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The collaboration will help banks, fintechs, and financial institutions enhance fraudprevention without compromising the user experience. The integration of Sumsub’s compliance solutions will help financial institutions deal with the growing threat of fraud and financial crime.
Sumsub has launched Sumsub Academy, an educational initiative aimed at empowering professionals in compliance, risk, and fraudprevention. 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.
Philippines-based Security Bank has announced a new collaboration with Entrust. Identity-as-a-Service (IDaaS) innovator Entrust has entered into a new collaboration with leading Philippines-based financial institution Security Bank. ” Established in 1951, Security Bank has deployed Entrust’s Onfido Studio platform. .
Questions address both immediate challenges (fraudprevention, regulatory compliance, technology readiness) and forward-looking opportunities (AI implementation, collaborative defence strategies, regulatory evolution). Coupled with a culture of innovation and trust, this drives effective, customer-centred fraudprevention."
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.
A new partnership has been announced between Swedish embedded finance provider Intergiro and SEON , the digital fraudprevention and compliance firm, to improve security in the former’s embedded finance ecosystem and combat growing cyber threats.
The article explores the growing threat of AI-enabled fraud in the payments sector and how firms can combat it with advanced technologies. It highlights the urgent need for payments firms to address AI-driven fraud to protect financial security, maintain customer trust, and comply with regulations. Why is it important?
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
How digital commerce platforms manage escalating fraud risks while scaling operations. Rising fraud, complex regulations, and evolving threats are straining platforms’ ability to grow securely. A shift toward AI-driven, integrated fraud management systems aligned with tightening UK regulations. Why is it important?
According to a recent report by the National Crime Agency (NCA), GenAI represents one of the most substantial threats to the fraud landscape today. Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent.
Fraud accounts for around 40% of crime but receives just 1% of police resources in the UK. Without real consequences for criminals, fraud thrives. We’re calling it a national security threat to the UK. Prevention and policing, not just reimbursement, are essential for genuine progress."
Remote work has weakened traditional security, requiring secure systems and innovative solutions like decentralised finance and blockchain for transparent vendor transactions. “With increasingly sophisticated fraud tactics on the uptick, organisations must prepare for stricter AI and compliance rules.
Digital identity company Daon has forged a strategic partnership with security technology firm Giesecke+Devrient (G+D). The partnership will combine Daon’s identity verification and biometric authentication technology with Giesecke+Devrient’s digital security product suite.
With tools like deepfake identity generators, fake KYC documents, and automated phishing scams, cybercriminals are launching sophisticated attacks at scale. Fraudprevention is an arms race, he said. If we dont use AI to fight fraud, were already losing. Thats the problem. Her words landed with weight.
In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive. ” says Wells.
Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced FraudPrevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks.
The financial sector is facing an unprecedented surge in AI-driven fraud, with deepfake-related attacks increasing by a staggering 2,137% over the past three years. of all fraud attempts detected in the financial sector now involve AI-generated forgeries, with deepfakes leading the charge.
Digital identity represents a major shift in how we interact with the digital world, paving the way for enhanced user experience and security. There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology.
across age groups and income brackets, the volume of digital activities and transactions are on the rise – and effective fraudprevention measures have never been more critical to safeguard a business’s bottom line. Another way that this outdated security standard has become obsolete is through the proliferation of data breaches.
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. As Southeast Asia’s digital economy continues to grow, so do opportunities for fraudsters.
It also detects fraudulent submissions using liveness detection and AI-powered fraudprevention tools. IDVerse’s self-learning AI will contribute to more efficient and faster fraud detection model updates and improved accuracy in identity verification.
According to the Payment Systems Regulator (PSR) , the volume of APP fraud cases rose by 12% last year. This increase was driven by fraudsters leveraging sophisticated techniques, such as fraud networks, phishing scams and AI-generated deepfakes, to trick victims into authorising payments.
With fraud accounting for a significant portion of UK crime, understanding AIs role is critical for developing effective, future-ready defences. Payments leaders should focus on improving data quality, fostering cross-sector collaboration, and responsibly integrating AI into fraudprevention strategies.
LSEG Risk Intelligence , the compliance, risk management and fraudprevention solution provider, has launched two new products designed to enhance financial security and drive operational efficiencies across the globe. In the near-future, coverage of GAV will expand to 80 per cent of G20 countries.
Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. A notable example is the recent US$25 million scam in Hong Kong, where scammers used deepfake technology to impersonate company executives in a video call.
This article explores the top 5 fraud trends impacting high-risk merchants in 2025 and how innovative solutions like avoided.io can safeguard your business with real-time chargeback prevention and fraud management. helps: Near real-time fraud detection: By leveraging combined alerts from Ethoca and Verifi, avoided.io
Visa and Mastercard track MCCs for chargeback monitoring and fraudprevention. Example: A luxury watch retailer (MCC 5094Precious Stones & Jewelry) faces higher fraud risks than a grocery store (MCC 5411Supermarkets). If stuck with a high-risk MCC, use fraudprevention and chargeback reduction tools.
Deepfakes and threats of AI Such activity could lead to identity theft, which IDnow believes should be a concern to the UK public, especially given the rise in deepfake technology. Developments in generative artificial intelligence (AI) mean deepfake technology can now be used to create hyper-realistic fake documents.
But with innovation comes risk – especially around identity verification and fraudprevention. By implementing Sumsub’s no-code identity verification platform, dtcpay simplified Know Your Client (KYC) and onboarding to provide a smooth, secure user experience.
This partnership highlights the commitment of both organisations to enhance security and foster innovation within the payments industry. The move comes as Deloittes Center for Financial Services warns that fraud losses driven by generative AI could reach $40 billion in the US alone by 2027.
While it appears that checks are here to stay, so are the security concerns that come with them. Thankfully, their safer equivalent – high-security checks – are a versatile and evolving technology that makes check transactions far safer. What Are High-Security Checks?
SEON recently brought together industry leaders from the online lending space to discuss the evolving landscape of fraudprevention and risk management. The Changing Face of Fraud In what many describe as an “unpredictable era,” lenders are collectively challenged to stay ahead of increasingly sophisticated fraudsters.
Key findings reveal that fraud remains the foremost concern, with identity fraud being the most common type encountered. The survey also highlights the growing investment in technologies such as AI and machine learning for fraudprevention, as well as the importance of industry collaboration and regulatory updates.
“While we are excited about the capital infusion to accelerate our development of fraudprevention and deep fake detection tools, we are equally excited about bringing in new partners to fuel Illuma’s continued commercial growth,” Illuma Co-Founder and CEO Milind Borkar said.
The battle against fraud is a never-ending one. From the challenge of AI-powered deepfakes to the sad fact that many of our own bad habits continue to keep fraudsters in business, fintechs are busy developing solutions to help us get and stay at least one step ahead of the bad guys. Johnny Ayers is Socure’s founder and CEO.
Available via API, SDK, or through the Salesforce App Exchange, ID-Pal’s technology detects AI-generated documents, deepfakes, and injection attacks, providing advanced fraud detection without requiring direct access to customer data.
The entry point for fraudsters isn’t just a gap in security software but a gap in training. The answer is security awareness training. Reduce Fraud Rates by 70–99% Partner with SEON to reduce fraud in your business with real-time data enrichment, whitebox machine learning, and advanced APIs.
Since securing a Series A funding round in November 2023, Lynx Tech introduced its AI-driven software solutions to solve clients’ most significant fraud and financial crime challenges. This leaves many vulnerable to sophisticated AI-powered attacks like deepfakes and voice cloning. million by the end of 2024.
More recently, the company has forged partnerships with data and compliance infrastructure company Prembly , age and identity verification solutions provider Veratad Technologies , and identity verification and fraudprevention specialist TrustID.
Whether through phishing emails and text messages or social media, the biggest cyber threat facing banking customers today is the rise of sophisticated social engineering frauds. There is no escape.
The latest edition of the PYMNTS Digital Banking Tracker reports that while FinTechs and challenger banks scramble to create better mobile experiences, consumers are likely judging them on things like convenience, instant money, access and security. The unique and unprecedented set of circumstances has created some uncertainty in the space.
Fighting deepfakes and fraudulent identities – Jumio’s holistic approach to building identity trust” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion. Hong Kong police recently arrested 27 individuals linked to a deepfake scam that swindled victims out of $46 million.
The verification platform also recorded significant surges in identity fraud in: Singapore (207 per cent) Indonesia (205 per cent) Thailand (201 per cent) Meanwhile, deepfakefraud saw a 194 per cent YoY spike in APAC and increased four times globally, now making up seven per cent of all fraud attempts in 2024.
Since the pandemic, fraud and scams have surged significantly, with mature markets like Singapore and Hong Kong facing increasingly complex challenges, including authorised push payment fraud and deepfakes.
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