Building the future of fintech.

Vendor Fraud Practices and Prevention

Businesses often overlook fraud red flags. In the long run, this leads to monetary and reputational losses. Vendor fraud has become highly prevalent across several industries. When vendor fraud happens, the culprit could be someone from your own team or someone you trusted. It could also be a fake vendor that wasn’t verified properly.  Every […]

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vendor fraud practices

Fintech Cybersecurity Best Practices

FinTech firms have become a favorite for fraudsters globally. According to a report, FinTech firms faced 2.5 times more attacks in Q1 2022. FinTech firms deal with sensitive customer data, so they’re a goldmine to fraudsters. The data stolen is used for financial fraud and only makes it that much harder to detect fraudulent activities. […]

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best practices for fintech cybersecurity

Due Care vs Due Diligence – Understanding the Difference

Maintaining the integrity of online accounts is more than challenging in today’s time. Regulatory bodies keep writing more and more laws to help businesses keep themselves and their customers secure. Financial institutions and FinTechs keep building cyber risk strategies to protect their customers from fraudsters online. This is one of the reasons why businesses need […]

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due care vs due diligence

Changes in Fraud Landscape

Digital banking has opened up more means for fraudsters to trick financial institutions, lenders, or end customers. To keep up, businesses have transformed their operations to provide valuable digital banking experience to customers, and combat fraud. Banks all over the world are now focusing on seamless onboarding experiences. But this rapid growth in digital banking […]

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types of fraud

Fraud Risk Management Practices

According to a report by ACFE, organizations lose about 5% of their annual revenue to fraud annually. This is because businesses don’t focus much on common fraud risk management practices. This leads to companies not being able to protect themselves against fraud, and meet bottom-line compliance requirements. As more and more financial institutions are required […]

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best fraud risk management practices

How to Prevent Account Takeover Fraud?

Account takeover fraud (ATO) happens when an unauthorized person takes over a normal user bank account. Fraudsters take every measure to try and control an account. Once they have an account under control, fraudsters apply for a new card or change basic account information. In this guide, we’ll be talking about account takeover fraud, and […]

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what is account takeover fraud

Using AI for Fraud Detection in Banking

In 2022 and after, more than 50% of all financial institutions plan to use AI to detect and prevent fraud. The use of artificial intelligence (AI) to detect and prevent fraud is not new. But, the fight has just gotten tougher as fraudsters have derived new methods to combat AI methods. Especially after the Covid-19 […]

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al for fraud detection

Importance of ID Verification for Buy Now Pay Later Providers

The Buy Now Pay Later (BNPL) sector has seen tremendous growth in the last couple of years. Especially because it is giving customers an option to pay for things later that they buy right now. But the service providers and the sector itself have faced some criticism from consumer interest groups and Financial Conduct Authority […]

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Buy Now Pay Later companies

NeoBanks vs Traditional Banks – What’s the Difference?

Have you noticed new companies popping out of nowhere, offering great credit cards, bank accounts, and other financial services? Companies with a massive digital footprint, but almost zero physical footprints. Welcome to the world of digital banking. Digital banking or Neo-Banking is the next natural step that the financial industry will take, at least according […]

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Neobanks vs traditional banks

Identity Identification vs Identity Verification

Fraudsters love to come up with new methods to commit fraud, launder money, or steal money. A growing number of fraudsters also impersonate real customers for getting access to their accounts. As more and more transactions happen online today, businesses are facing a number of threats such as card fraud, phishing attacks, and electronic transfer […]

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Identity Identification vs Identity Verification