Latest Financial Crime News: Finextra Research

UK banks expect rise in cyber crime due to economic downturn

The cost-of-living crisis in the UK is likely to lead to a rise in cyber crime, suggests recently published research.

23 June 2023

EBAday: Payments trends to watch out for in 2024

EBAday, the premier event for industry professionals across transaction banking and payments covers all aspects of the sector, in degrees of depth unseen at other conferences. The second day of the event saw senior executives listen in to sessions on instant payments, correspondent banking, regulation, innovation, Payments as a Service (PaaS) and models for public and private sector collaboration. Here’s a roundup of the most discussed themes and what to expect in 2024.

22 June 2023

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EBAday 2023: iPiD announced as Fintech Zone winner!

During the past two days, 16 early stage, early growth fintech startups from across Europe and beyond pitched their proof of concepts or working products on the exhibition floor of EBAday 2023 in Madrid, Spain.

21 June 2023

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European banks hit by Russian hackers

A gang of pro-Russian hactivists have claimed credit for a series of attacks on the IT systems of banks and financial institutions across Europe.

20 June 2023

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Majority of consumers trust generative AI for financial planning

The majority (53%) of consumers trust generative AI technology to be used for its financial planning, suggests recently published research.

20 June 2023

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AI risk management tool secures $20m fund raise

Blackbird AI, which develops AI-driven narratives for risk management, has raised $20m in a series B funding round.

16 June 2023

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Lucinity unveils generative AI-powered financial crime compliance copilot

Lucinity has launched a generative AI-powered 'copilot' designed to boost the productivity of financial crime compliance teams.

07 June 2023

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Frank founder Charlie Javice formally indicted

Founder of student financial aid assistance company Frank, Charlie Javice, has been formally indicted on charges of defrauding JPMorgan Chase in its $175 million acquisition.

19 May 2023

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RegTech startup Amlyze snags $1 million pre-seed investment

Vilnius-based RegTech startup Amlyze, has concluded a $1 million pre-seed investment round led by Practica Capital, with participation from Lithuania's Firstpick accelerator and venture capital fund.

18 May 2023

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CFPB warns banks against creation of fake accounts for fee harvesting

The Consumer Financial Protection Bureau (CFPB) has issued a new circular confirming that banks which unilaterally reopen a deposit account to process transactions after a consumer has already closed it, will be in violation of the Consumer Financial Protection Act.

12 May 2023

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Tide calls for tax on social media and telcos to fund fight on fraud

Business banking platform Tide has called on the government to introduce a tax on social media and telecoms companies to fund and train more police officers to tackle what it calls Britain's "fraud epidemic".

09 May 2023

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Financial watchdog puts banks on alert over money laundering via the Post Office

The UK's Financial Conduct Authority has outlined measures to reduce the risk of money laundering via the Post Office, as more banks quit the high street and hand over the handling of cash services to the postal service.

24 April 2023

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