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Cyber Threats Surge in India’s Financial Sector

Fintech News

These advanced impersonations, which use convincing AI-generated audio and video, trick users into revealing multi-factor authentication (MFA) codes or approving unauthorized authentication requests. Common vulnerabilities include poor access controls, the lack of MFA, delayed security patches, and mismanagement of privileged accounts.

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SNEAK PEAK: Unveiled: 2024 Key Financial Crime 360 findings

The Payments Association

In 2023, the most prevalent types of fraud included identity fraud, facility takeovers, and misuse of facilities, reflecting the persistent and evolving nature of these threats. The existing technical mechanisms, like MFA and biometrics, will not be able to prevent this type of fraud.

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Navigating the rise of AI-enabled fraud

The Payments Association

In order to combat the rising threat, the financial sectors AI spend is predicted to grow from $35 billion in 2023 to $97 billion by 2027. However, In addition to adopting advanced fraud detection tools, payments firms must implement robust authentication methods such as multi-factor authentication (MFA), biometric verification (e.g.,

AI
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Quicken vs QuickBooks: Which is Best for Small Businesses?

Stax

Research shows that 64% of small businesses use accounting software and the market for accounting software solutions is projected to be worth $4.3billion by 2023. QuickBooks also offers multi-factor authentication (MFA) for added protection.

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Mobile Banking Malware on the Rise Amid Rapid Adoption

Fintech News

The 2023 Mobile Banking Heists Report, released in December 2023, provides an overview of the risks to mobile financial applications, highlighting the continued evolution and success of mobile banking malware and mobile banking fraud around the globe.

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Accredify Becomes Okta Ventures’ First Investment in Singapore

Fintech News

This follows Accredify’s US$7 million funding round in April 2023, co-led by iGlobe Partners and SIG Venture Capital with additional support from Pavilion Capital and Qualgro.

MFA
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US Mobile Adopts Digital Identity Protocols To Protect Against SIM Swap Fraud

PYMNTS

Multifactor authentication (MFA) and biometric scans are quickly becoming the norm in numerous fields, including online accounts for banks and other businesses. One study found that these apps will outnumber phy sical identity cards by 2023, with this trend being driven largely by national ID programs in emerging markets. More than 6.2