Fintech News

JUNE 26, 2024

A recent study by Jumio , a provider AI-driven identity verification and compliance solutions, has found that 78% of consumers in Singapore are ready to change banks due to inadequate fraud protection. The increasing sophistication of fraud tactics, such as deepfakes and voice cloning, has heightened these concerns.

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Finextra

AUGUST 14, 2024

Crooks are circulating AI-generated deepfake videos of Prince William and UK prime minister Keir Starmer on Facebook and Instagram to dupe viewers into scam cryptocurrency investments.

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Fintech News

APRIL 7, 2024

In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive. ” says Wells.

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Finextra

NOVEMBER 19, 2024

Digital document manipulation using AI and deepfakes have been revealed as the biggest growing threats facing the financial services industry going into 2025, according to a report by the Entrust Cybersecurity Institute.

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The Fintech Times

FEBRUARY 9, 2024

The buzz surrounding Artificial Intelligence ( AI ) continued throughout 2023, right the way through to now – thanks to the seemingly limitless potential of the emerging technology. However, as the AI space has quickly evolved, so have threats that are weaponising these developments.

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The Fintech Times

AUGUST 7, 2024

As much as 53 per cent of Brits have either never heard of the term deepfake or misunderstood its meaning, British bank Santander has revealed, as part of a new initiative to warn consumers about the dangers of AI deepfake scams.

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Deepfake Scams Romance Scams AI 62

Fintech News

OCTOBER 28, 2024

Fighting deepfakes and fraudulent identities – Jumio’s holistic approach to building identity trust” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion. Hong Kong police recently arrested 27 individuals linked to a deepfake scam that swindled victims out of $46 million.

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Verification Deepfake AI Identity Theft 103

Finovate

APRIL 29, 2024

Join Greg as he talks about the next generation of investment and wealth management content with Salman Hussain of Zeed , the value of flexibility in core banking with Richard Weston of Tuum , and the challenge of identity theft, deep fakes, and the escalating AI arms race with Gal Haselkorn of Corsound.ai. Demo video. Demo video.

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Financial Literacy Deepfake Identity Theft AI 69

The Fintech Times

MAY 17, 2024

The rapidly increasing prevalence of AI-generated content and deepfakes has left many questioning everything they see online. In fact, as much as 72 per cent of consumers worry on a day-to-day basis about being fooled by a deepfake into handing over sensitive information or money.

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Finovate

MARCH 29, 2024

In today’s first conversation, Code & Capital talks with Generative AI expert and founder of Tamang Ventures Nina Schick about the way that AI could fundamentally reshape industries and economies this century the way the Internet did decades ago. At Zurich, he leads activities globally related to Generative AI and chatbots.

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AI Deepfake Fraud Detection Advisors 59

Fintech News

JUNE 30, 2024

Developing countries in the Asia-Pacific (APAC) region are embracing generative artificial intelligence (gen AI) at a faster pace than their advanced counterparts, driven by young employees and students, a new survey by Deloitte found. Additionally, employees from developing economies were found to be more enthusiastically embracing gen AI.

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AI APACS Deepfake Economy 102

The Paypers

JUNE 3, 2022

Google has banned the training of AI systems that can be used to generate deepfakes on its Google Colaboratory (Colab) platform.

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The Fintech Times

JUNE 2, 2024

Fraud prevention decision-makers across Europe are well aware of the growth and danger of AI-driven identity and financial fraud, but are unprepared to combat it, Signicat , the European digital identity and fraud prevention solution provider, has revealed in a new report. “AI is only going to get more sophisticated from now on.

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Fintech News

JUNE 18, 2024

The advancement of generative artificial intelligence (gen AI) has opened up new commercial, social, and technological opportunities. The document, released in May 2024, outlines challenges associated with gen AI and shares a comprehensive gen AI risk framework to guide financial institutions in using the technology in a responsible manner.

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Finovate

JUNE 11, 2024

Identity proofing and fraud detection company AuthenticID launched a new solution today to detect deep fake and generative AI injection attacks. The company noted that it uses three, proprietary algorithms to prevent the majority of digital injection attacks that leverage AI-generated content.

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AI Fraud Detection Deepfake Verification 105

PYMNTS

DECEMBER 5, 2019

The rise of deepfakes — the eerily lifelike impersonations that superimpose heads onto bodies and bodies onto heads in seamless ways that integrate speech and movement, where nothing is as it seems — may be good for a laugh. The best defense against the fraudster armed with AI is to use AI to fight the battle.

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Payments Dive

AUGUST 13, 2024

About a fifth of finance professionals in a recent survey said their organization has already been targeted by AI-driven deepfake or executive impersonation attacks.

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The Paypers

JUNE 12, 2023

US-based Identity orchestration company Jumio has released a new research which reveals the disconnection between consumer awareness of AI and deepfakes and their risks to security.

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Deepfake Consumer AI Research 48

The Fintech Times

AUGUST 13, 2024

Identifying fraud in the age of artificial intelligence (AI) is much harder than it ever has been before. Fraudsters are more cunning and deceiving, taking advantage of those who either do not know or refuse to acknowledge the power of AI. What are some AI fraud trends we’re seeing in Latin America?

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The Paypers

MAY 1, 2023

Forensic devices and identity verification solutions provider Regula has issued a survey showcasing that AI-generated identity fraud like deepfakes affects a third of businesses.

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BioCatch

OCTOBER 22, 2024

This is the third piece in an ongoing conversation between BioCatch Global Advisor Seth Ruden and BioCatch Threat Analyst Justin Hochmuth about how various fraud trends impact smaller financial institutions. You can find Part 1 on impersonation scams here and Part 2 on money mules here.

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Deepfake Scams Advisors AI 52

The Payments Association

OCTOBER 22, 2024

Financial institutions must adopt AI-driven solutions and collaborate closely to proactively combat evolving fraud threats. As fraud continues to rise, especially with the emergence of AI-powered scams, is this new regulation enough to tackle the ever-evolving threat of financial fraud? AI is a double-edged sword in fraud prevention.

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Bank Automation

NOVEMBER 1, 2024

Innovations like generative AI and deepfakes, combined with vast amounts of breached personally identifiable information (PII), have created sophisticated fraud methods that challenge traditional defense mechanisms. Fraudsters and cybercriminals are exploiting new technologies and stolen data at an accelerated rate.

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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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Finovate

AUGUST 15, 2024

APIMatic APIMatic’s developer experience platform adds a layer of technology between fintech APIs and developers to make integrations faster through automation and AI. Features Automates the creation of SDKs Includes dynamic use case guides Delivers AI-generated integration code Who’s it for? CSS CSS introduces IMPACT 3.0,

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The Fintech Times

SEPTEMBER 11, 2024

AI-powered fraud-as-a-service (FaaS) platforms have enabled these mass-scale attacks, contributing to APAC now holding the highest global fraud rate, with 3.27 Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge.

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Nanonets

AUGUST 7, 2023

Join us as we dive headfirst into the captivating realm of AI image processing. What is AI Image Processing? At its core, AI image processing is the marriage of two cutting-edge fields: artificial intelligence (AI) and computer vision. How does AI Image Processing Work?  Hyperparameters (e.g.,

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The Fintech Times

MARCH 6, 2024

Artificial intelligence (AI) has been a godsend in the fintech industry. AI will not be the only development accelerating fraud attempts. The guide also identifies the dual role of AI in fraud dynamics, rising fraud types and countermeasures and the importance of strategic investment in fraud prevention.

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AI Fraud Prevention Identity Theft Account Takeovers 57

The Paypers

AUGUST 9, 2024

Socure , a digital identity verification AI provider, has introduced Selfie Reverification, a solution for online customers to validate their identity.

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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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Seon

JUNE 7, 2024

With its mimetic capabilities, AI-generated fraud is harder to detect and occurs at unprecedented volumes and velocities. How AI-Generated Fraud Works: Understanding the Threats AI-generated fraud represents a significant evolution in malicious activities, leaning on advanced technologies to create and execute sophisticated schemes.

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AI Innovation Fraud Prevention Fraud Detection 52

The Fintech Times

OCTOBER 31, 2024

LSEG Risk Intelligence is launching Global Account Verification, which checks payee and account details match before transfers are confirmed, as well as Document and Biometric Verification, which uses AI and deep learning to accurately conduct identity checks. In the near-future, coverage of GAV will expand to 80 per cent of G20 countries.

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Mitigation Risk Global Payments Deepfake 57

Fintech News

MARCH 20, 2024

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. The damage of fraud rings is much more significant than that of individual scammers. Businesses must be prepared for this and protect their platforms in advance”.

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The Fintech Times

FEBRUARY 23, 2024

Deepfakes and threats of AI Such activity could lead to identity theft, which IDnow believes should be a concern to the UK public, especially given the rise in deepfake technology. Developments in generative artificial intelligence (AI) mean deepfake technology can now be used to create hyper-realistic fake documents.

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The Fintech Times

JANUARY 17, 2024

Artificial intelligence (AI) has emerged as a new fraud challenge finds ComplyAdvantage , the AI-driven fraud and AML risk detection firm, as it launches ‘The State of Financial Crime 2024’ report. Risks include deepfakes, sophisticated cyber hacks, and the use of generative AI to create malware.

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Fintech News

JANUARY 17, 2024

Synthetic identity fraud on the rise The emergence of AI generative models like DALL-E, ChatGPT, and others rapidly generate fake but credible identities, enabling criminals to create synthetic identities at scale. Fraud-as-a-Service allows automation of attacks The advent of AI generative models also enables new Fraud-as-a-Service offerings.

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The Paypers

APRIL 10, 2024

Payments, identities, and data company Entrust has completed its acquisition of Onfido , an identity verification company, to combat deepfakes and AI-powered cyber attacks.

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