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

Scams 107

Scams Phishing Deepfake Verification 107

BioCatch

DECEMBER 6, 2023

In fact, they’ve demonstrated a level of creativity and problem solving that has made digitally enabled crimes, such as scams, harder and harder to stop.

Scams 98

Scams Deepfake Crime Consumer 98

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.

Deepfake 64

Deepfake Scams Romance Scams AI 64

Neopay

JANUARY 22, 2025

Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent. Romance fraud: Deepfake images and videos help fraudsters create convincing personas to manipulate victims emotionally and financially.

AI 59

AI Deepfake Phishing Audit 59

The Fintech Times

AUGUST 14, 2024

In the wrong hands, however, it can be incredibly harmful, especially with the emergence of deepfakes. A new survey from iProov , the biometric solutions provider, has revealed the attitudes on the threat of generative AI and deepfakes across the UK, US, Brazil, Australia, New Zealand and Singapore.

Deepfake 75

Deepfake AI Phishing Ransomware 75

Finovate

MARCH 19, 2025

This includes a global, fourfold increase in AI-driven deepfake scams. The integration of Sumsub’s compliance solutions will help financial institutions deal with the growing threat of fraud and financial crime.

Fraud Prevention 96

Fraud Prevention Fraud Detection Payment APIs and Integration Verification 96

Finextra

AUGUST 7, 2024

Santander has launched a campaign to demonstrate the threat to consumers from 'deepfake' videos circulating on social media platforms.

Deepfake 59

Deepfake Scams Consumer 59

The Fintech Times

NOVEMBER 20, 2024

In its sixth edition, the 2025 Identity Fraud Report found that attacks involving deepfakes happened every five minutes in 2024, and digital document forgeries increased by 244 per cent year over year. Another way fraudsters are abusing financial firms is through AI-assisted deepfakes.

Deepfake 69

Deepfake Phishing Account Takeovers AI 69

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.

Deepfake 122

Deepfake APACS Scams Authentication 122

Fintech News

NOVEMBER 6, 2024

In response to the growing threat of deepfake technologies, Ant International has also developed an advanced anti-deepfake electronic Know Your Customer (e-KYC) tool. To ensure reliability, Ant International maintains safeguards with human intervention ready to address discrepancies, avoiding over-reliance on AI.

Cross-Border 107

Cross-Border AI Deepfake Transactions 107

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.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

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

APACS 107

APACS Fraud Prevention Deepfake Account Takeovers 107

The Payments Association

OCTOBER 22, 2024

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? As scams become more advanced, even the most cautious consumers are falling victim. AI is a double-edged sword in fraud prevention.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

Fintech Finance

MARCH 4, 2025

However, regulators have been expanding accountability beyond financial institutions to the digital channels used in fraud scams, such as telecommunications and social media. The use of deepfakes and chatbots by fraudsters poses significant challenges, while real-time fraud detection systems are being enhanced to counter these threats.

Fraud Prevention 52

Fraud Prevention Deepfake Scams Fraud Detection 52

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. Michael Marcotte, CEO of artius.iD

Deepfake 69

Deepfake Security Cybersecurity Procedures 69

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.

Deepfake 52

Deepfake Scams Advisors AI 52

The Fintech Times

SEPTEMBER 11, 2024

Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge. Bots and deepfake tech are enabling criminals to automate complex scams that used to take a lot more effort, making them incredibly efficient and dangerous,” said Dan Yerushalmi , CEO of AU10TIX.

Bots 59

Bots Deepfake Automation APACS 59

The Fintech Times

DECEMBER 19, 2024

” Slipping through the cracks Increasingly sophisticated tactics, such as fake invoices, deepfake media, and phishing scams – driven by generative AI – have made attacks more convincing and harder to detect.

Automation 59

Automation AI Fraud Prevention Deepfake 59

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 121

FinTech Cross-Border Cross-Border Payments Deepfake 121

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. Furthermore, gen AI may be used for malicious purposes, and may amplify the scale, speed and sophistication of cyberattacks and scams.

AI 117

AI Use Case Risk Deepfake 117

Fintech News

FEBRUARY 10, 2025

From high-profile ransomware attacks and terrorist financing to scams that wiped out millions in savings, global crypto crime has become an urgent concern. In Asia, investment scams, Ponzi schemes, and romance fraudsalso known as “pig butchering” scamscontinue to target unsuspecting retail investors.

Crime 77

Crime Ransomware Scams Phishing 77

BioCatch

SEPTEMBER 18, 2024

The UAE Cyber Security Council recently reported that more than 50% of individuals fell victim to a phishing website, and nearly one in five were targeted with a social media scam. There is no escape.

Phishing 40

Phishing Deepfake Scams Security 40

PYMNTS

SEPTEMBER 10, 2019

A subsidiary of automaker Toyota has lost millions of dollars thanks to a vendor payment scam, according to SC Media UK reports. It’s unclear how much money that company lost, while cyber experts also say it’s not certain whether such “deepfake” tactics will become the norm. The publication said Monday (Sept.

Email Compromise 46

Email Compromise Compromise Cybersecurity Scams 46

PYMNTS

SEPTEMBER 9, 2019

Though the tactic is unusual, cybersecurity experts warn the strategy could signal an increasing use of so-called “deepfake” technology to infiltrate systems and steal company cash. Australia is now seeking comment from industry experts to address modern cyber threats in both the private and public sector.

Cybersecurity 72

Cybersecurity Email Compromise Deepfake Crime 72

PYMNTS

JANUARY 13, 2020

The PYMNTS January 2020 Digital Identity Tracker examines the issues, as well as advances in mobile biometric security, “deepfake” detection and more. Into the fray comes new technology like “liveness detection” that supercharges facial recognition biometrics, making selfie scams and the like increasingly difficult.

EMV 54

EMV Data Breach Chip Cards Push-to-Card 54

Seon

MAY 23, 2024

With inherent portability and connectivity, mobile devices are prime targets for exploitation, and contemporary cybercriminals are leveraging these characteristics to perpetrate more fraud than ever before, including phishing scams, malicious apps and social engineering tactics explicitly tailored for mobile platforms.

Fraud Prevention 52

Fraud Prevention Deepfake Fraud Detection Authentication 52

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.

Payment APIs and Integration 59

Payment APIs and Integration Identity Theft Deepfake AI 59

Seon

SEPTEMBER 20, 2024

For instance, fraudsters now leverage innovative technologies to create deepfakes, bypassing traditional identity verification methods like document ID checks and biometrics. Additionally, customer education remains a hurdle, with some customers perceiving newer security measures, like selfie verification, as potential scams.

Risk 52

Risk Fraud Prevention Risk Management Deepfake 52

Seon

JUNE 7, 2024

Other AI applications include enhancements to traditional scams, such as phishing and social engineering attacks. million for a purported new headquarters building in an email scam. By personalizing approaches and crafting tailored messages, fraudsters can appear more convincing than ever to unsuspecting targets.

AI 52

AI Innovation Fraud Prevention Fraud Detection 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.” Keeping up with this can be a true headache.”

Compliance 64

Compliance Rules Regulations Laws 64

The Fintech Times

JANUARY 17, 2024

Risks include deepfakes, sophisticated cyber hacks, and the use of generative AI to create malware. AI: Fighting the emerging threat Two-thirds (66 per cent) of financial industry respondents think the use of AI by fraudsters and other criminals poses a growing cybersecurity threat.

AI 59

AI Financial Crimes Crime Security 59

Seon

JUNE 27, 2024

How can the technology driving novel and increasingly sophisticated fraud activities be harnessed to combat scams and cyber risks cost-efficient and effectively? AI can generate synthetic identities, create deepfakes and lead other persuasive and difficult-to-detect social engineering tactics.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

PYMNTS

SEPTEMBER 11, 2019

Companies have deployed liveness checks and other robust measures to help verify identities and combat fraud, and they will have to continue to upgrade their defenses to stay ahead as scams like deepfakes become more prominent, Dinh predicted.

Security 45

Security Online and Mobile Banking Procedures Deepfake 45

Fintech News

APRIL 8, 2025

Is it even a regular Tuesday if someone in Singapore hasnt fallen for a scam? Its starting to feel like scams are as common as bubble tea outlets in this country they’re everywhere, always popping up in new flavours, and somehow, people just keep going back for more. And lets be real for a second.

Scams 89

Scams Authorization Legal Framework Crime 89

Fintech News

DECEMBER 15, 2024

Since the pandemic, fraud and scams have surged significantly, with mature markets like Singapore and Hong Kong facing increasingly complex challenges, including authorised push payment fraud and deepfakes. In countries like Cambodia, Laos and Myanmar, organised criminal groups, primarily from China, operate cyber scam centres.

Scams 111

Scams Deepfake Fraud Prevention Risk 111

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.

Verification 119

Verification Deepfake AI Identity Theft 119

Fintech Finance

NOVEMBER 7, 2024

In deploying AI in merchant services, enhanced fraud detection and prevention against new scamming schemes like deepfaking is as important, if not more important, as increasing operational efficiency,” says Yang Peng, Chief Executive Officer of Ant International.

Cross-Border 97

Cross-Border Deepfake AI Transactions 97