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European financial institutions face rising fraud, regulatory pressure, and compliance fatigue—modernisation is now essential for resilience and risk reduction. And while the pressure to meet compliance requirements has always been part of the job, a new and dangerous trend is taking shape: compliance fatigue. The result?
This move will enable LexisNexis Risk Solutions to further enhance its capabilities in combating AI-generated fraud, including deepfakes. Its advanced accuracy delivers improved and more comprehensive identity verification for clients. The acquisition is expected to be completed in early 2025, subject to customary regulatory consents.
Summy provides case summaries and recommends actions for teams working in risk, compliance, and fraud. This Case Management feature is integrated across Sumsub’s identity verification, anti-fraud, and anti-money laundering solutions, and is available for immediate deployment without requiring complicated setup procedures.
Core banking provider Tuum and verification platform Sumsub announced a partnership this week. The integration of Sumsub’s compliance solutions will help financial institutions deal with the growing threat of fraud and financial crime. This includes a global, fourfold increase in AI-driven deepfake scams.
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
A new partnership has been announced between Swedish embedded finance provider Intergiro and SEON , the digital fraud prevention and compliance firm, to improve security in the former’s embedded finance ecosystem and combat growing cyber threats.
Questions address both immediate challenges (fraud prevention, regulatory compliance, technology readiness) and forward-looking opportunities (AI implementation, collaborative defence strategies, regulatory evolution). Embedding Trusted AI and continuous ID verification is critical to counter synthetic media threats. of the sample.
It underscores the need for payment firms to balance AI innovation with robust privacy and regulatory compliance to protect sensitive consumer data. Sweeney says: Payment systems must facilitate near-instant payments, which leaves little time for traditional analysis or verification. Why is it important? What’s next?
Sumsub has launched Sumsub Academy, an educational initiative aimed at empowering professionals in compliance, risk, and fraud prevention. The courses will provide participants with practical knowledge, real-world compliance strategies, and career-boosting credentials through free, expert-led modules.
The growing threat of AI-related fraud puts financial institutions at risk of significant financial losses and jeopardises consumer trust and compliance with regulations. It has also expanded the scope of compliance by covering previously challenging areas to monitor. fingerprints, facial recognition), and behavioural biometrics (e.g.,
These attacks often coincide with travel schedules or major transactions when verification becomes difficult. Legal and compliance teams should guide messaging while maintaining operational security. Future-Proofing Against Evolving BEC Threats Deepfake technology brings new challenges.
Instead, banks across Europe, the US, and Asia are increasingly integrating agentic AI, and even hiring AI agents for tasks like underwriting, compliance, and customer service. And firms are no longer stopping at chatbots and GenAI technologies. This may prompt US regulators to clarify the treatment of tokenized deposits and securities.
Fraud is no longer just a technical problem—it’s a product, compliance, and strategic issue embedded in the business model. Regulation is reshaping the landscape UK legislation is increasing corporate liability and tightening compliance expectations. Compliance is becoming a competitive differentiator.
Identity verification innovator ID-Pal has unveiled its reusable KYC solution, ID-Pal Once. The new offering streamlines the verification process, enabling users to complete identity verification as much as 5x faster. AI-powered identity verification specialist ID-Pal has introduced its reusable KYC solution ID-Pal Once.
Herd Security Herd Security is a security awareness platform designed to train users on the dangers of deepfakes through modules and AI-based simulations. Features Provides engaging, micro-based cyber training Delivers user metrics proving behavior change Offers patented voice deepfake defense Who’s it for?
The partnership will combine Daon’s identity verification and biometric authentication technology with Giesecke+Devrient’s digital security product suite. “Our layered approach provides multiple opportunities to detect and prevent fraud, while ensuring full compliance with regulatory and accessibility standards.
Founded in Australia and launched commercially in 2018, IDVerse uses AI to combat fraud and deepfakes. Additionally, the expansion of LexisNexis Risk Solutions’ global approach to identity verification will enable stronger defences against AI-generated fraud. AI-powered document verification represents this kind of balance.”
The acquisition will enhance LexisNexis Risk Solutions’ ability to combat emerging threats such as AI-generated fraud and deepfakes. Additionally, with consumer consent, IDVerse applies biometric algorithms for identity verification and liveness detection to identify potential fraud. Terms were not disclosed.
The hire follows Saturn’s acquisition of compliance firm Ateb Insights and signals its shift toward large-scale enterprise adoption. Napier AI, a UK-based regtech focused on AI-powered financial crime compliance, has appointed Kenneth Paqvalén as chief financial officer. Joining her are Agustín Carstens and Sanjiv Bajaj.
KYC and compliance document processing 4. KYC, AML and compliance document processing: How RAG assists in document summarisation and matching This is an AI use case that is likely familiar. KYC files and compliance checks require tedious attention to detail to cross-reference complex documents, making them a shoo-in for automation.
Fraud was ranked as one of the top three priorities for 2025 among payment organisations surveyed in Vixios 2025 Payments Compliance Outlook. The use of deepfakes and chatbots by fraudsters poses significant challenges, while real-time fraud detection systems are being enhanced to counter these threats.
Almost half (47 per cent) of respondents raised concern that fraudsters are using AI and deepfake tools to create fake identity documents to fool apps into verifying a user as being over the age of 18. “Like most new technologies, user confidence should increase the more that people get used to the new process. .
These AI-created images, videos, and audio content, called deepfakes, showcase how advanced AI generation tools have become. AI deepfakes often have convincing video and voice manipulation, making them increasingly difficult to identify–and this technology is only becoming more advanced and easily accessible. Why Selfie Verification?
A recent study by Jumio , a provider AI-driven identity verification and compliance solutions, has found that a significant majority of Singapore consumers are concerned about the impact of deepfakes on the upcoming elections. ” said Robert Prigge, Jumio’s CEO. ” said Robert Prigge, Jumio’s CEO.
A recent study by Jumio , a provider AI-driven identity verification and compliance solutions, has found that 78% of consumers in Singapore are ready to change banks due to inadequate fraud protection. The increasing sophistication of fraud tactics, such as deepfakes and voice cloning, has heightened these concerns.
However, this powerful technology has also been exploited by malicious actors to create deepfakes – highly convincing simulations of individuals saying or doing things they never actually did. Deepfakes have since evolved into a formidable challenge for conventional identity verification methods.
Sumsub, a global verification and compliance provider, announced its partnership with crypto exchange Binance to integrate its Travel Rule solutio n through the Global Travel Rule (GTR) Alliance. Binance, which has been a client of Sumsub since 2021, aims to bolster its international compliance efforts through this alliance.
But with innovation comes risk – especially around identity verification and fraud prevention. By implementing Sumsub’s no-code identity verification platform, dtcpay simplified Know Your Client (KYC) and onboarding to provide a smooth, secure user experience. Singapore is one of the world’s leading hubs for fintech innovation.
Battling the growing threat of deepfakes with digital identity But really, how important is digital identity to a flourishing digital banking ecosystem?
The rapidly increasing prevalence of AI-generated content and deepfakes has left many questioning everything they see online. In fact, as much as 72 per cent of consumers worry on a day-to-day basis about being fooled by a deepfake into handing over sensitive information or money.
Sumsub, a global verification provider, has announced strategic partnerships with several resellers in Southeast Asia including Nexus Technologies in the Philippines, PT Secure Pasifik Teknologi in Indonesia, and Spectrum Edge in Malaysia. Sumsub established its first APAC headquarters in Singapore in July 2023.
Sumsub, a global verification provider, has integrated with Chainalysis, a blockchain data platform. This collaboration aims to enhance regulatory compliance, secure data storage, and automate crypto transaction monitoring for their clients.
Verification provider Sumsub announced a partnership with blockchain data platform Chainalysis this week. The integration will bring automated crypto transaction monitoring and secure data storage, as well as ensure regulatory compliance. Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
AU10TIX expands its Digital ID identity verification solution Israel-based identity verification and management specialist AU10TIX announced the expansion of its Digital ID solution this week. Serving as a verification hub for businesses, AU10TIX’s Digital ID solution enables faster and more accurate identity verification.
LSEG Risk Intelligence , the compliance, risk management and fraud prevention solution provider, has launched two new products designed to enhance financial security and drive operational efficiencies across the globe. Regulatory bodies are also stepping up with recent rules on reimbursements for victims for APP fraud in the UK and the EU.
ID-Pal , a leading provider of AI-powered identity verification solutions, today announced its membership with The Payments Association , an influential community of industry leaders and innovators committed to shaping the future of payments.
Corsound AI Corsound AI enhances security against voice fraud with patented voice-to-face technology and deepfake detection, backed by over 200 autonomous AI patents. Banks, credit unions, identity verification companies, and more. CSS CSS introduces IMPACT 3.0,
Emerging technology such as AI has enabled threat actors to take a sophisticated approach to fraud, with global full-cycle identity verification platform, Sumsub , revealing a 10x increase in the number of deepfakes detected worldwide from 2022 to 2023.
AQ22 AQ22 is an agentic banking orchestration platform automating financial workflows, from credit assessment and compliance to investment management and debt collection, helping banks streamline decision-making. Features AI-driven automation: Streamlines credit, investment, and compliance.
A cryptocurrency exchange (MCC 6051Digital Currency Services) is subject to tighter compliance requirements than an online bookstore (MCC 5942Books & Media). Strict regulatory compliance (forex, financial services). A CBD business (MCC 5499Specialty Food Stores) faces extra compliance checks due to industry regulations.
Sumsub , a global full-cycle verification and compliance provider, has completed the integration of its Travel Rule solution with Binance , the crypto exchange platform, through the Global Travel Rule (GTR) Alliance. It released its findings in its ‘ State of Verification and Monitoring in the Crypto Industry 2023 ‘ report.
Identity verification solution and infrastructure company IDVerse announced a partnership with Hastings Direct Loans. based lender will leverage IDVerse’s technology to enhance the accuracy and reliability of its identity verification process. IDVerse, as OCR Labs, won Best of Show at FinovateAsia in 2017.
Cryptocurrency companies that previously let customers remain anonymous will have to change their tunes in some countries, as will online gambling sites that provided fast onboarding at the expense of rigorous identity verification approaches. Find more on these and other recent headlines in the Tracker. How Zillow Co mbats Real Estate Fraud.
Online payments expert Trustly and digital identity verification and fraud solutions provider Socure are combining their expertis, to launch a pay-by-bank solution with enhanced onboarding, leveraging the power of open banking. ” Nevada-based Socure was founded in 2012, focusing on its digital identity verification solution.
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