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320

Is Privacy Under Threat From All The Know-Your-Customer Documents Stored With Countless Services?

via Forbes

European anti-money laundering legislation means customers and businesses are required to provide potentially sensitive documentation to prove their identities. But how safe are the methods of sharing and storing those documents? Are these attempts to strengthen security creating security and privacy risks of their own?

Right now, we’re stuck with a system that forces customers to duplicate key processes, and means sensitive personal documents are stored in multiple locations with multiple services. That’s a poor experience for customers. More seriously, it greatly increases the risk of data breaches. Recent years have proved – with increasing frequency – just how urgent those risks are. (more…)

Blockchain, Global trends, Security

March 4, 2019

1926

Onfido, which verifies IDs using AI, nabs $50M from SoftBank, Salesforce, Microsoft and more

via TechCrunch

Security breaches, where malicious hackers obtain snippets of information that then get used to impersonate individuals in order to gain access to individuals’ and businesses’ sensitive financial and other private information, have become par for the course in the world of digital services. More than 2.7 billion records were  breached in a single incident this year in the US, and overall the damage from incidents like these potentially runs into the trillions of dollars globally.

Today, a startup called Onfido, which uses AI techniques combined with human verifiers to efficiently verify people are who they say they are when using digital services — is today announcing $50 million in funding to help address that ongoing — and growing — problem. (more…)

AI / Machine Learning / Big Data, Security

March 4, 2019

805

Socure raises $30 million to combat identity fraud with machine learning

via VentureBeat

Identity fraud: It’s more common than you think. In 2017, 6.64 percent of consumers — or about 16.7 million people — fell victim to it, according to a report by research firm Javelin Strategy. (That’s up 1 million from 2016.) And in 2018 alone, over 2.6 billion records were stolen or exposed in more than 1,100 data breaches around the world.

That’s enough to give anyone the willies, but New York-based Socure hopes to put minds at ease with its cloud-based identity verification and fraud prevention solution. To accelerate its market expansion and grow its sales, marketing, research, and customer support teams, the startup has completed a $30 million series C funding round led by Scale Venture Partners, with participation from contributors Commerce Ventures, Flint Capital, Two Sigma Ventures, Synchrony, along with new investor Sorenson Capital.

(more…)

Fintech news, Security

February 28, 2019

390

Dow Jones’ watchlist of 2.4 million high-risk individuals has leaked

via TechCrunch

A watchlist of risky individuals and corporate entities owned by Dow Jones has been exposed, after a company with access to the database left it on a server without a password.

Bob Diachenko, an independent security researcher, found the Amazon Web Services-hosted Elasticsearch database exposing more than 2.4 million records of individuals or business entities.

The data, since secured, is the financial giant’s Watchlist database, which companies use as part of their risk and compliance efforts. Other financial companies, like Thomson Reuters, have their own databases of high-risk clients, politically exposed persons and terrorists — but have also been exposed over the years through separate security lapses. (more…)

news, Security

February 25, 2019

Nordea to use biometrics to protect customer data assets

Nordea is implementing biometric authentication from Veridium for employees handling confidential customer data. (more…)

Banks, Security

February 8, 2018

MarketInvoice Reports Record Invoice Demand During Q3: Proud to Support UK Businesses

By MarketInvoice

Business finance company MarketInvoice observed record quarterly demand for invoice finance from UK businesses in Q3 2017. £196.2m worth of invoices were funded in the quarter, of which £74.1m was funded in August alone – a record month for MarketInvoice, providing UK businesses with critical working capital. (more…)

Fintech news, Global trends, Hotnews, Security

October 11, 2017

4361

Singapore is on the way to blockchain-based digital KYC

Igor Pesin, Life.SREDA VC

In “Identity is the New Money”, Dave Birch, a founding director of the specialist consultancy Consult Hyperion, lays out the extraordinary change in how we think about both identity and money that new technologies — especially mobile phones — are making possible. “We need intermediaries to manage, and money is one of them. If, however, technology gives us back that shared memory, then we don’t need intermediaries to enable transactions. It becomes what some people call a “reputation economy”.” And this reputation can be broken if we can’t create new tech advanced solutions to keep our personal data really safe. (more…)

Hotnews, Influences FinTech, Security

October 5, 2017

3268

Solving the Most Painful Fintech Problem

The Inconspicuous Great Pain of Fintechs and Their Clients: How to Solve It?

According to the Money of the Future research, fintech has been the No. 1 of all venture capital industries for the second year in terms of attracted capital, especially in Asia. However, most of these companies each time face the same problem – KYC and quick customer “landing” during registration.  (more…)

Blockchain, Global trends, Hotnews, Security

September 22, 2017

KBC Bank Ireland introduces app-based account opening

By KBC bank

KBC Bank Ireland, Ireland’s digital-first bank, has launched a ground-breaking new mobile app for new customers. KBC’s app is the first of its kind, and works by allowing customers to open, activate and use their bank account at any time, within just five minutes. (more…)

Banks, Hotnews, Security

September 8, 2017

1398

Will words and gestures replace plastic cards and cash?

The man who invented an early form of text messaging for fixed line networks while working at BT believes that in the future people will use words and gestures to pay for transactions, ditching payment cards altogether. (more…)

Global trends, Hotnews, Security

June 15, 2017

1661

Trulioo Launches ID Document Verification With Facial Comparison Technology

By LTP

rulioo and Mitek join forces to offer a comprehensive global identity verification solution for fraud prevention and AML/KYC compliance (more…)

Fintech news, Global trends, RegTech, Security

May 16, 2017

1800

Credit Karma now helps users find unclaimed cash

by  for Techcrunch.com

Since being founded a decade ago, Credit Karma has worked to help users better understand their credit scores and improve their financial health. Today the company is launching a new product that helps find unclaimed money they might not even have known was owed to them. (more…)

Deals, Fintech news, Hotnews, RegTech, Security

May 15, 2017

1567

Rabobank and Signicat launch Digital Identity Service Provider

Rabobank and Signicat are entering the Dutch identity market together by providing digital services to businesses, supporting them in servicing their clients. (more…)

Banks, Fintech news, Hotnews, Security

May 15, 2017

1731

BNP Paribas Fortis adheres to PSD2now with The Glue

By The Glue

Today, The Glue, a leading provider of next generation infrastructure solutions for financial institutions, launches PSD2now, designed to support the Payment Services Directive 2 (PSD2). (more…)

Banks, RegTech, Security

May 9, 2017

1790

Biometric Mobile Payments Set To Explode In 2017

Mobile payments using biometrics to authenticate the user is forecasted to reach close to $2 billion in 2017, up from $600 million last year, according to new data from Juniper Research. (more…)

Bots, Global trends, Hotnews, Mobile payments/banking, Security

May 9, 2017

1353

MarketInvoice joins UK FinTech Financial Crime Exchange

MarketInvoice, the world’s largest peer-to-peer online invoice finance marketplace, has joined the UK FinTech Financial Crime Exchange (FFE), a joint initiative by think tank RUSI and risk consultancy FINTRAIL, launched today. (more…)

Analytics, Fintech news, Global trends, Security

May 4, 2017

1683

Goldman Sachs Celebrates First Retail Year and Its Online Deposit Platform

By PYMNTS

After a full year in service, Goldman Sachs Bank USA is celebrating its first full year in retail and its online deposit platform’s success. (more…)

Banks, Global trends, p2p-payments, Security

May 2, 2017

1208

Odeabank’s mobile security challenge

Turkey’s Odeabank achieved all-round security for its mobile banking apps by using Vasco’s Digipass for Apps software development kit. (more…)

Banks, Security

May 1, 2017

1872

Digital Identity for the Digital Ecosystem

By LTP Identity garners a lot of attention, particularly in financial services. LTP continues to follow identity trends around the world, ask questions, and help you keep a pulse on what’s happening. We’re very excited to be knowledge partners of the K(NO)W Identity Conference and hope to see you in Washington DC on May 15th. (more…)

Hotnews, InspirAsia, Security

April 12, 2017

1319

UK financial fraud data for 2016 published

By Financial Fraud Action

Financial fraud losses across payment cards, remote banking and cheques totalled £768.8 million in 2016, an increase of 2 per cent on the previous year, figures from Financial Fraud Action UK show. (more…)

Government activities, Security

March 30, 2017

1219

YC alumnus Smyte raises $4 million to counter online attacks

By  for Venture Beat

Smythe, which provides software to stop scams, fraudulent activities, and compromised accounts from disrupting the web, has secured an additional $4 million in funding. (more…)

Deals, InspirAsia, Security

March 28, 2017

1713

Banks and Tech Firms Battle Over Something Akin to Gold: Your Data

By Nathaniel Popper for CNBC,

The big banks and Silicon Valley are waging an escalating battle over your personal financial data, including the amount you spent on dinner last week and how much you are paying for your mortgage. (more…)

Banks, Hotnews, Security

March 24, 2017

Cybersecurity Focused VC Firm Trident Capital Cybersecurity Closes First Fund, at $300M

By FinSMEs

San Mateo, CA-based cybersecurity focused venture capital firm Trident Capital Cybersecurity (TCC) closed its first fund, at $300m. (more…)

Deals, Security

February 9, 2017

1485

How fintech could (one day) solve problem underlying Trump travel ban

By Penny Crosman for American Banker

The Trump administration’s temporary ban on travelers from certain countries is a dramatic illustration of a longstanding, global problem with no simple solutions, one that financial institutions tackle every day: verifying identities.

(more…)

Blockchain, Government activities, RegTech, Security

February 1, 2017

1975

How this blockchain startup plans to tackle restrictions on your e-books and music

By  for TechInAsia

Imagine buying a book from a bookstore and bringing it home. You scribble notes in the margins as you read, and dog-ear the pages you love. You lend it freely to friends. It is yours. (more…)

Blockchain, Deals, Fintech news, Security, Taiwan

January 29, 2017

6531

Singapore’s FinTech Industry Is on the Way to Global Leadership

By Elena Mesropyan for LTP

“Singapore has established an enviable position as a leading Asian financial technology center with an exciting innovation ecosystem, a great talent pool and fantastic infrastructure. It also boasts a business-friendly environment so it was therefore an obvious winner when considering locations for new headquarters for our global operations,” said, Yoshio Tomiie, Head of Commerce at Senjō Group, a privately held investment firm, at the unveiling of the company’s new global HQ in Singapore. (more…)

AI / Machine Learning / Big Data, Blockchain, Crowdfunding/investing, Cryptocurrencies, Financial Markets / Trading, Fintech news, Hotnews, Insurance, Mobile payments/banking, p2p/online lending, Payment processors/providers/gateways, RegTech, Remittances, Security, Singapore

January 26, 2017

2006

Monero, the Drug Dealer’s Cryptocurrency of Choice, Is on Fire

By  for Wired

FOR THE CRYPTOCURRENCY community, 2016 was a very good year. Bitcoin doubled in price. The far-out Bitcoin alternative Ethereum shot up by a factor of 10. But another, once-obscure cryptocurrency called Monero outpaced all of them, multiplying its value around 27-fold. (more…)

About, Cryptocurrencies, Fintech news, Security

January 25, 2017

2199

Are the Capabilities of Smart Contracts Overblown?

By Milos Dunjic for LTP

Smart contracts are discrete computer program units, which are deployed inside blockchain network nodes. Once they are ready for deployment, the one-way hash value of the code is calculated and digitally signed. (more…)

About, Blockchain, Security

January 25, 2017

2377

Chinese fintech startup Wecash makes foray into Indonesia through joint venture

By Kevin McSpadden for e27

The goal is to be a go-to place for SME loans as Indonesia’s middle class continues to boom. (more…)

China, Credit scoring, Fintech news, Indonesia, p2p/online lending, Security

January 23, 2017

2292

Blackstone’s Jay Leek joins Florida VC firm to manage $300 million security fund

By  for Venturebeat

Rumors have been spreading lately about where Jay Leek, former managing director and chief information security officer (CISO) at Blackstone, will be heading next. His pick? ClearSky, an under-the-radar venture capital firm based in Palm Beach, Florida, where he will be managing a $300 million fund dedicated to cybersecurity. (more…)

Fintech news, People of fintech, Security

January 22, 2017