Lynx Tech’s Post

The dark side of artificial intelligence in the financial industry. The increasing number of frauds worldwide perpetrated by means of large language models is posing a threat for several banks. Adequate bank management, regulation and supervision are increasingly important and pivotal to address this problem.

Fintechs are willing to spend thousand of rupees on marketing to “acquire 1 customer” But to do the KYC and check if the customer is authentic, the number doesn't even reach “2 digits” And then we say, frauds aajkal kaafi badd rahe hai! Just doing “An Aadhaar KYC” is not enough. Fake Aadhaar card production is on the rise! - I have seen entire villages having the same DOB on their Aadhaar. - Animal iris and toeprints may be used for fake Aadhaar production. - People are getting their details changed in Aadhaar cards "unofficially" by paying a "nominal fee" We, at BeFiSc, go beyond traditional KYC checks and provide you a 360 degree view of your customers so that only genuine users are onboarded! Reach out to me for a demo! #kyc #fintech #aadhaar

In the race to acquire new customers, #fintechs often overlook the importance of thorough KYC checks. Spending thousands on marketing is futile if the #authenticity of customers isn't #verified effectively. With rising cases of #fake #Aadhaar production and unofficial changes to Aadhaar details, relying on basic #KYC processes is no longer sufficient. At BeFiSc we understand the critical need for comprehensive KYC checks. Our advanced solutions go beyond traditional methods to give you a 360-degree view of your customers, ensuring that only genuine users are onboarded. Don't let fraudulent activities harm your business. Invest in robust KYC processes with BeFiSc and secure your operations today. Email us for more details at sales@befisc.com #Fintech #FraudPrevention #CustomerVerification #IdentityVerification #Fraudchecks #documentverification #Idverification #Customeronboarding #customeracquisition #banks #nbfc #insurance #DigitalTransformation #Digitization

As S&P Global claims, 2024 is the year of "getting back to business" for fintech. 💸 We couldn't agree more, especially given Fortune Business Insights™ prediction that the sector will provide a staggering compound annual growth rate of 16.5% this year. Let's take a look at some of the most emerging trends for #Fintech for 2024 (but probably also beyond): 1️⃣The current funding cycle is close to hitting the bottom According to S&P Global, after scaling down investments in fintech in the last months of 2023, the deal count should stabilize in the third quarter of 2024, with some potential for a rebound. 2️⃣Banking as a service will slow down its dynamic growth The past 12-18 months have been challenging for BaaS providers, especially due to the macro environment. This could slow the rollout of new fintech product launches, particularly financial accounts and cards offered by non-banks. 3️⃣Growing risks of cybercriminals harnessing AI tools Since services such as FraudGPT, GenAI, and WormGPT appeared for sale on the dark web, the risk of account takeovers and new account fraud has increased significantly. This will require vendors to develop an even more advanced fraud prevention system that is resistant to the emergence of synthetic identities. 4️⃣Fintechs will bring a regulatory push for real-time payments The sector urgently needs real-time payments beyond P2P transfers to keep up with the complex realm of digital commerce and cross-border payments. Fortunately, steps like the EU Commission's plan to mandate the use of Single Euro Payments Area (SEPA) instant payments could help make this a reality. 5️⃣It's showtime for Regtech More and more fintechs seek outside vendors to support them in remaining compliant, mainly if they operate in multiple jurisdictions. That brings regulatory technology into the spotlight since it can help other players in the ecosystem automate processes that have been manual until now. Would you add any trends to this list? #FintechTrends #Regtech #Fintech2024 #BaaS #Cybercrime

__Breaking News for AI in fintech__ Jan 03, 2024 Fintech Nexus Newsletter (January 3, 2024): Regions Bank Early Pay leads to a surge in fraud costs Fraud is a major concern for financial institutions, with banks and fintechs being frequent targets. Regions Bank, a large regional bank in the South, experienced a surge in fraud losses after introducing a feature called Early Pay, which allowed customers to receive their pay the same day the bank received the money. This resulted in $135 million in fraud losses between April and September 2023, with a 40% increase in losses compared to the previous year. The bank has since amended its policies to put a longer hold on large deposits, but the battle between providing a frictionless customer experience and mitigating fraud continues. A recent white paper released in partnership with Resistant AI highlights the need for a variety of anti-fraud tools to combat serial fraud. #AI #Management #Strategy #Sales #Business #Managementconsulting #entrepreneurship #markets

Sift has just come back from Europe Money 20/20 and has summarized some of the key points they picked up. Here is one example: “Without the ability to properly protect the consumer, businesses may risk losing one of the hardest assets to recover: consumer trust. Consumer trust has a direct impact on customer lifetime value as nearly 50% of consumers reported they would switch companies due to lack of trust. “ More in the article below. Plus Sift has recently pointed out it is adding more “identity indicators “ to its solution. More on this in July.

Micro Money Laundering: The New Kid on the Block. How prepared are we? We are in a world where by the click of a button, money is transferred from one jurisdiction to the other with ease. The emergence of digital payment platforms and money remittance services (Fintech) has changed the way we interact with money on daily basis. https://lnkd.in/dn3vxSKt

Micro Money Laundering: The New Kid on the Block. How prepared are we? We are in a world where by the click of a button, money is transferred from one jurisdiction to the other with ease. The emergence of digital payment platforms and money remittance services (Fintech) has changed the way we interact with money on daily basis. https://lnkd.in/dn3vxSKt

Here why OTPs won't prevent most frauds. Most fraudsters are smart. They do not use their real mobile number while attempting a crime. ~80-90% use a new or stolen mobile number for that. At BeFiSc, we solve this problem. We have a product called, Mobile Number Vintage check. 𝐆𝐢𝐯𝐞 𝐮𝐬 𝐭𝐡𝐞 𝐦𝐨𝐛𝐢𝐥𝐞 𝐧𝐮𝐦𝐛𝐞𝐫 𝐚𝐧𝐝 𝐰𝐞 𝐜𝐚𝐧 𝐭𝐞𝐥𝐥 𝐲𝐨𝐮 - - how old it is.  - when was the name on it last changed?  - if a UPI ID is linked to that mobile number and  - what is the name of that user if a UPI ID exists - the location proximity of the user. 100+ fintechs are using us. But, I feel the use case is much larger than fintechs and banks alone. Reach out to me to learn more! #fintech #otp #fraud

Outcomes of the presentation by Mr Harshad Jagtap, Director & Lead, Digital Natives, India & International Markets – Enterprise GTM Truecaller, at the 16th NBFC and Fintech Conclave & Awards, 2023, organised by B2B Market Media and The Founder Media: 1.      Over the last five years, lots of trends around frauds and scams have started appearing 2.      The current evaluation models for risk assessment in businesses have several notable imitations, including the absence of intent evaluation and unreliable KYC checks that fraudsters can manipulate 3.      Machine Learning (ML)-powered phone number behaviourial signals by Truecaller help in better decision making, while borrowing loans 4.      The company also offers tailored ML models for multiple use cases like credit underwriting payments, fraud prevention and credit underserved 5.      Seven per cent of bad actors were identified using @Truecaller Risk Intelligence, leading to savings for the business in terms of potential NPAs #nbfcfintech #B2BMarketMedia #TheFounderMedia Anupam Gupta Ashish Srivastava Akanki (एकांकी) Sharma Abhinav Sharma