Tagged: fraud

AI-Powered Business Verification Service Vespia Highlights Importance of Verification for Non-AML Firms

Vespia, an AI-powered Business Verification Service for verifying and onboarding business customers that helps minimize the risk of fraud, has highlighted the significance of business verification for non-AML obligated firms, like supply chain, digital commerce, as well as the sharing economy. Vespia explains that by… Read More

CFTC Files Charges Regarding Digital Asset, Bitcoin Fraud

The Commodity Futures Trading Commission (CFTC) has filed an enforcement action in the US District Court for the Central District of California against David Carmona, Juan Arellano Parra, Moses Valdez, David Brend, and Marco A. Ruiz Ochoa, who were all doing business as a company… Read More

Digital Banking: LatAm Fintech Nubank Enhances Security with Reporting Channel and Tool for Theft

In one more step to increase security for customers, Nubank (NYSE: NU) announces two new tools: the Reporting Channel, which allows “the reporting of fraud or attempted fraud involving the company, and the Me Roubaram (I was robbed) feature, a site that Nubank customers can… Read More

Founders of Defunct P2P Lending Platform Collateral Convicted of Fraud

Collateral UK, once a peer-to-peer lending platform that went into insolvency in 2018, has seen fraud convictions of its founders. According to the Financial Conduct Authority that filed the charges, Peter Currie was convicted of two counts of fraud and one of money laundering. His… Read More

Regtech ComplyAdvantage Addresses Payment Fraud with AI-powered Solution

Criminals have never had more avenues through which to defraud people, according to an update from ComplyAdvantage. This has been “fueled by the proliferation of technology ranging from instant messaging to new forms of remittance, like P2P and real-time payments.” That’s why ComplyAdvantage, a key… Read More

Cybersecurity: Kasada, Signifyd to Eliminate Digital Commerce Fraud without Disrupting User Experience

Kasada, provider of the most effective and easiest way to defend against advanced bot attacks, announced a strategic partnership with Signifyd, a specialist in eCommerce fraud and consumer abuse protection. As noted in the update: “As fraud rings continue to innovate, Signifyd and Kasada together… Read More

ThreatFabric, a Fraud Detection Solutions Provider, Finalizes €11.5M Seed Round

ThreatFabric, a provider of fraud detection solutions & intelligence for the financial services sector, has raised €11.5 million in a seed round “to expand its technical capabilities and support the company’s growth.” Specifically, the funds were secured “to increase ThreatFabric’s international expansion and extend its… Read More

Switzerland: Online Banking Platform Swissquote Selects NetGuardians to Enhance Fraud Mitigation

Swissquote, which claims to be among Switzerland’s leading online banks, has chosen NetGuardians in order “to enhance fraud mitigation and comply with the AML requirements.” The NetGuardians AI-based financial crime solutions will “monitor all transactions at the bank and on the digital finance app ‘Yuh’,… Read More

Crypto Fraud: SEC Files Charges Against Operators of “Dozens” of Websites Promoting Bogus Digital Asset offerings

The Securities and Exchange Commission (SEC) has filed charges against GA Investors as well as anonymous operators or “John Does 1-4” alleging fraudulent offerings of securities that includes crypto. The SEC said the bogus offerings were made available through “dozens of websites.” The SEC is… Read More

Financial Crime, Risk Management: Feedzai Launches Advanced AI, Additional Capabilities to Prevent Scams

Feedzai, a provider of financial crime and risk management solutions, today announced significant enhancements to its RiskOps Platform, “enabling banks to better protect their customers from a wide variety of financial scams.” These new Feedzai ScamPrevent capabilities “deliver detection, classification, and interception of the widest… Read More

CMFG Ventures Invests in DataVisor to Support Expansion into Credit Union Market

CMFG Ventures, the venture capital arm of CUNA Mutual Group, has announced a strategic investment in DataVisor, a global firm focused on online fraud detection and risk management for financial services and ecommerce, as they expand their services into the credit union market. Credit unions… Read More

Tide Tells UK Government to do Better Job of Fighting Fraud

Tide has distributed a statement calling for a more aggressive approach to dealing with fraud. Tide is a neobank for small businesses providing accounts in partnership with ClearBank. The company reports having over 500,000 UK SMEs as customers. Tide is asking the UK government to… Read More

Digital Identity: Socure, an ID Verification and Fraud Solutions Provider, Releases Guidelines for CIOs, CTOs

Socure, the provider of digital identity (ID) verification and fraud solutions, released a guide for state and local Chief Information Officers (CIOs), Chief Technology Officers (CTOs), and Chief Information Security Officers (CISOs) “to establish effective digital ID programs for their constituents.” During the pandemic, the… Read More

Moonsense Introduces User Behavior, Network Intelligence Solution to “Future-Proof” Fraud Prevention

Fraud prevention firm Moonsense announced they have raised $4.2 million in seed funding and the general availability of its user behavioral and network intelligence solution to help organizations future-proof their fraud detection and prevention. Moonsense’s new approach “allows companies to better customize fraud management based… Read More

Equifax Introduces Kount Essentials Application for SMBs on the Shopify App Store

Equifax (NYSE: EFX) is introducing a new Kount Essentials fraud detection and prevention application on the Shopify App Store. Specifically designed to address the fraud challenges faced by the platform’s millions of small business merchants, this enhanced technology is easy “to implement and customize for businesses… Read More

SMB Lending Fraud on the Rise, LexisNexis Risk Solutions Report Claims

LexisNexis Risk Solutions released its latest Small and Midsize Business (SMB) Lending Fraud Study. Based on a survey of lenders, SMB lending fraud “has increased significantly during the past 12 months, with many smaller banks, credit unions and fintechs expecting fraud levels to worsen over… Read More

Experian Introduces AI Fraud Solution to Combat Fraudulent Activities, Boost Revenue

Experian – which claims to be one of the world’s leading global information services companies – has launched Aidrian, a new cloud-based fraud solution “powered by adaptive Machine Learning, which enables businesses to prevent fraud without impacting the customer experience.” Experian’s latest research “shows fraud… Read More

Financial Crime Prevention Firm SEON Releases Cybercrime, Online Threats, Cybersecurity Report

Financial crime prevention professionals at SEON have released their latest ‘Global Cybercrime Report’, which highlights the varying dangers associated “with cyber threats around the world.” The insightful report “combines data from three major cybersecurity authorities; National Cyber Security Index, the Global Cybersecurity Index, and the… Read More

CFTC Pursues Bogus Entities Claiming to be Registered with the Commission

The Commodity Futures Trading Commission today announced it has filed charges against 14 entities for fraudulently claiming to be registered with the CFTC as futures commission merchants (FCM) and retail foreign exchange dealers (RFED). The bogus platforms claimed to be located in the United Kingdom,… Read More

Financial Risk Management Platform Feedzai Reports that Majority of Consumers have Been a Victim of Financial Crime

Feedzai, which claims to be the world’s first RiskOps platform for financial risk management, has released its latest report – The Human Impact of Fraud and Financial Crime on Customer Trust in Banks. The report, “based on research of 4,000 consumers in the UK and… Read More

Send this to a friend