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736

Why N26 Is Keeping Fraud Top Of Mind In The US Market

via PYMNTS

Meeting a consumer’s banking needs requires FIs to think locally — but when it comes to fighting fraud, it pays to think globally. That’s why FIs need to stay ahead of fraud trends both domestically and internationally, says Nicolas Kopp, U.S. CEO for German challenger bank N26. In the latest Digital Fraud Tracker, Kopp discusses how N26 is using customer data from 24 countries to better protect users against fraud attacks as it enters the U.S. market. (more…)

AI / Machine Learning / Big Data, Banks, Security

July 26, 2019

1507

SmartSearch pioneers first online AML business credit checks

via FinTech Futures

SmartSearch says it is currently the only organisation in the UK with the ability to verify individuals and companies in the UK and internationally, all in a single platform via a browser or API, with full sanction, politically exposed persons (PEP) and adverse media screening and then ongoing monitoring. (more…)

AI / Machine Learning / Big Data, Open Source/ API, Security

July 3, 2019

1231

N26 to open security-focused tech centre in Vienna

via Finextra

N26 is opening a technology and innovation centre in Vienna that will focus on using AI to detect fraudulent transactions – which have reportedly been a problem for the digital bank, prompting a probe by German regulators. (more…)

AI / Machine Learning / Big Data, Banks, Mobile-first banks, Security

April 23, 2019

872

3 in 4 APAC Banks Believe Fraud Will Increase This Year

via Fintechnews Singapore

Almost three in four banks in Asia Pacific anticipate that fraud in their country will increase in 2019, according to a recent poll by FICO.

Two of the main areas of concern are card-not-present fraud and application fraud. Card-not-present payments are concerns are fueled largely by the fact that over 50% global online retail sales came from Asia Pacific in 2018.

Dan McConaghy, President of FICO in Asia Pacific shared that it is precisely due to such reasons that banks need to use AI and machine learning to combat the increased fraud risk. (more…)

AI / Machine Learning / Big Data, Banks, InspirAsia, Security

April 16, 2019

803

How Artificial intelligence can usher a new wave of Identity Verification services?

via MarkTechPost

Artificial Intelligence is considered the next big thing when it comes to tech products and trends that will lead humanity to the next global revolution. But, apart from the ability of Facebook to determine the face of your friends in an uploaded image and incorporation of AI to suggest search engine results on Google, there is still to be seen a real-life application of Artificial Intelligence that can benefit individuals and businesses alike and we think there is no better contender for this, except for Identity Verification services. They cannot only deter online frauds and scams, but they can play a pivotal role in making payment frauds a thing of the past if used with appropriate intelligence. (more…)

AI / Machine Learning / Big Data, Security

April 5, 2019

757

For South Africa’s first challenger bank, conversational AI isn’t just a nice-to-have

via Tearsheet

South Africa’s TymeBank has launched Max, an AI-powered conversational assistant designed to help consumers learn about personal finance.

For South Africa’s first challenger bank, conversational AI is an important piece of its product roadmap. (more…)

AI / Machine Learning / Big Data, Banks, Fintech news

April 2, 2019

1071

NatWest trials money management app

via Finextra

UK bank NatWest is trialling a standalone personal finance app that uses AI, data analytics and Open Banking APIs to help customers better manage their money.

The app, called Mimo, will help customers budget, remind them of the financial tasks they need to do and provide proactive and personal insights into their money, looking at their bills or day-to-day spending, as well as insurance, subscriptions and utilities before offering tips on the best deals on the market.

(more…)

Banks, Mobile-first banks, Open Source/ API, PFM/PFP services

April 1, 2019

2044

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

2034

What the AI behind Alphango can teach us about being human

By Cade Metz for the Wired

AJA HUANG DIPS his hand into a wooden bowl of polished black stones and, without looking, thumbs one between his middle and index finger. Peering through wire-rim glasses, he places the black stone on the board, in a mostly empty zone, just below and to the left of a single white stone. In Go parlance it is a “shoulder hit,” in from the side, far away from most of the game’s other action. (more…)

Fintech news, Global trends

May 18, 2016

2685

AI, Blockchain-Based Startups Selected For BNP Paribas’ FinTech Accelerator

By Econotimes,

BNP Paribas, a leading bank in Europe, has announced the names of eight startup companies that have been selected for its FinTech accelerator programme, run by the tech innovation specialist L’Atelier BNP Paribas. These startups are from diverse background that includes blockchain, artificial intelligence, insurance and more. (more…)

Blockchain, Cryptocurrencies, Fintech news, Global trends

March 30, 2016