Financial Crime/Fraud Prevention

Munich-based identity proofing and digital identity provider IDnow has received a €60m debt facility.

More than one in ten people in the UK (12.1%) have been the victim of payments fraud in the last four years, according to new research from global payments company ACI Worldwide.

The CEO of Titanium Blockchain Infrastructure Services (TBIS), Michael Alan Stollery, has pleaded guilty for his role in a cryptocurrency fraud scheme.

For as long as insurance has been around, criminals have been committing insurance fraud. With increasingly sophisticated fraud activity, insurers are turning to artificial intelligence and machine learning. However, they must develop standards to prevent unfair discrimination and remove any bias in these technologies.

Last year saw a 109% increase in identity fraud cases, according to a new report from payment intelligence company Fraugster.

The Consumer Financial Protection Bureau (CFPB) has fined Bank of America $100m for allegedly botching the disbursement of state unemployment benefits at the height of the pandemic.

SymphonyAI, a leader in enterprise AI SaaS for strategic industries, is set to acquire financial crime detection firm NetReveal from BAE Systems.

Financial crime prevention firm Resistant AI has deployed technology into Netherlands-based B2B FinTech FINOM to bolster AML measures.

Australians lost a record amount of over $2bn to scams in 2021, according to the annual report from the Australian Competition & Consumer Commission (ACCC).

Global online payment fraud losses are expected to exceed $343bn over the next five years, according to Juniper Research.