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fraud prevention
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1624

AML/KYC’s Data Confidence Crisis

via PYMNTS

The last thing anyone wants to hear from a financial organization is that the people tasked with risk management are feeling less than confident about their ability to do the job — because they aren’t sure if their data is good. If the risk experts aren’t feeling confident, it is difficult to know how anyone else in an organization will.

However, in flipping through the latest edition of the PYMNTS AML/KYC Tracker, a collaboration with Trulioo, there is a lot of data to suggest that this is the situation in many organizations.

About 29 percent of banks have not implemented know your customer (KYC) tools or external data providers across the customer life cycle. In addition, 69 percent of crypto exchanges lack “complete and transparent” KYC and customer due diligence processes, and 71 percent of trade providers have cited compliance limitations and inadequate KYC practices as key factors in driving trade finance rejection rates. Perhaps most worryingly, 63 percent of anti-money laundering (AML) compliance professionals said they lack confidence in their data. (more…)

Banks, Security

June 20, 2019

1230

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

869

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

1608

Grab opens anti-fraud toolkit for partners

via Tech in Asia

Grab announced today that it will open its internally developed fraud-prevention technology to third parties, enabling its strategic partners and others to combat online fraud.

Named Grab Defense, the suite of tools and APIs is built around the app’s treasure trove of data and its experience in tackling ride-hailing fraud. (more…)

Fintech news, Indonesia, InspirAsia, Security

March 13, 2019

935

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