Lebanon central bank Governor Riad Salameh has made his first court appearance facing international charges. Five European countries are investigating the Banque du Liban governor and his brother, Raja Salameh, regarding allegations of money laundering and embezzlement of public funds involving hundreds of millions of...
Much has been said about the potential new technologies like artificial intelligence (AI) and machine learning have in transforming fraud detection and fraud prevention across industries. But according to UK Finance’s Katy Worobec, managing director, economic crime, and Dianne Doodnath, principal, economic crime – remote...
The scope of the United Kingdom’s economic crime bill may be narrower than some hope. Some lawmakers have proposed excluding small businesses from the laws that the bill would implement, and some have considered excluding money laundering and false accounting from the rules’ scope, the...
The payments ecosystem spends 99% of its time and money on the 1% of the people who are out to exploit the system: the fraudsters. It’s now time to turn the tide. Nuvei Chief Operating Officer Vicky Bindra and Prove Chief Product Officer Nicole Jass...
Younger generations want to know what their financial institutions are doing to secure their transactions. That’s according to the latest research in PYMNTS’ March report, “Visible and Invisible Security: Perceptions in Digital Banking,” a collaboration with Entersekt. The report found that consumers want to be...
Lloyds Banking Group is supporting Yoti in developing a reusable digital identity solution. The support includes a £10 million (about $12 million) investment in the United Kingdom-based digital identity company. The new product is scheduled to be launched later this year, Yoti said in a Thursday (March 9)...
As instant payments become the norm, businesses can bolster safeguarding their hard-earned revenue. While legacy habits such as paper checks persist, small businesses are catching up with their larger competitors in modernizing their finance systems. Swapping traditional methods for efficient alternatives such as real-time payments is increasingly...
Preventing fraud and identity theft is reportedly a key component of President Biden’s cost-cutting plans. The administration’s budget blueprint includes targeting fraud by bolstering the Justice Department teams that investigate criminal organizations — tripling the number of such teams — and aiming to reduce identity...
Payment fraud is expected to jump from $28 billion globally in 2020 to $49 billion in 2030, according to analysts. Those figures, said Linda Weston, head of core product at Barclaycard Payments, point to the enormous threat online retailers are facing in the payments space,...
