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Refinitiv Completes Purchase Of GIACT For Fraud Prevention Expansion

PYMNTS

Finance data and infrastructure-service provider Refinitiv announced Wednesday (Dec. 9) that it’s successfully completed its acquisition of GIACT and has expanded its suite of products for fraud prevention and identity verification.

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Know Your Customer (KYC): What It Is and How to Comply

Stax

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. In the U.S., trillion a year.

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Study Shows Alarming Rise in Smartphone Identity Theft Among UK Consumers

The Fintech Times

. “Criminals are returning to old-school shoulder surfing tactics – that made ATMs a nightmare – to access the phones they then steal to commit secondary crimes. The Act is relevant for all businesses in the mobile ecosystem, including banks, fintechs and online service providers,” adds Sullivan.

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PSR Reveals Huge Disparity in How Banks Approach to APP Fraud Claims

The Fintech Times

“These types of fraud have a profound impact on victims, not only in terms of monetary loss but also in the emotional and psychological toll they exact. “Notably, while other types of APP scams are declining, romance scams are on the rise, indicating a pressing need for increased efforts to combat these crimes.

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