2023 Mobile Banking Heists Report
29 malware families targeting 1,800 mobile banking apps – an essential read for those at the forefront of combating threats on the mobile platform.
Financial Crime & Fraud
Digital ID verification firm Socure bolsters executive team with three new hires
Arun Kumar has joined from Luma Financial Technologies as the company’s new CTO.
Marsden Building Society taps Jade ThirdEye for AML tech
The firm will deploy Jade ThirdEye’s Transaction Monitoring and Customer Screening solution.
ICYMI fintech funding round-up: January, Spade, Keyless and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
How Europe’s PSPs are bracing for SEPA instant payments
The European Parliament approved final implementation deadlines for SEPA instant payments on 7 November.
Australian banks join forces to protect customers from scammers with new Scam-Safe Accord
The industry will also make an AUD 100 million investment towards a new confirmation of payee solution.
UK government publishes findings from the Future of Payments Review
Commissioned by the UK chancellor and launched in July this year, the report has been authored by Joe Garner.
Binance CEO exits after pleading guilty to money laundering charges
Binance has agreed to pay $4.3bn in “one of the largest corporate penalties in US history”.
ICYMI fintech funding round-up: Refine Intelligence, Apiture, Solvimon and more
Our weekly fintech round-up for you to get the latest funding news from around the world.
FinTech Futures: Top five stories of the week – 17 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Lynx raises £15m Series A funding to fight fraud and financial crime
Created 20 years ago, Lynx leverages AI and machine learning to detect and prevent financial crime.
FCA places embattled Metro Bank on financial crime watchlist as rescue deal continues
Its position on the watchlist was revealed last week via the release of a 217-page dossier outlining a rescue deal for the bank.
Saudi Awwal Bank taps Mastercard to fight financial crime with AI
The bank is adopting Mastercard’s transaction risk management technology to tackle payment fraud.
Global enforcement fines rise to $5.65bn in Q3 2023
The first two quarters of this year saw global enforcement fines amount to $1.5bn and $2.27bn, respectively.
Video: Socure at Money20/20 USA 2023 – Fighting first-party fraud
We chat with Socure’s Johnny Ayers about the launch of the company’s Sigma Identity Fraud solution.
FCA calls for “robust frameworks” to detect fraud and support victims
The regulator recently reviewed how firms tackle fraud and handle complaints from customers.
Video: Mastercard at Money20/20 USA 2023 – Fintech partnerships and sustainable growth models
We chat with Mastercard’s Tim Montgomery and Hania Faridi about the company’s approach to fintech partnerships.
Regtech Qomply hires former FCA regulator as director of transaction reporting
The company describes Sophia Fulugunya as “a front-line expert in transaction reporting”.
Banking Technology Magazine November 2023 issue out now
Cover story: PHOENIX RISING – How to breathe new life into digital transformation.
US fintech for older Americans, Charlie, secures $23m Series A
The funding round includes $16 million in equity and $7 million in debt.
BNP Paribas taps Lenvi to manage risk for factoring and receivables finance
BNP Paribas will deploy Lenvi’s Riskfactor product portfolio in eight countries across Europe.
JP Morgan Payments taps Trulioo for personal and business ID verification
JP Morgan Payments will leverage Trulioo’s person match and identity document verification services.
Al Rayan Bank goes live with Confirmation of Payee solution from obconnect
The PRA directed the bank last year to instate a CoP system by 31 October 2023.
US Federal Reserve Board slaps $14.5m fine on Metropolitan Commercial Bank
The Board alleges that the bank violated customer identification rules.
How the UK’s FCA is set to scrutinise banks’ treatment of PEPs with new review
Dr Henry Balani of Encompass Corporation discusses the impact of the review on the UK banking system.
Puerto Rico’s Arival Bank names Nishi Gupta as chief compliance officer and general counsel
Gupta joins Arival Bank from US-based consumer fintech company Eco, where he served as head of compliance.
Financial safety start-up Carefull secures $16.5m in Series A funding
Carefull’s tech helps banks and wealth advisors protect senior customers from financial fraud.
Video: DTCC at Sibos 2023 – Cybersecurity and the evolving threat landscape
We speak with Jason Harrell of DTCC about the emerging cyber threats financial institutions should be prepared for.
FCA’s new crypto marketing regime comes into force, regulator issues 146 alerts in first 24 hours
The regulator’s new rules for the promotion of cryptoassets went live on 8 October.
Lithuanian P2P lending platform Savy taps Amlyze for compliance solutions
Bendras finansavimas, the operator of Savy, is expected to utilise all of Amlyze’s core modules.
PSP NomadRem taps regtech iDenfy for ID verification and AML screening
The payment service provider is to deploy the regtech’s solutions to enhance its customer onboarding processes.
Kazakhstan fintech Freedom reportedly under investigation by SEC, DOJ
According to documents seen by CNBC, the SEC’s Boston office has been investigating Freedom for months.
American Express to pilot biometrics for online transactions
The biometrics have been developed by the FIDO Alliance and the World Wide Web Consortium.
AI: Will it help or hinder compliance?
AI can’t replicate human nuance nor can it fully comprehend the human motivations for committing fraud.
Visa taps US security operations provider Expel for MDR capabilities
Expel’s managed detection and response (MDR) solution claims to reduce alert-to-response times “to minutes”.
Lloyds Bank taps digital identity firm Yoti for “reusable” digital identity app
The launch comes seven months after Lloyds Banking Group made a £10 million investment in Yoti.
Revolut reportedly in talks with the UK’s FCA over AML failures
The fintech reportedly allowed funds to be released from accounts which were flagged as suspicious by the National Crime Agency (NCA).
GenAI: friend or foe in fraud risk management?
While tech advancements are made with the best intentions to improve our lives, criminals can also use it to their own benefit.
FinTech Futures: Top five stories of the week – 29 September 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
US Treasury Department enlists JP Morgan for account validation services
The department claims to have suffered $247 billion in financial losses last year due to “improper payments”.
