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The Consumer Financial Protection Bureau and the EU have initiated a dialogue on consumer finance, addressing Big Tech, digital payments, and AI.
financial services, artificial intelligence, bigtech, digital payments
As businesses undergo digital transformation, the need for robust KYB processes has never been more stringent. Understanding and verifying the identity of businesses is not just a regulatory requirement but a strategic imperative.
KYB, KYC, digital onboarding, fraud prevention, AML, merchants, UBOs, data privacy
Philippines has planned to block the Binance exchange by June 2024, giving time for investors to close their positions held via the exchange.
cryptocurrency exchange, regulation, AML, compliance, trading platform
Global management consulting firm Bain & Company has acquired European provider of artificial intelligence (AI) solutions PiperLab.
acquisition, artificial intelligence, machine learning, data analytics
Capital One has announced its acquisition of US-based credit card issuer Discover Financial Services in an all-stock transaction valued at USD 35.3 billion.
acquisition, payments , online payments, mobile payments, digital payments, ecommerce
The cost of chargebacks has been on the rise for years. A new study published by Chargebacks911 and the Strawhacker group provides a sobering look at the scale of the problem, while Monica Eaton, CEO and Founder of Chargebacks911, dives deeper into the pressing matter of chargebacks.
chargebacks, friendly fraud, fraud management, fraud detection, fraud prevention, online fraud, credit card, credit card fraud, merchant, checkout optimisation , customer experience, first-party misuse
Crypto lender Celsius has announced it will distribute USD 3 billion in crypto to its creditor as the company’s bankruptcy is officially closed.
cryptocurrency, lending, mining, Bitcoin, PayPal
Canada-based TD Bank has received a significant monetary penalty for faulty anti-money laundering controls after an examination by the financial crime institutions.
penalty, money laundering, financial crime, financial sanctions, financial institutions
The Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have announced charges against a HyperFund cryptocurrency fraud scheme.
cryptocurrency, investment, crypto asset, digital currency
Toby Evans, Head of Economic Crime at AusPayNet, discusses how private-public collaboration and adopting a toolbox approach can prevent fraud globally.
fraud detection, fraud management, online fraud, Card-not-present fraud, fraud prevention, ecommerce, APP fraud, online payments, payments , real-time payments, digital payments, CBDC, digital currency, generative AI, scam, cybercrime, money laundering, CNP fraud, data sharing
As ecommerce continues showing a substantial increase, identity theft become more recurrent too. Steve Pannifer, CEO at Consult Hyperion, tackles the hot topic of identity fraud and militates for the use of digital IDs to prevent it.
fraud detection, online fraud, fraud management, identity fraud, fraud prevention, identity theft, identity verification, digital identity, regulation, PSP, APP fraud, authorisation rate, synthetic identity
US-based financial services company Morgan Stanley has agreed to pay USD 249.4 million in order to end the years-long block trading probe.
fraud management, fraud detection, online fraud, fraud prevention, compliance, regulation
The Google Play Store in India has removed the Binance and OKX cryptocurrency exchange apps following a noncompliance notice issued by the government.
compliance, cryptocurrency exchange, cryptocurrency, regulation
The CJEU has issued a new set of rulings in order to simplify the manner in which data protection supervisory authorities of the EU member states sanction legal entities.
regulation, banking, online banking, digital banking, mobile banking, financial services, financial institutions
Cryptocurrency exchange Binance has agreed to pay USD 4 billion to settle an investigation from the US Department of Justice.
AML, cryptocurrency exchange, compliance, regulation
The Brazilian Senate has reviewed a Complementary Bill (PLP) that aims to regulate the sharing of customer data among financial sector entities.
regulation, Open Finance, compliance, financial services
The Financial Action Task Force advanced numerous initiatives in order to strengthen global anti-money laundering, as well as counter-terrorist financial standards.
product upgrade, financial crime, fraud management, AML, fraud detection, fraud prevention, online fraud
PwC UK has announced a partnership with voice analytics technology provider Clearspeed for accurate, automated risk assessment at scale.
partnership, fraud detection, fraud prevention, risk management, data analytics, identity verification, identity fraud, cybersecurity, financial crime, artificial intelligence
Visa has released its Fall 2023 edition of Biannual Threats Report, which highlights emerging fraud schemes targeting the global economy.
fraud prevention, scam, cybercrime, cybersecurity, research, artificial intelligence
Switzerland has drafted new rules to tighten its money laundering regulations, holding lawyers and consultants accountable for reporting risks and improving oversight of legal entities.
fraud management, fraud detection, money laundering, fraud prevention, financial crime