2024

In 2023, more than US$25 billion was invested into gen AI startups, and 2024 is on track to reach new heights with US$18.8 Finally, it highlights the rise of AI-powered cyberattacks, with deepfakes and email phishing attacks increasing substantially. annually between 2022 and 2027, reaching US$26 billion.

AI 84

AI APACS Deepfake Economy 84

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 77

Identity Theft APACS Deepfake Money Laundering 77

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. The damage of fraud rings is much more significant than that of individual scammers.

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APACS Fraud Prevention Deepfake Account Takeovers 80

Fintech News

MARCH 12, 2024

This trend is underscored by Sumsub’s reports, which note a 128 percent increase in deepfake incidents in 2023, with the Asia-Pacific region experiencing a 1530 percent surge. This partnership between Sumsub and Chainalysis responds to the increasing digital fraud in the crypto sector.

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Transactions Security Deepfake Travel Rule 92

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 93

The Fintech Times

DECEMBER 15, 2023

The report addresses identity fraud across industries and regions based on millions of verification checks across 28 industries and over 2,000,000 fraud cases between 2022-2023. The post Sumsub Joins Singapore FinTech Association to Drive Innovation and Collaboration appeared first on The Fintech Times.

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Innovation Deepfake FinTech APACS 59

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

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.

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Travel Rule Rules Interoperability Deepfake 64

Fintech News

MARCH 26, 2024

” Sumsub’s “State of Verification and Monitoring in the Crypto Industry 2023” report, based on industry data and surveys, highlights Travel Rule compliance and advanced fraud like deepfakes as top challenges for crypto companies.

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Travel Rule Rules Compliance Transactions 96

Fintech News

JUNE 18, 2024

Another ethical concern outlined in the report is the potential of gen AI to produce convincing deepfake content, which can lead to misinformation. Phase 1 of Project MindForge, which concluded on November 15, 2023, sought to develop a risk framework for gen AI.

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AI Use Case Risk Deepfake 99

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.

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Scams Phishing Deepfake Verification 82

Fintech News

MAY 14, 2024

However, this powerful technology has also been exploited by malicious actors to create deepfakes – highly convincing simulations of individuals saying or doing things they never actually did. Deepfakes have since evolved into a formidable challenge for conventional identity verification methods.

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Deepfake Authentication Verification AI 102

The Fintech Times

AUGUST 13, 2024

As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financial inclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. This leaves many vulnerable to sophisticated AI-powered attacks like deepfakes and voice cloning.

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AI Fraud Detection Fraud Prevention Deepfake 59

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.

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

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.

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Embedded Finance APACS Financial Inclusion CBDC 81

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 72

Embedded Finance APACS Financial Inclusion CBDC 72

Fintech News

SEPTEMBER 9, 2024

Meanwhile, in Malaysia, progress for digital identity is also underway, Prime Minister Datuk Seri Anwar Ibrahim in December 2023 registered with the National Digital Identity, making him the first person in the country to do so.

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Deepfake PCI DSS Verification Financial Inclusion 91

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 96

Verification Travel Rule Multi-Currency Compliance 96

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. A strong approach to security awareness training will cover: Traditional security measures, such as password protection and card readers.

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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.

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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.

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MFA Deepfake Credential Privacy 83

Finovate

JULY 29, 2024

In the past few years, companies like Corsound AI ( FinovateEurope 2024 Best of Show winner ) to 1Kosmos ( FinovateSpring 2023 Best of Show winner ) have stood out among fellow fintechs for their innovations in everything from deepfake detection to passwordless authentication.

Cybersecurity 59

Cybersecurity Online and Mobile Banking Deepfake Breach 59

Segpay

NOVEMBER 20, 2023

Billion in 2023 to 267.3 Referred to as “deepfakes” or “deepnudes,” photos of the faces of real people have been fed into AI algorithms to learn and create realistic images that can be photoshopped into adult videos, making it seem as if the person is performing in those videos. Billion by 2031.

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AI Privacy Fraud Detection Indemnification 52

Finovate

MARCH 29, 2024

This is an impressive showing, given the challenges of Israel fintech in 2023 and the toll of the country’s current war against Hamas. The startup has innovated in voice deepfake detection and considers itself the only company that successfully correlates face and voice. Roman Zilber founded Intrepid Fox in 2023.

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Verification Privacy AI AML 69