Arthur Legourd’s Post

SWIFT’s AI-Driven Fraud Defence: Strengthening Payment Security Across Borders. SWIFT announced last month that it is set to launch a new AI-powered fraud defence tool in January 2025 to tackle the growing sophistication of fraud in cross-border payments. SWIFT’s new technology, developed in collaboration with global banks, harnesses machine learning and extensive transaction data to identify and intercept suspicious activity in real time, significantly strengthening defences against increasingly sophisticated fraud tactics. This innovation marks a significant advancement in the global payments industry’s efforts to combat financial crime.  Learn more: https://lnkd.in/e6pWt3Bi #SWIFT #AI #fraud #frauddefence #financialcrime #cybersecurity #machinelearning #financialfraud #artificialintelligence

INDUSTRY NEWS: Financial fraud is exploding, fueled by cheap and easy generative AI tools TransUnion said in their report that Canada “experienced a significant increase in suspected digital fraud attempts in 2023” and that “Canadian-based fraud significantly outpaced the global rate with a 39% increase in 2023 from 3.6% in 2022.” The trend showed that synthetic identity fraud is usually attempted in the early stages of account signups, loan originations, and other onboarding and enrolment processes. One new evolving type of fraud is “pig butchering fraud” which combines online romance scams and investment scams with cryptocurrency. With generative AI continuously developing and outperforming counter-defensive measures, fraudsters are now easily weaponizing and getting better at committing crimes. What do we do to fight this off? ➡️ Deploy AI and behavioural analytics to distinguish real customers from synthetic ones ➡️ Work together to advance biometrics, verification, and authentication technologies ➡️ Perform real-time threat detection and AI-assisted biometric systems Like technology, people and organizations must learn about AI and adapt continuously! Codes or practices, risk management frameworks, and standards are important tools while governments determine their strategy and approach to regulations that enable innovation while protecting society. h/t Biometric Update #financialfraud #biometrics #generativeAI #authentication #verification #digitalidentity Other related sources: TransUnion 2024 State of Omnichannel Fraud Report https://lnkd.in/gVbtQ9bX https://lnkd.in/gJEDJ-Er

The Digital ID Bill has sparked hope and concern in Australia. While it's a commendable effort to address identity crime, it falls short of tackling the insidious threat head-on. Criminals continue to exploit vulnerabilities in our systems, leaving a trail of financial ruin in their wake. With the era of AI-generated fraud and deepfakes, fraudsters have found new weapons in their arsenal, amplifying the risks to unprecedented levels. However, there are solutions. Inclusive digital identity systems have the potential to bridge divides and empower marginalised communities. By dismantling barriers to access, these systems can pave the way for a more equitable society. But make no mistake - digital ID is not a cure-all for fraud and scams. It's merely a tool, a double-edged sword that must be wielded with caution. The true test lies in its adoption and implementation. Will Australians trust a government-issued digital ID? Only time will tell. #fintech #regtech #innovation #technology #ocrlabs #idverification #IDV #biometrics #ekyc #kyc #fraud #banking #IDVerse #GenerativeAI #FraudPrevention #AI #DigitalIDBill #MyGov

🔍 Fraud Trends 2024: What Financial Professionals Need to Know Fraud is evolving faster than ever, and staying ahead is essential for protecting your business and clients. Here are the top threats dominating 2024: 🧠 AI in Fraud Generative AI is being used to craft sophisticated phishing schemes, deepfakes, and automated fraud operations. 🔒 Synthetic Identity Fraud Fake identities are driving billions in losses, especially in unsecured lending portfolios. 📱 Fraud-as-a-Service Criminal tools are now sold on platforms like Telegram, making it easier than ever for non-experts to commit fraud. 📡 Contactless Payment Exploits The rise of mobile wallets and NFC payments has opened doors for new types of payment fraud. 💡 How Can We FightThis? By strengthening IT systems, educating teams, and leveraging cutting-edge analytics, businesses can stay resilient against these risks. 🔑 What strategies is your organization using to tackle these challenges? Let’s discuss in the comments! Read more insights here: https://lnkd.in/eidMNAg8 #FinancialFraud #AccountingInsights #AI #BusinessStrategy

The Global Approach to APP Fraud: What’s Next? As global payment systems become more interconnected, APP fraud is becoming harder to fight. But there are opportunities for -AI and machine learning for real-time fraud detection. -Global collaboration to set common fraud prevention standards. -Data-sharing agreements to stop fraud in its tracks. It’s time for the industry to think bigger. Alongside identifying the challenges that APP fraud presents cross border transactions, our upcoming whitepaper will provide clear recommendations for how the payments ecosystem can tackle it Pre-register today - https://lnkd.in/egwcKBtc Thanks to our contributors so far Australian Payments Network (AusPayNet), KPMG, Wise, Lynx Tech, DigiDoe, FinCrime Dynamics, We Fight Fraud, PayNet (Payments Network Malaysia), and Payall Payment Systems, Inc. #APPFraud #CrossBorderPayments #Innovation

Sumsub shares Q1 data for identity fraud and deepfakes worldwide, showcasing alarming YoY trends in the crypto and fintech sectors, as well as AI-powered scams #Sumsub #identityfraud #deepfakes

The Financial Tech Times has highlighted how AI-powered Fraud-as-a-Service (FaaS) platforms are enabling sophisticated, large-scale attacks at an unprecedented rate. Impersonation bots leveraging deepfake technology now constitute a staggering 32% of internet traffic, posing significant challenges for fraud detection and prevention efforts. This surge in AI-driven fraud underscores the urgent need for advanced countermeasures. However, there is a silver lining. The payments sector experienced a notable 17% decline in attacks, largely attributed to coordinated international efforts, such as INTERPOL's targeted operations against financial fraud. This reduction demonstrates the potential effectiveness of global collaboration in combating cybercrime. #AutomatedBotAttacksSurge #SocialMedia #Risk #DigitalPayments #Fintech

In light of Meta’s partnership with UK banks to combat online scams, this initiative is a significant step towards enhancing digital security 🔒. By leveraging real-time data sharing, financial institutions can swiftly address fraudulent activities, ultimately protecting consumers and their assets 💼💳. As the digital payments landscape evolves, these collaborative efforts underscore the importance of unified approaches between tech and financial sectors in safeguarding users 🤝. This is a proactive example of how data can be a powerful tool in reducing risk and fostering trust in the digital economy 📊🌐. #meta #fraud #payments #security #banks #G2RiskSolutions #technology

The rise in identity fraud in fintech—a staggering 73% increase between 2021 and 2023—is alarming. It’s clear that fraudsters are leveraging the latest technology, including AI, to execute increasingly sophisticated scams. But it’s not all doom and gloom. Financial institutions are fighting back with AI too. We’re seeing some powerful tools being deployed to stay ahead of fraudsters. These innovations are crucial to protecting consumers and businesses alike. I’m particularly impressed with Revolut’s advanced AI scam detection feature, which can interrupt a scam in progress. It’s a great example of how proactive measures can make a real difference. As fraudsters evolve, so must our defenses. It’s an ongoing battle, but with the right technology, we can stay one step ahead. How is your company tackling the rise of fraud? #IndustryTrends #FinancialServices #Fintech #FraudPrevention

Biometrics, including facial recognition, can help beef up security across many industries. 💪 Financial Services/AML: Criminals use several common methods to launder funds, such as smurfing, when a money launderer who seeks to evade scrutiny does so by breaking up large transactions into a set of smaller transactions that are below the reporting threshold and/or deposited into different accounts. Biometric authentication can help firms verify the identity of individuals and detect suspicious activities, thereby supporting compliance and risk management efforts. Gambling and Casinos: Several European countries have implemented voluntary self-exclusion programs for people who are dealing with gambling addiction. In some countries, these programs require participants to submit a facial image so casinos can detect when they are attempting to enter the casino. These programs are gaining traction outside of Europe as well. Massachusetts, for example, has a voluntary self-exclusion program, which can include preventing consumers from entering casino gaming areas and placing sports wagers — or both. Government: Many small and mid-sized defense contractors must comply with ever-growing security requirements from the Department of Defense. Certain federal contractors may no longer be eligible to receive a government contract if they do not have a beefed-up, fully modernized security system in place, particularly to protect physical areas considered highly sensitive and confidential. With accuracy rates improving, according to NIST, biometric authentication can add another layer of security by backing up existing systems, helping organizations flag suspicious activities and support compliance and risk management efforts. Get more insights in the full article from Aware CTO, Dr. Mohamed Lazzouni for Corporate Compliance Insights: https://lnkd.in/egM8rTyJ #Biometrics #FinancialServices #Government #Gaming