Remove 2023 Remove Deepfake Remove Fraud Prevention
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Sumsub Academy Launched, Providing Expert-Led Fraud Prevention Courses

Fintech News

Sumsub has launched Sumsub Academy, an educational initiative aimed at empowering professionals in compliance, risk, and fraud prevention. Additionally, businesses face growing financial risks, with the average cost per fraud event around USD $300,000. Deepfakes now account for 7% of all fraud cases.

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Identity Fraud Attacks on Social Media Rose by 27% in 2024 Alone, Reveals AU10TIX

The Fintech Times

Dan Yerushalmi , CEO of AU10TIX “FaaS has elevated cybercrime, enabling a whole cohort of the population to join in on global fraud by launching large-scale attacks involving up to over 8,000 incidents,” explained Dan Yerushalmi , CEO of AU10TIX.

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Navigating the rise of AI-enabled fraud

The Payments Association

With payment systems becoming more digital and interconnected, the risk of AI-driven fraud grows, urging payments firms to adopt cutting-edge solutions to protect themselves and their customers from these emerging threats.

AI 88
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Meet Grey Nickel, the AI Crime Syndicate Targeting Banks and Crypto Across Asia

Fintech News

At the centre of this threat is Grey Nickel , a sophisticated cybercriminal group using deepfakes, synthetic identities, and AI-powered attack tools to breach banks, crypto exchanges, and digital payment platforms. Consider Hong Kong, where in early 2024 a deepfake scam tricked a corporate employee into transferring USD $25.6

Crime 69
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Sumsub Combats Fraud Networks in APAC With Upgraded Solution

Fintech News

Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks.

APACS 109
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The platform risk paradox: Managing digital commerce fraud at scale

The Payments Association

Modern platforms operate in an environment where 269 million card records were posted on dark web platforms in 2024 , and friendly fraud accounts for 75% of all chargeback losses. Consequently, the cost of fraud prevention now reaches $4.61 Static, manual-heavy models are no longer viable.

Risk 88
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LexisNexis Risk Solutions Agrees to Acquire IDVerse

Finovate

LexisNexis Risk Solutions has signed an agreement to acquire document authentication and fraud detection solutions provider IDVerse. The acquisition will enhance LexisNexis Risk Solutions’ ability to combat emerging threats such as AI-generated fraud and deepfakes. The firm rebranded as IDVerse in 2023.

Risk 52