The Fintech Times

MARCH 25, 2025

With financial fraud continually on the rise across Europe, businesses are facing increasingly sophisticated scams involving account-to-account transactions. In a move to combat this, Intergiro and Movitz plan to develop new account verification tools, for use by a wide range of financial institutions including Intergiro itself.

Verification

Fintech News

FEBRUARY 5, 2025

Sumsub , a full-cycle verification platform, has introduced its Australia DVS (Document Verification Service) Verification product. For Australian businesses that require secure and compliant document verification, Sumsubs DVS Verification facilitates user onboarding with real-time identity validation.

Verification

Fintech News

JUNE 12, 2025

Fraud in Asia Pacific’s fintech and healthtech industries has risen sharply over the past year, according to new data from global verification provider Sumsub. Deepfake-related fraud has expanded beyond impersonation and election interference to include AI-generated job scams. said Penny Chai, Vice President, APAC, Sumsub.

Deepfake

Finovate

MARCH 19, 2025

Core banking provider Tuum and verification platform Sumsub announced a partnership this week. This includes a global, fourfold increase in AI-driven deepfake scams. The collaboration will help banks, fintechs, and financial institutions enhance fraud prevention without compromising the user experience.

Fraud Prevention

The Fintech Times

FEBRUARY 3, 2025

per cent of transactions in 2024, with fraudsters increasingly leveraging artificial intelligence tools to target financial institutions, according to new research from AuthenticID, an identity verification provider. Account takeover scams saw a dramatic increase of 250 per cent last year. Identity fraud rates reached 2.1

Deepfake

Fintech Finance

FEBRUARY 6, 2025

ACI Worldwide (NASDAQ:ACIW), an original innovator in global payments technology, has announced the extension of its fintech partnership ecosystem through an alliance with Banfico , a leading fintech specializing in regulatory technology, global account verification and Open Banking solutions.

Payment Service Provider (PSP)

The Payments Association

JANUARY 3, 2025

Mark McMurtrie (TPA) opened the session by presenting data showing how fraud tactics have shifted from physical card theft to more sophisticated digital scams. Instead, it encompasses increasingly complex schemes that exploit systemic gaps, from first-party fraud to sophisticated AI-driven scams.

Fraud Detection

Fintech News

JULY 21, 2025

. #2 Responsible and Trusted Financial Centre Source of image: freepik on Freepik In this specific segment, MAS has rolled out several initiatives for countering online scams. This provides affected scam victims with payouts when lapses occur.

FinTech

The Fintech Times

FEBRUARY 14, 2025

User-friendly fraud-as-a-service (FaaS) kits that enable amateurs to execute complex attacks against thousands of accounts in minutes are becoming increasingly available online, AU10TIX , the identity verification and management technology provider, has revealed.

Deepfake

The Payments Association

JANUARY 21, 2025

To combat these challenges, organisations are prioritising investments in advanced technologies such as machine learning and artificial intelligence (59%), digital identity verification (46%), and automation processes (44%).

Payments Trends

Fintech News

JUNE 11, 2025

The group has been active since mid-2023, running coordinated campaigns that exploit weaknesses in remote identity verification systems. Consider Hong Kong, where in early 2024 a deepfake scam tricked a corporate employee into transferring USD $25.6 Their techniques aren’t just smart. They’re built to outpace current defences.

Crime

The Payments Association

JUNE 11, 2025

Sustainable growth depends on interoperable risk frameworks, shared scam indicators, and coordinated responses, especially as fraudsters grow more agile and cross-border by design." To keep up, organisations need to move away from simple, KYC-focused verification and towards a proactive, multi-layered approach."

Risk

Fintech Finance

JULY 7, 2025

Wire fraud and online scams are growing in prevalence and disproportionately affect older customers, who are more likely to be buyers of properties in popular Spanish retirement locations.

Multi-Currency

Fi911

MARCH 13, 2025

They seek a chargeback, resulting in a complex scam that is challenging to trace back to the fraudster. technology, address verification, CVV validation, geolocation, proxy piercing, blacklisting, and velocity checks. The buyer receives the product and believes the transaction is genuine.

Addressing

Fintech News

JUNE 17, 2025

Identity fraud is a major concern, especially with the use of AI to carry out sophisticated scams. It breaks down where compliance gaps remain, what businesses must do to protect themselves, and what’s next for verification in an increasingly high-stakes environment.

Compliance

The Payments Association

DECEMBER 2, 2024

This measure aims to enhance security and reduce fraud but requires PSPs to develop or integrate verification systems, potentially increasing operational costs. As part of this, PSPs are required to offer services that verify the payee’s identity before executing a credit transfer.

Regulations

Finextra

JUNE 9, 2025

adults have fallen victim to real-time payment scams [4]. From our work helping banks to address regulatory requirements like Confirmation of Payee (CoP) in the UK and Verification of Payee (VoP) in Europe, we understand the significant system upgrades that new fraud rules mandate. Reports show that a third of U.S.

ISO 20022

The Payments Association

JUNE 16, 2025

This leads to the necessity for online verifications, and the challenges thereof, which the report summarises well.” These tools allowed transaction records to be shared with intermediaries for verification, without exposing personally identifiable information to the BoE’s core systems. Read More »

Settlement

The Payments Association

DECEMBER 10, 2024

Other ways fraudsters leverage the latest technology to fraudulently extort firms and consumers are through machine learning, natural language processing (NLP), and deep learning to conduct sophisticated scams and bypass traditional security measures. fingerprints, facial recognition), and behavioural biometrics (e.g.,

AI

The Payments Association

APRIL 8, 2025

Mark McMurtrie (TPA) opened the session by presenting data showing how fraud tactics have shifted from physical card theft to more sophisticated digital scams. Instead, it encompasses increasingly complex schemes that exploit systemic gaps, from first-party fraud to sophisticated AI-driven scams.

Fraud Detection

Stax

MARCH 27, 2025

They check for fraud and fund availability (Verification) before depositing the money into your account (Completion). Security risks: Phishing scams, theft, and hacking make EFTs a less secure option than ACH. It seems straightforward for clients, but behind the scenes, a financial institution keeps the process in check.

ACH

The Fintech Times

JULY 26, 2025

Protecting users To access the feature, users must complete identity verification and a risk assessment questionnaire. RedotPay has also implemented new in-app safeguards to promote safe usage and protect users from common crypto scams. Each account is tied to a single currency, either EUR or GBP.

Stablecoins

Stax

APRIL 10, 2025

Benefits of contactless payments It gives your customers more flexibility and speeds up the checkout process Encryption and tokenization are defining features of NFC payments, helping to drastically reduce the risk of fraud It can be an additional payment method that will increase your market reach and attract more customers Drawbacks of contactless (..)

Small Business

The Fintech Times

MAY 30, 2025

“That said, its long-term potential is hard to ignore, especially in areas where trust and verification cant be compromised. Its known by most for a reputation thats been tarnished by scams and extreme market volatility. “Blockchain is still struggling with broader public perception and complexity.

Blockchain

Finovate

MARCH 26, 2025

A shift toward digital identity verification As payments digitize, reliable identity verification methods will become increasingly crucial. While bringing payments into the digital space will help boost KYC and AML verifications, it will also offer opportunities for fraudsters to create new scams.

Fraud Prevention

Finextra

JUNE 26, 2025

The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. Businesses must therefore recognize that investments in robust security are fundamental to preserving their market standing and consumer relationships. Problem 1: Mistrust in Sellers. Problem 2: Mistrust in Buyers.

Stablecoins

Stax

DECEMBER 9, 2024

Use address verification, CVV checks, and fraud scoring models to identify potentially fraudulent orders. Chargebacks are an important consumer protection mechanism to ensure that consumers don’t fall victim to unscrupulous sellers or scams. Monitor suspicious activities and flag any irregularities for further investigation.

Credit Cards

Finextra

JUNE 6, 2025

The challenge is keeping the bank meeting the new standards of money movement, real time account balances and people verification. This creates both stability and vulnerability. A steady income is provided. It creates the need for programmers skilled in ancient languages (Midas alone has over 25 million lines of RPG code).

Technology

Finextra

JUNE 6, 2025

Recent data shows that crypto scams resulted in losses exceeding $3 billion in 2024 alone, with fake exchanges accounting for a significant portion of these thefts. Trade volume verification has become increasingly important in evaluating exchange legitimacy.

Cryptocurrency

Fintech Finance

MARCH 4, 2025

However, regulators have been expanding accountability beyond financial institutions to the digital channels used in fraud scams, such as telecommunications and social media.

Fraud Prevention

Finextra

JUNE 26, 2025

The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. Online Seller Verification and Customer Review Fraud Prevention. Problem 1: Mistrust in Sellers. Problem 2: Mistrust in Buyers. Businesses are losing money to Fraud-$10.6m transaction fees.

Stablecoins

Fintech News

SEPTEMBER 17, 2024

Major retail banks in Singapore will progressively implement Singpass Face Verification (SFV) over the next three months in a concerted effort to bolster security against phishing scams. While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practice good cyber hygiene.”

Verification

Fintech News

OCTOBER 1, 2024

HSBC Singapore has reportedly become the first bank in the country to introduce Singpass Face Verification (SFV) for in-app provisioning on its mobile app. These changes, mandated by the Monetary Authority of Singapore (MAS), aim to strengthen security measures across digital banking to combat rising fraud and scams.

Verification

Fintech News

APRIL 7, 2024

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.

Deepfake

Fintech News

JUNE 6, 2024

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. DBS isn’t the only bank making news for phishing scams. US$129,841). Losses exceeded S$13 million (US$9.59 Losses exceeded S$13 million (US$9.59

Scams

Payments Source

JULY 22, 2020

TransUnion is expanding the geographic reach of its instant Document Verification service in response to the pandemic, with more users requiring ID confirmation from remote locations as fraud risks hit new highs.

Verification

PYMNTS

SEPTEMBER 22, 2020

Most victims, 26 million, lost their money on a website, 20 million fell prey to an email scam and another 13 million were duped when the consumer initiated the contact, the FTC reported. The top fraud categories were online shopping, where nearly $44 million was lost, and travel and vacation scams, which totaled $24 million.

FTC