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 92

Scams Phishing Deepfake Verification 92

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

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

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 110

Deepfake APACS Scams Authentication 110

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

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 90

APACS Fraud Prevention Deepfake Account Takeovers 90

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

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 109

AI Use Case Risk Deepfake 109

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

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 103

FinTech Cross-Border Deepfake Cross-Border Payments 103

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 Cybersecurity 64

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 Deepfake Cybersecurity 46

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

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

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 CCPA 54

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

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 Deepfake Procedures 45

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