Greg Woolf CEO at Fiverity
Technology has a vital role to play as financial institutions fight back against fraudulent activity, which continues to grow—Alloy's Annual State of Fraud Benchmark Report, 91% of respondents said that fraud rates have increased at their organization year-over-year. While solutions are available that help identify fraud, many lack visibility in...
13 September 2023 /regulation /crime Exposing Financial Crime
The emergence of artificial intelligence (AI) has given rise to a troubling new type of fraud that is extending digital impersonation beyond just dating platforms and reality TV and into the financial realm. Right now, fraudsters are increasingly using tools such as ChatGPT and Generative AI to create deep-fake personas, which they use to deceive ...
07 August 2023 /security /crime Transaction Fraud Systems and Analysis
When harnessed correctly, collaboration is an extremely powerful tool. It drives innovation, increases chances of success, improves communication...the list goes on. But did you know that collaboration is also the financial services industry’s best line of defense when it comes to meeting one of its greatest challenges – detecting digital fraud? ...
20 July 2022 /security /crime Data sharing
While the massive financial cost of digital fraud is broadly understood – AFCE estimates that 5% of revenue across industries is lost to fraud – there’s less awareness regarding how this theft funds criminal activity worldwide. The Digital Fraud and Organized Crime Connection The fact that only 5-15% of synthetic loan applications are caught by leg...
09 March 2022 /security /crime Fintech
By combining fraudulent theft with cyber tactics, Synthetic Identity Fraud (SIF) has emerged as the fastest-growing financial crime. How big is the problem? Based on insights from our Cyber Fraud Network, FiVerity estimates losses among U.S. banks grew to $20 billion last year. A key factor in SIF’s growth is its ability to evade traditional fraud...
03 November 2021 /security /crime Exposing Financial Crime
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.