DeFi Daily News
Tuesday, June 3, 2025
Advertisement
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
No Result
View All Result
Home DeFi

How Fintechs are Assisting Financial Institutions in Combatting Fraud

David Penn by David Penn
August 14, 2024
in DeFi
0 0
0
How Fintechs are Assisting Financial Institutions in Combatting Fraud
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Telegram
Listen to this article

The Fight Against Financial Fraud: A Fintech Perspective

The battle against fraud is a never-ending one. Recent fintech news headlines have reminded us of the wide-ranging challenges in combating financial crime. From the threat of AI-powered deepfakes to our own problematic behaviors that inadvertently support fraudsters, fintech companies are actively developing solutions to stay ahead of malicious actors. Here are three stories showcasing the latest efforts by fintechs to combat financial fraud.

Digital identity verification pioneer Socure has introduced its Selfie Reverification solution. This innovative capability allows for the validation of returning online customers in under two seconds, using just a selfie. The technology compares incoming selfies with previously verified ID headshots, boasting an impressive true match rate of 99.9%. Leveraging the company’s Document Verification (DocV) solution, Selfie Reverification can also detect deepfake signs and identify age inconsistencies between the photo and the provided credentials.

Socure’s Selfie Reverification guides users through capturing a selfie, offering real-time feedback on positioning, angle, and lighting. The selfie then undergoes a Level 2 NIST PAD compliant liveness check to prevent spoofing and is subjected to Socure’s injection attack detection to ensure the authenticity of the credential. Additionally, the technology checks the selfie against a database of curated deepfake samples from various AI generators. By analyzing more than 80 facial features, Socure’s solution creates a facial map to ensure an accurate match. Use cases for Selfie Reverification include preventing account takeover, securing high-risk transactions, and streamlining account recovery processes.

Established in 2012 and headquartered in New York, Socure counts more than 2,500 customers, including major banks, credit bureaus, and over 400 fintech firms among its client base. Companies like Capital One, SoFi, DraftKings, and the State of California rely on Socure’s technology for precise identity verification and fraud prevention. Johnny Ayers serves as Socure’s founder and CEO.

Alkami, a provider of digital banking solutions, has enhanced its digital banking platform by incorporating credential stuffing protection into the challenge-response authentication process. This new feature automatically checks for human behavior patterns in the background without requiring additional steps from the user, such as solving visual puzzles.

Credential stuffing attacks exploit the reuse of usernames and passwords by individuals, posing a significant threat to businesses across various sectors. Alkami’s integration of credential stuffing protection enhances its digital banking platform’s security, providing an additional layer of defense against fraudulent activities without complicating the user experience.

Alkami’s focus on layered fraud detection and prevention underlines its commitment to security and user experience. Brad Cranford, Alkami’s Director of Product Management, emphasized the importance of evolving the platform to address evolving security threats and provide a secure and seamless login experience for account holders. With headquarters in Plano, Texas, Alkami made its Finovate debut in 2009 and is led by CEO Alex Shootman.

Experian, a data and technology company, has acquired NeuroID to enhance its fraud detection capabilities with behavioral analytics. This strategic move aims to strengthen Experian’s defenses against AI-generated fraud schemes, enabling real-time fraud mitigation and protection against various malicious activities, including identity theft, account takeover, and bot attacks.

Through the acquisition of NeuroID, Experian aims to provide clients with advanced fraud prevention tools tailored to combat evolving threats. By leveraging behavioral analytics to detect fraudulent activities in real-time, Experian can empower businesses to navigate digital landscapes with confidence and trust in their transactions. The use of behavioral analytics is crucial in safeguarding against fraud in today’s competitive and digital-first environment.

Experian’s acquisition of NeuroID enables platform users to access NeuroID’s solutions via CrossCore on the Experian Ascend Technology platform. This integration allows users to monitor and analyze real-time digital activity from a single service provider, enhancing security measures and improving user experiences.

As a Finovate alum since 2011, Experian continues to innovate in the field of data and technology, striving to provide exceptional fraud detection and prevention services. Headquartered in Dublin, Ireland, Experian employs a global team of technologists and product developers to deliver cutting-edge solutions across 32 countries.

If you’re a forward-thinking fintech with groundbreaking technology ready for the spotlight, don’t miss the opportunity to showcase your solution at FinovateFall in New York. Join us next month and present your innovative solution to an audience of 2,000+ decision-makers.

Stay informed on the latest trends in fintech and financial news by visiting DeFi Daily News for more insightful articles like this.

Photo by Patrick Tomasso on Unsplash


Views: 10

Related

Conclusion: Staying Ahead in the Battle Against Financial Crime

As the financial landscape evolves, so do the tactics of fraudsters looking to exploit vulnerabilities in digital systems. Fintech companies are at the forefront of innovation, developing sophisticated solutions to combat financial crime and protect consumers and businesses from malicious activities. By leveraging advanced technologies such as AI, biometric analytics, and behavioral analytics, these companies are creating a more secure and trustworthy environment for all stakeholders.

The stories of Socure, Alkami, and Experian highlight the ongoing efforts to stay one step ahead of fraudsters. From selfie verification to credential stuffing protection and behavioral analytics, these technologies are crucial in safeguarding against various forms of financial fraud. By partnering with fintech companies and adopting cutting-edge solutions, businesses can enhance their security posture and mitigate the risks associated with fraudulent activities.

With the rapid pace of technological advancements, the fight against financial crime is a dynamic and ever-evolving one. It requires constant vigilance, innovation, and collaboration among industry players to effectively combat fraud and protect the integrity of financial systems. By staying informed, investing in robust security measures, and leveraging the latest tools and technologies, businesses can fortify their defenses and navigate the digital landscape with confidence.

Join us at FinovateFall in New York to witness firsthand the innovative solutions shaping the future of fintech and fraud prevention. Stay tuned to DeFi Daily News for more updates and insights on the latest trends in the financial industry.



Source link

Tags: AssistingCombattingfinancialFintechsFraudInstitutions
ShareTweetShare
Previous Post

The Pat McAfee Show Live | Wednesday August 14th, 2024

Next Post

Receive 3 Audiobooks for FREE with Your Audiobooks.com Trial! (Including “Time-Saving Mom” as a Choice!)

Next Post
Receive 3 Audiobooks for FREE with Your Audiobooks.com Trial! (Including “Time-Saving Mom” as a Choice!)

Receive 3 Audiobooks for FREE with Your Audiobooks.com Trial! (Including "Time-Saving Mom" as a Choice!)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
  • Trending
  • Comments
  • Latest
rewrite this title Haliey Welch Breaks Silence on Hawk Tuah Coin Collapse

rewrite this title Haliey Welch Breaks Silence on Hawk Tuah Coin Collapse

May 6, 2025
The Future of Blockchain: An Inside Look at Cardano

The Future of Blockchain: An Inside Look at Cardano

July 18, 2024
Boeing machinists refuse latest offer, prolonging bruising six-week strike

Boeing machinists refuse latest offer, prolonging bruising six-week strike

October 23, 2024
I Have Fallen Into The Personal Loan Trap

I Have Fallen Into The Personal Loan Trap

May 2, 2025
Moralis Web3: Enterprise-Grade Crypto PnL API for Tracking Wallet Profit & Loss

Moralis Web3: Enterprise-Grade Crypto PnL API for Tracking Wallet Profit & Loss

July 24, 2024
I Built The DREAM Office Setup!

I Built The DREAM Office Setup!

November 30, 2024
rewrite this title Analyst Suggests Altcoin Recovery May Follow Bitcoin’s Final Cycle Stage—Here’s Why

rewrite this title Analyst Suggests Altcoin Recovery May Follow Bitcoin’s Final Cycle Stage—Here’s Why

June 2, 2025
rewrite this title ‘A grimy, gothic treat’: Netflix has a new crime procedural show with 81% on Rotten Tomatoes

rewrite this title ‘A grimy, gothic treat’: Netflix has a new crime procedural show with 81% on Rotten Tomatoes

June 2, 2025
rewrite this title Michael Saylor’s Strategy Plans Stock IPO to Fund Bitcoin Buys, Operations – Decrypt

rewrite this title Michael Saylor’s Strategy Plans Stock IPO to Fund Bitcoin Buys, Operations – Decrypt

June 2, 2025
rewrite this title Blake Lively DROPS Part Of Justin Baldoni Lawsuit After He Demands Medical Records! – Perez Hilton

rewrite this title Blake Lively DROPS Part Of Justin Baldoni Lawsuit After He Demands Medical Records! – Perez Hilton

June 2, 2025
Weekly Update | June 2nd 2025

Weekly Update | June 2nd 2025

June 2, 2025
rewrite this title with good SEO Bitcoin Price At 0,000 And Ethereum At ,000? Analyst Says Altcoin Season Is Coming | Bitcoinist.com

rewrite this title with good SEO Bitcoin Price At $200,000 And Ethereum At $10,000? Analyst Says Altcoin Season Is Coming | Bitcoinist.com

June 2, 2025
DeFi Daily

Stay updated with DeFi Daily, your trusted source for the latest news, insights, and analysis in finance and cryptocurrency. Explore breaking news, expert analysis, market data, and educational resources to navigate the world of decentralized finance.

  • About Us
  • Blogs
  • DeFi-IRA | Learn More.
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.