Tagged: financial fraud

2020 Expensive Year For Ransomware Victims: Sophos

Sophos‘ new survey report, “The State of Ransomware in Financial Services 2021,” shows 2020 was an expensive year for those unlucky companies victimized by ransomware attacks Mid-sized financial services organizations worldwide spent an average of more than $2 million recovering from a ransomware attack. Even… Read More

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

Money Laundering via Global Financial System Estimated at Up to $2T Annually, AI Models May Address Issues, Banking Circle Explains

Banking Circle, a financial infrastructure developer, notes that McKinsey has found that around $800 billion to $2 trillion has been laundered annually via the international banking system. Banking Circle reveals that criminals keep using more sophisticated methods to launder funds, which may put the reputations… Read More

UK’s FCA Issues Warnings about Loan Fee Fraud, Cryptoassets-related and Coroanvirus Scams, especially During Holidays

The UK’s Financial Conduct Authority (FCA) has issued “Three Wise Warnings” for the nation’s consumers. The financial regulator has cautioned that customers should look out for loan fee fraud this Christmas or holiday season. The FCA notes that if you’ve been asked to pay some… Read More

Singapore’s UOB Claims its AI enabled AML Tech has Been Quite Effective at Identifying Potentially Fraudulent Transactions

United Overseas Bank (UOB) has revealed that its artificial intelligence (AI)-powered anti-money laundering (AML) technology has been quite effective at assisting the Singapore-based bank with analyzing large volumes of transactions to identify suspicious or potentially fraudulent financial activities. The UOB, a multinational banking organization with… Read More

Mastercard Says its AI and Machine Learning Solutions Aim to Stop Fraudulent Activites which have Increased Significantly due to COVID

Ajay Bhalla, President, Cyber and Intelligence Solutions, Mastercard, notes that artificial intelligence (AI) algorithms are part of the payment company’s “first line of defense” in protecting over 75 billion transactions that Mastercard processes on its network every year. Bhalia recently revealed the different ways that… Read More

Cost of Fraud for Financial Services and Lending Firms Increased Significantly in the US and Canada: Report

LexisNexis Risk Solutions has published its latest research report, titled Risk Solutions 2020: True Cost of Fraud Study: Financial Services & Lending (for the US and Canadian financial services and lending sectors). The research report covers the different types of fraudulent activities in the lending… Read More

UK Fintech Modulr Reportedly Becomes First Non-bank or Building Society to Join Confirmation of Payee Service

Earlier this week, Modulr reportedly became the very first non-bank or building society to join the Confirmation of Payee service, which allows people to check whether the payment details they’ve provided for an individual or company match the details that are held by the recipient’s… Read More

Financial Fraud Detection Firm TruNarrative Partners AccountScore, an Analytics Firm, to Add Open Banking Capabilities

TruNarrative, a solution for financial fraud detection, prevention, anti-money laundering (AML), know-your-customer (KYC), behavioral monitoring and identity verification, has teamed up with AccountScore, a London-based analytics firm offering actionable insights and analytics on banking processes. The partnership involves adding open banking capabilities to the TruNarrative… Read More

Send this to a friend