Tagged: financial crime

Polish Fraud Prevention Firm Nethone, which Uses Behavioral Biometrics to Combat Fraud, Secures $6.7M

Nethone, which has raised $6.7 million in capital, notes that its passive behavioral biometrics enables online or digital businesses to prevent more than 95% of account takeovers (ATO) – which are cyber threats or attacks that have been spreading across the globe at an alarming… Read More

ACI Worldwide, Provider of Real-Time Payment Solutions, Partners Swedbank, Will Combat Online Fraud

ACI Worldwide (NASDAQ: ACIW), an international provider of real-time payments and digital payment software applications, reveals that it has teamed up with Swedbank, a leading issuing and acquiring bank in the Nordic and Baltic regions. The company has contributed to a 55% decrease in payment… Read More

Elucidate Introduces Database for Assigning Scores to Financial Crime Risk Vulnerability of Financial Institutions

Elucidate, the financial crime risk scoring solution provider, has introduced the Elucidate FinCrime Risk Monitor (EFRM), an open database for assigning scores to the financial crime risk vulnerability of financial institutions. The EFRM has been designed to enhance transparency in the financial services sector. The… Read More

FinCEN Issues Very First Priorities List for AML/CFT Policy, Includes Use of Crypto for Ransomware Payments, Money Laundering

On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes, issued its first… Read More

After Unprecedented Regulatory Crackdown, Binance Deploys CipherTrace Traveler to Address Money Laundering, Illicit Activity Issues

As part of its commitment to compliance, Binance, the world’s largest crypto exchange that has been under investigation by US regulators and other international authorities due to allegations of engaging in recognized markets without authorization (and also contributing to money laundering and other illicit activities),… Read More

Crypto Risk Management Solution Provider Elliptic Completes Pilot with Santander on Detecting Suspicious Activity

Elliptic, the leader in crypto-asset risk management solutions, revealed on Tuesday (June 22, 2021) that it has completed a pilot with Banco Santander in identifying or detecting suspicious activity linked to digital assets. As mentioned in a release, this pilot is “helping Santander understand the… Read More

True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021

LexisNexis Risk Solutions, a global data and analytics firm, has published its annual True Cost of Financial Crime Compliance Global Report. The results shared in the new report have been prepared after conducting an extensive survey of 1,015 financial crime compliance decision-makers at established financial… Read More

Cybersecurity: Kompli-Global Launches Initiative to Help Firms Evaluate their Financial Fraud Prevention Strategies

With fraudulent activities on the rise and malicious actors becoming a lot smarter and more sophisticated in navigating online systems, it has become quite critical for payments and financial services providers to make sure they’ve got the right cybersecurity measures in place to combat online… Read More

Fraud Awareness App Introduced by HSBC UK, Allows Businesses to Track Suspicious Activities, Potential Scams

HSBC Holdings plc (NYSE: HSBC), a British multinational investment bank and financial services holding company, recently revealed that its UK division had introduced a fraud awareness app to offer businesses or companies up-to-the-minute or the latest updates on potential scams. HSBC, which is the second… Read More

Fraudio, a Cloud Native, AI enabled Payment Fraud Detection Solution, Secures $3.3M via Seed Round

Fraudio, a startup founded by experts from the Dutch payment ecosystem, has reportedly secured  $3.3 million in capital via a seed round. The Fraudio team claims that they’ve spent two years developing a Cloud native, centralized AI and machine learning payment fraud detection solution for… Read More

Ireland’s Regtech Fenergo has Reportedly been Acquired by Private Equity Firms

Ireland’s Regtech firm Fenergo reveals that it has been acquired by private equity companies, the Paris-headquartered Astorg and London’s  Bridgepoint, from Insight Partners. Although the financial terms of the deal haven’t been shared publicly, the Irish Times said that industry sources claim that the transaction… Read More

OurCrowd backed Israeli Fintech ThetaRay Secures $31M in Capital from Benhamou Global Ventures, Others

Israel-based ThetaRay, a Fintech firm that enables banking institutions to monitor payment activity in order to identify potential money laundering risks, has secured $31 million in capital via a new funding round. New ThetaRay investors reportedly include Eric Benhamou, investing via Benhamou Global Ventures, and… Read More

Regtech SmartSearch Launches Product to Help Non-Regulated Markets Do KYC, ID Verification for UK Residents, International Clients

SmartSearch, an anti-money laundering (AML) solution provider, has reportedly entered the non-regulated market with the launch of a product that’s a part of its business growth strategy. The Ilkley, West Yorkshire-based Regtech firm reports that it recorded its most successful year to date in 2020…. Read More

UK Finance Reports that 70% of Automated Push Payment Scams Originated via Online Platforms

UK Finance, a trade association for the UK banking and financial services sector (representing around 300 local companies offering credit, banking, markets and payment-related services), has shared an analysis of almost 7,000 authorized push payment (APP) scam incidents. The analysis reveals that around 70% of… Read More

London based Napier, Provider of Anti Financial Crime Compliance Tools, to Offer Transaction Screening to ClearBank

London-based Napier, a provider of anti-financial crime compliance solutions, has revealed that it will be offering ClearBank, the Cloud-powered clearing bank, with its Transaction Screening system. As a purpose-built, tech-enabled clearing bank, ClearBank provides Cloud-based banking services to financial service providers, FCA-regulated companies and Fintech… Read More

Digital Banking Fintech Revolut Integrates with Elliptic to Expand Cryptocurrency Offering

Digital bank Revolut, one of the fastest-growing Fintechs with over 15 million customers, revealed on May 11, 2021, that it has integrated with Elliptic, a provider of digital asset risk management and blockchain analytics software. This partnership should allow Revolut to expand its cryptocurrency offering…. Read More

UK Finance, Which?, City of London Police Sign Letter Asking Government to Add Online Scams to “Online Safety” Bill

UK Finance (a trade association for the UK banking and financial services sector that represents around 300 firms in the UK providing credit, banking, markets and payment-related services), Which? (an organization that reviews products and services, so that you “make the best purchase decisions” for your… Read More

HSBC UK Reports that Biometric Verification with its Caller ID Program, Voice ID, Reduced Bank Fraud by 50%

HSBC‘s caller ID program Voice ID has reportedly managed to reduce telephone banking fraud by more than 50% during the past 12 months, indicating that biometric verification can be quite effective in fighting against bad actors. HSBC says that its voice biometrics system has helped… Read More

Nearly 75% of Financial Institutions in US, UK Reveal there’s an Increase in Cybercrime Following COVID Outbreak: Report

Almost three-quarters or 75% of financial institutions have reported an increase in cybercrime activities since the Covid-19 outbreak (around February 2020), according to a survey released by BAE Systems. The survey of 902 banking institutions and insurance providers, based in the US and the UK,… Read More

London Regtech ComplyAdvantage Releases Report Noting that Firms Update Risk Enterprise-Wide Assessments to Account for Digitization Trends

London-based ComplyAdvantage, a company that offers real-time financial crime insight that “puts you in control,” notes that the European Union has introduced a strategy to deal with  organized and financial crime and the US recently imposed new sanctions on Russia. While sharing recent financial crime… Read More

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