Our Scans · (FS.7.01) Fraud · Weekly Summary

• [New] Financial services alone may see an estimated $20 billion annual contribution from quantum computing by 2030, with applications ranging from portfolio optimization to risk modelling and fraud detection. CAQA Resources
• [New] The Securities and Exchange Board of India is set to implement a validated UPI handle for investor-facing intermediaries to ensure secure payments and reduce fraud risks. EDUREV.IN
• [New] Security experts identify three major Android malware threats emerging in 2025: embedded firmware-level malware in budget smartphones, evolved banking trojans with full surveillance capabilities, and NFC-relay fraud targeting contactless payments. Forensic Focus
• [New] By mid-2026, World ID could be embedded into major fintech and social platforms, especially where fraud and identity theft are rampant. UNDERCODE NEWS
• [New] With payment fraud and scams-related losses continuing to increase, digital wallets' advanced security features, such as encryption and tokenization, safeguard user information and reduce the risk of fraud. Digital Transactions
• As APAC's fintech and healthtech sectors continue to expand - with fintech projected to reach US$ 1.15 trillion by 2032 and digital health US$ 488.5 billion by 2033-Sumsub warns that fraud risks are likely to scale alongside industry growth. Fintech Singapore
• 96% of UK fintechs we have spoken to say that they are investing in fraud prevention in 2025, and identity risk solutions are their top investment for reducing fraud. FinExtra
• The latest tranche of AI agents is purpose-built to handle time-consuming risk and compliance tasks, including: risk reviews, fraud detection, global tax compliance, sustainability compliance, anti-bribery compliance, and legal reviews. Yahoo Finance
• Blockchain has the potential to reduce fraud by up to 50% in transactions. Grady Andersen
• Blockchain adoption in supply chain management could reduce fraud by 35%, improve transparency, and enhance operational efficiency. Market Data Forecast
• In a bold move to combat the rising threat of deepfakes and synthetic identity fraud, Google has a cutting-edge Know Your Customer innovation aimed at bringing more security and trust to digital identity verification. demandteq
• The inclusion of bank account information in the Palantir database could make individuals more vulnerable to identity theft, fraud, and other financial crimes. County Local News
• Sectors like fintech and online marketplaces are seeing high rates of payment fraud attacks, while the total cost of digital commerce fraud could hit US$ 107 billion by 2029. BiometricUpdate.com
• Goldman Sachs is using AI-driven compliance training to simulate real-world ethical dilemmas - from handling insider information to identifying fraud risks. Forbes
• POSB (in conjunction with parent company DBS) has implemented a groundbreaking security mechanism specifically designed to combat the rising threat of mobile wallet fraud. Maxthon | Privacy Private Browser
• Singapore's banking sector is implementing progressive security measures to combat the rising threat of mobile wallet fraud. Maxthon | Privacy Private Browser
• Fraud that victimizes US investors, individuals, and markets including, but not limited to, Ponzi schemes, investment fraud, elder fraud, servicemember fraud, and fraud that threatens the health and safety of consumers 5. DLA Piper
• The growing use of generative AI to create fraudulent documents, such as paystubs and bank statements, is projected to result in fraud losses of $40 billion by 2027. FinExtra
• JPMorgan Payments is supplying treasurers with an AI-generated Account Confidence Score, enabling corporate clients to assess fraud risk before initiating a payment. FinExtra
• PayPal uses AI for adaptive fraud detection to analyze billions of transactions in real time to discover and prevent fraud risks. Forbes
• By 2030, autonomous AI agents will offer the next leap in capability-self-learning, self-optimizing, and goal-oriented agents that can manage entire segments of fraud detection, investigation, and reporting without waiting for human prompts. FinExtra
• As the boundaries between cyber threats and online fraud continue to blur, organizations need a unified approach to stay ahead. UAE News 24/7

Last updated: 24 June 2025