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


  • [New] Financial messaging co-operative Swift has been enlisted by Australian Payments Plus (AP +) to build a confirmation of payee service to reduce the risk of misdirected payments and increase defences against payment fraud. FinExtra
  • [New] The UK Regulatory authorities have focused on the impact of fraudulent activity on consumers and are seeking to mitigate the perceived risk to customers through the introduction of changes to law and thematic supervisory inspections. Paysafe Ltd
  • [New] The rising popularity and frequency of AI-generated deepfake scams is keeping Canadian business leaders up at night, with new KPMG in Canada research showing that nearly all organizations that have been defrauded are concerned it could further increase the risk of fraud. KPMG
  • [New] E-invoicing should be seen as a huge benefit for the UK government, and if driven by government legislation and mandates, will improve HMRC's VAT information, reducing the risk and opportunity of fraud, and closing the VAT gap. Menzies LLP
  • The UK Government has confirmed that it will introduce a draft bill to deal with APP fraud, where customers are tricked into sending payments to scammers. FinExtra
  • Experian predicts a rapid rise in Gen AI use to enact fraud with deepfake content through emails, voice, and video. The Financial Brand
  • The enhancement of Mastercard's DI will further improve the ability of banks to protect cardholders from fraudulent transactions, mitigating the risk of false positives - legitimate transactions that are incorrectly flagged as suspicious. BizClik Media Ltd.
  • Over 2024, customers will expect organizations to have processes in place to prevent fraud and to ensure they are actively investing resources that combat deepfakes. it World Canada
  • In Europe, a case where the Dutch tax authorities employed an algorithm to identify incorrect child benefit claims and potential fraud, using nationality as a risk factor and resulting in higher risk scores for non-Dutch nationals, was found to be unlawful by the Dutch court. Legal Futures
  • Paytm was building an India scale AI system to help various financial institutes in capturing possible risks and frauds, while also protecting them from new kinds of risks due to advancement in AI. Mint
  • GAC has applied a range of measures to manage risks associated with fraud, such as training on awareness and detection. GAC
  • UK Finance and Pay.UK will implement a data sharing approach to enable both sending and receiving banks to detect high risk payments and prevent fraudulent transactions in real time. GOV.UK
  • In 2024, early-stage standards and frameworks will be established that allow institutions to share data on customers to understand financial crime trends and risks, and to identify and prevent fraud. Experian plc
  • Fraudsters will use generative AI to accelerate do-it-yourself fraud with a wide range of deepfake content, such as emails, voice and video as well as code creation to set up scam websites and perpetuate online attacks. MarketScreener
  • To thwart fraudulent activity in 2024, businesses need to deploy more sophisticated fraud protection solutions that harness the power of data and technology to mitigate risk and protect consumers. MarketScreener
  • Not all fraud is so easily solved, and the opportunities presented by the modern world for fraudsters to do their business present a real challenge for law enforcers, whoever they are, whether it is the SFO, National Crime Agency or domestic police forces. Serious Fraud Office
  • In 2024, fraud and financial crimes are rising in global banking due to an evolving economic environment and expanding technological capabilities that create new opportunities for fraudsters. SAS Voices
  • Deepfakes will accelerate identity-related scams and fraud in Asia: AI is playing an increasingly significant role in enhancing organisational efficiency and automating processes. Frontier Enterprise
  • Financial institutions and other AML-obliged entities in Belgium now face increased criminal risks for laundering the proceeds of any type of tax fraud. Allen Overy
  • New standards will be set to protect against the risks of using AI to engineer dangerous biological materials and protect US citizens from AI-enabled fraud and deception. Epthinktank
  • PayPal offers a range of features, such as fraud protection and chargeback protection, that can help merchants reduce the risk of fraudulent transactions. Benzinga Guides
  • 75% of leaders plan to use AI, not just for cost-cutting and streamlining workflows, but also as part of their fraud protection strategy in the coming years. Security Boulevard
  • A test of two security techniques developed at the University of Pittsburgh suggested that efforts to make medical machine-learning diagnosis models resilient to attacks could improve patient safety and prevent fraud. Diagnostic Imaging Brief

Last updated: 26 March 2024



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