Tagged: online fraud

October 29, 2023 @ 11:02 pm By Michael Wong  |  

Sumsub, a full-cycle verification platform, unveiled its “State of Verification and Monitoring in the Crypto Industry 2023” report, shedding light on the pressing issue of new fraud patterns and schemes in the cryptocurrency sector. With a staggering 77% of crypto companies reporting an encounter with… Read More

June 6, 2023 @ 11:59 am By Omar Faridi  |  

Online fraud and financial crime prevention platform SEON has released its latest ‘Global Banking Fraud Index’, which analyzes “the cost of fraud to banks and other financial institutions around the world in 2023.” Notably, the new review by SEON highlights the following: The value of… Read More

May 10, 2023 @ 12:22 pm By Omar Faridi  |  

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

September 25, 2022 @ 2:35 pm By Omar Faridi  |  

Account takeover fraud is an alarmingly common type of online crime, which can “affect businesses and individuals alike,” according to an update from SEON. This form of attack tends “to occur when a fraudster poses as an established, genuine client of a business, or as… Read More

May 4, 2022 @ 11:35 pm By Omar Faridi  |  

Early Warning Services, LLC, announces Verify Identity, a synthetic identity fraud detection solution “for qualifying financial services organizations (FSOs), mobile network providers, corporations and government entities.” This new technology service combines predictive scoring with rules-based solutions “to determine the likelihood that a prospective customer is… Read More

April 19, 2022 @ 8:30 am By Omar Faridi  |  

Seon, a startup that’s focused on assisting Fintechs like Revolut with addressing online fraud, has secured $94 million in capital, in order to implement various tools for preventing sanctions evasion by Russia. The London-headquartered firm secured the funding via an investment round that was led… Read More

December 21, 2021 @ 4:29 pm By Omar Faridi  |  

We recently connected with Hubert Rachwalski, CEO at Nethone, a company focused on a “Know Your Users” strategy to resolve fraud, so clients are able to gain more loyal customers while rejecting only fraudsters. Hubert talked about how cybercriminals are attempting to exploit online platforms… Read More

November 16, 2021 @ 11:06 pm By Tony Zerucha  |  

A combination of a re-opening society and technical sophistication has online fraud poised to increase 60 per cent this season, new data from fraud deterrence platform Arkose Labs suggests. Industry watchers should be prepared for increased online fraud threats during the holidays such as rising… Read More

September 14, 2021 @ 10:40 am By Omar Faridi  |  

The Coronavirus crisis has led to an international surge in digital commerce sales and online or all-digital businesses, as nationwide lockdowns have forced customers to engage with e-commerce platforms. As consumers continue to use digital commerce platforms and make cashless payments with virtual cards and… Read More

July 25, 2021 @ 10:43 am By Omar Faridi  |  

In a keynote speech that focused on fraud and financial crime at a conference in Asia, Carmen Chu, Executive Director (Enforcement and AML), Hong Kong Monetary Authority, discussed anti-money laundering and financial crime risk issues and the ability of authorities to address these problems. While… Read More

July 8, 2021 @ 2:52 am By Omar Faridi  |  

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

June 10, 2021 @ 6:59 am By Omar Faridi  |  

Worldline (Euronext: WLN), the European leader in payments and transactional services firm, has teamed up with Microsoft (NASDAQ: MSFT) in order to integrate Dynamics 365 Fraud Protection into Worldline’s digital commerce payments solution. Online fraud has increased considerably during the COVID-19 crisis and resulting economic… Read More

June 8, 2021 @ 10:17 pm By Omar Faridi  |  

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

May 5, 2021 @ 10:47 pm By Omar Faridi  |  

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

April 25, 2021 @ 11:30 pm By Omar Faridi  |  

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

October 22, 2020 @ 11:32 pm By Omar Faridi  |  

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

October 4, 2020 @ 1:55 pm By Omar Faridi  |  

Bank of America or BoA (NYSE: BAC), one of the largest US banks in terms of total assets and scope of operations, has noted that the month of October is Cybersecurity Awareness Month. The BoA, which recently reported that around 97% of its transactions are… Read More