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 109

Fintech News

JUNE 6, 2024

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. DBS isn’t the only bank making news for phishing scams. US$129,841). Losses exceeded S$13 million (US$9.59 Losses exceeded S$13 million (US$9.59

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Scams Phishing Deepfake Verification 104

The Payments Association

OCTOBER 21, 2024

The UK’s increasing fraud and scam problem, focusing on new regulations mandating automatic reimbursement for APP fraud victims. The UK’s fraud and scams problem is not going away. With a wealth of AI and deepfake technology at their fingertips, even the most novice of criminals can perpetrate sophisticated fraud.

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Scams Law Enforcement Crime Fraud Prevention 88

BioCatch

OCTOBER 22, 2024

You can find Part 1 on impersonation scams here and Part 2 on money mules here. 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.

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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? What’s next?

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Rules Fraud Prevention Deepfake Caps 88

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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AI Use Case Risk Deepfake 116

Fintech News

JANUARY 17, 2024

Sophisticated scams dominate the fraud landscape BioCatch’s report uncovers a startling surge in financial cybercrime in Asia-Pacific. With scams accounting for 54 percent of all cases, there’s a 200 percent increase in voice scams from the previous year.

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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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Deepfake Security Cybersecurity Procedures 68

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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Bots Deepfake Automation APACS 58

Fintech News

MARCH 20, 2024

In Myanmar and other Southeast Asian countries, cyber scam rings target victims with fraudulent schemes like fake jobs or investments. 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.

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APACS Fraud Prevention Deepfake Account Takeovers 104

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

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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AI Financial Crimes Crime Security 58

Finovate

FEBRUARY 8, 2024

Corsound AI Corsound AI utilizes innovative technology to verify customers’ identities for financial institutions, leveraging over 200 patents to detect AI scams and voice fraud. Finerative Finerative is a Gen-AI native startup bringing generative technology to the financial space.

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Payment APIs and Integration Identity Theft Deepfake AI 58

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 117

Seon

MAY 23, 2024

Additionally, the rise of AI and machine learning are introducing newly advanced, sometimes opaque, fraud detection systems based on blackbox machine learning , rendering teams without clear insights or customization options to tailor solutions to their business use case and best workflows.

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Seon

JUNE 27, 2024

We don’t know what AI will look like one year from today. The evolution of AI adds layers of complexity, presenting unprecedented opportunities and significant threats. On the one hand, AI’s capabilities enhance defense mechanisms, enabling the detection and counteraction of fraud with remarkable efficiency.

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Cybersecurity Fraud Detection Identity Theft Money Laundering 52

Seon

SEPTEMBER 20, 2024

The rise of artificial intelligence (AI), machine learning (ML) and automation have all added new layers of complexity to fraud prevention at an unprecedented scale. For instance, fraudsters now leverage innovative technologies to create deepfakes, bypassing traditional identity verification methods like document ID checks and biometrics.

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Risk Fraud Prevention Risk Management Deepfake 52

The Fintech Times

SEPTEMBER 4, 2024

Leflambe continues: “In parallel, fraudsters leverage new technology very quickly (for instance, using deepfakes to circumvent liveness checks) and compliance teams must remain very vigilant about new controls not being outdated as a result.” Regular resilience testing and reporting further strain resources.

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Compliance Rules Regulations Cybersecurity 63

PYMNTS

SEPTEMBER 9, 2019

The cybersecurity world is witnessing a potentially new, dangerous threat: according to insurance firm Euler Hermes, one of its corporates fell victim to cyber fraud after attackers used sophisticated artificial intelligence (AI) technology to impersonate the firm’s chief executive officer by mimicking his voice on the phone.

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