Financial Crime/Fraud Prevention

Evaluating the business line of potential clients is a key part of Know Your Customer (KYC) procedures in commercial relationships. However, analysts often spend substantial time utilising search engines and other manual processes to establish a client's Line of Business. This allows them to assess the risk involved in onboarding records or transactions.

London-based ComplyAdvantage, a forerunner in financial crime intelligence, is stepping up the fight against payment fraud with the launch of its novel AI-powered solution, Fraud Detection.

Global bank ING and data analytics software company Quantexa have announced a strategic partnership.

Mastercard, a renowned multinational financial services corporation, is enhancing its fraud protection for eCommerce merchants by integrating Vesta Solutions, an industry leader in payment fraud protection, into Mastercard's Payment Gateway Services (MPGS).

ThreatFabric, a leading provider of fraud detection solutions and intelligence for the financial services sector, has successfully raised €11.5m in a seed round.

Alviere, a pioneering embedded finance platform provider, and Hawk AI, a leading anti-money laundering (AML) and fraud prevention tech provider for banking and payment companies, are teaming up.

DataVisor, a global pioneer in online fraud detection and financial services risk management, has secured strategic funding from CMFG Ventures, the venture capital subsidiary of CUNA Mutual Group.

It is easy for Ethereum and other smart contract network users to be overcome with excitement for the opportunities the technology provides that they are not aware how risky trading on-chain can be. OMNIA, a blockchain infrastructure provider to protect systems, has explored the risk of frontrunning. 

Amidst growing acknowledgment of AI's prowess in uncovering fraud and financial crime, there remains a gap between those financial institutions (FIs) recognising its potential and those implementing it.

BioCatch, the pioneer in behavioral biometrics intelligence and a global leader in digital fraud detection, has recently announced that Permira Growth Opportunities has acquired a significant minority stake in the company.