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Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

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 ...

/regulation /crime Artificial Intelligence and Financial Services

Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

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...

/payments /crime Banking

Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

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 ...

Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

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...

/regulation /crime

Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

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...

/identity /crime Financial Services Regulation

Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

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...

/regulation /crime Artificial Intelligence and Financial Services

Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

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 ...

/identity /crime Artificial Intelligence and Financial Services

Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

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...

Iain Swaine

Iain Swaine Director EMEA, Global Advisory at BioCatch

Social engineering in the Financial Sector: Humans remain the Weakest Link in the Security Chain

Each year, the risk of being a victim of cybercrime grows. In the first half of 2021 in the UK, criminals stole a total of £753.9 million through fraud, an increase of over a quarter (30 per cent) compared to the first half 2020. Criminals are increasingly targeting banks and other financial organisations with social engineering fraud. Here, cyb...

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