Latest opinions that Iain Swaine has shared on Finextra

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Iain Swaine

Director EMEA, Global Advisory

BioCatch

Member since

12 May 2022

Location

London

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Iain's opinions

Is there a scam artist hiding in your pocket? The rise of smartphone fraud (and how to prevent it)

Over the last decade, our smartphones have evolved from technological tools to personal companions, fusing themselves into our palms, resting by our heads while we sleep, and – more or less – never straying more than an arm’s length from our person. We tell them most of our secrets, conducting personal conversations over text message, Googling our ...

16 May 2024 /security /crime Fintech

AI’s Impact on Digital Fraud and Financial Crime

Nearly 70% of the 600 fraud-management, anti-money laundering, and risk and compliance officials surveyed in BioCatch's first-ever AI-focused fraud and financial crime report say criminals are more adept at using artificial intelligence to commit financial crime than banks are at using the technology to stop it. Equally concerning, around half of ...

25 April 2024 /regulation /crime Artificial Intelligence and Financial Services

BioCatch: Comprehensive Analysis of Banking-Fraud and Financial-Crime Trends in Europe

In a recent BioCatch report, findings showed bad actors targeting the region continue to innovate, bombarding European financial institutions with a medley of bank-impersonation, purchase, romance, investment, and other scams. BioCatch also warns of more attacks employing artificial intelligence (AI) to target victims in their native languages. “...

08 April 2024 /security /crime Banking

Most Surprising Fraud Scams and What to Expect in 2024

Fraudsters are fickle. What’s new is old in the world of cybercrime, with fraudsters often just repackaging up an old attack with a new bow. But it is for this very reason that it is so difficult to predict the next move they’ll make. Recently, we reached out to a team of industry experts and practitioners to get their perspective on one question...

08 January 2024 /payments /crime Banking

Five Factors Fueling the Global Scampocalypse

It seems everywhere today, people are talking about being in the midst of a global epidemic of digital scams targeting victims from all directions. But I’ve noticed that no one is providing an explanation as to why scams – which are usually nothing more than a technology enabled version of an old-fashioned confidence scam (or grift) – have become ...

20 November 2023

Cracking Down on Scams: UK Government Taking Action

The UK government launched a three-pronged strategy for combating and eliminating financial scams in the UK in May 2023, under the direction of UK Home Secretary. There are three pillars: 1. Pursue fraudsters, 2. Block fraud, 3. Empower people. The lengthy 66-page report outlines the ambitions and goals of the new fraud strategy, broadening the s...

26 July 2023 /regulation /crime

No Caller ID: Stopping the onslaught of fraud text messages and phone calls

Financial institutions everywhere are still wrangling with the issues of vishing and smishing, the identifiable code words for scam phone calls and text messages. According to the Crime Survey for England and Wales (CSEW), there were an estimated 4.5 million fraud offences in the Telephone-operated Crime Survey year ending March 2022, a 25% increa...

17 April 2023 /identity /crime Financial Services Regulation

A new era of consumer protection: the proposed regulation that has UK banks on alert

Iain Swaine, Global Advisory Director EMEA, BioCatch and Katie McKenzie, Engagement Manager EMEA, BioCatch The financial industry is preparing itself for a surge in Authorised Push Payment (APP) scam reimbursements. Why? Because the statistics speak for themselves. In the UK alone, APP scams cost consumers close to £250 million in the first half of...

04 April 2023 /regulation /crime Artificial Intelligence and Financial Services

You’ve Been Phished! But What Happens Next?

Phishing is the oldest weapon in a fraudster’s war chest and still serves as the most common form of cyber-attack around. Phishing attacks reached a record high in 2022, according to the Anti-Phishing Working Group, with banks continuing to be the number one target. What has become known to many consumers is how to spot most phishing emails when ...

22 February 2023 /identity /crime Artificial Intelligence and Financial Services

FinTechs: How to improve user satisfaction and fraud prevention

Any company built on user numbers should learn from the Twitter vs. Elon Musk controversy - quantity does not guarantee quality. In order to become profitable, strong, and able to withstand the current economic storm, banks and FinTechs must now shift from a growth-focused strategy to one that caters to the needs of its key demographics and encour...

21 September 2022