Remove Account Takeovers Remove Fraud Detection Remove Verification
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Identity Fraud Surges in Scale and Sophistication, with APAC’s Financial Services Becoming a Prime Target

Fintech News

Data from identity verification specialist Sumsub reveal that identity fraud incidents have more than doubled in the past three years, with account takeovers and deepfakes emerging as major concerns. Between 2021 and 2024, identity fraud rates increased from 1.1% of total fraud attempts.

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Sumsub Leverages Device Intelligence to Monitor Fraud Activity in Real Time

Fintech News

This allows companies to detect threats such as bot activity, account takeovers, and multi-accounting without relying on personal data or interrupting user experiences. Fingerprint’s Smart Signals also detect incognito mode, developer tool usage, and other indicators of suspicious network activity.

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Cybertech: Securing the Foundations of Finance

Fintech Review

In the financial sector, it includes fraud detection, threat intelligence, data encryption, biometric verification, and risk monitoring. The risks range from phishing and account takeovers to ransomware and insider threats. More than just firewalls and antivirus software, modern cybertech is proactive and adaptive.

Finance 59
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The platform risk paradox: Managing digital commerce fraud at scale

The Payments Association

E-commerce is facing the brunt; the sector in Europe has experienced a 176% increase in fraud in Q1 2025 compared to the same period in 2024. To keep up, organisations need to move away from simple, KYC-focused verification and towards a proactive, multi-layered approach." billion in return-based fraud in 2022.

Risk 88
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What are Velocity Checks?

Fi911

The Importance — & Limitations — of Velocity Checks These velocity checks are highly adaptable and can be effortlessly integrated with existing systems, making them a valuable asset in identifying threats such as account takeover fraud, chargeback fraud, and synthetic fraud.

Checks 52
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More businesses are turning to AI in the fight against fraud

The Payments Association

Why are AI tools especially effective at fighting fraud? The technology is gaining traction because these tools excel at fraud detection in several ways. First, AI tools have much higher throughput than manual or non-software-based detection methods. For example, say you have an AI fraud solution configured to parse text.

AI 88
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What is Third-Party Fraud?

Fi911

They can then open new accounts, apply for loans, or make unauthorized purchases in that person’s name, leaving the victim to deal with the financial and emotional consequences. To combat third-party fraud effectively, banks should take several proactive measures to protect both their customers and their own financial systems.