Lynx Tech’s Post

𝗧𝗵𝗲 𝗥𝗶𝘀𝗲 𝗼𝗳 '𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗔𝗿𝗿𝗲𝘀𝘁' 𝗦𝗰𝗮𝗺𝘀 A woman in Delhi last week found herself scammed out of ₹200,000 ($2,384) after fraudsters posed as CBI law enforcement officials and placed her under 'digital arrest'. This incident truly highlights the evolving tactics of fraudsters and why advanced fraud prevention measures are so necessary. Here's what you need to know: 🔴 Scammers posed as law enforcement, claiming the woman's husband had been charged with crimes. They claimed the charges would be dropped if she paid for his release. 🔴 The scammers used a mix of social engineering, publicly available data and technology to appear credible. 🔴 They kept her on the phone and engaged for hours to maximise the potential for financial loss. 🔴 Each of the three scammers played a key role. One was well-versed in banking systems, another retailed SIM cards and had access to fake ID kits, and the last provided money mule accounts using fake IDs. It was only when the woman's husband walked through the door that she realised she was being scammed. As the article says, the fast digitalisation of the Indian subcontinent makes people susceptible to scams like this. But make no mistake, this happens across the world. New technologies like AI in video and audio will naturally see scams skyrocket. As fraud evolves, so must our defences. It's important for tech companies, financial institutions, and other industries to collaborate in educating the public and implementing robust security measures. Read more about this alarming incident and the implications here https://bit.ly/3AnD7Bw #FinancialCrimeFighter #Fraud

Did you know, after Southeast Asia, Latin America has the highest percentage of overall revenue lost to fraud (20%), and 𝗼𝗻𝗲 𝗶𝗻 𝗳𝗶𝘃𝗲 𝗲-𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗲 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗮𝗿𝗲 𝗱𝗲𝗰𝗹𝗶𝗻𝗲𝗱 𝗮𝘀 𝗳𝗿𝗮𝘂𝗱𝘂𝗹𝗲𝗻𝘁? As part of their Em Conversa series, The Fintech Times, sat down with our CTO Carlos Santa Cruz to discuss the work Lynx are doing to combat fraud and the role AI can play to support the region. "We’ve been working with financial institutions across the continent to build machine-learning models that analyse large volumes of transaction data and identify patterns indicative of fraudulent behaviour." Learn more about how AI can protect your institution. Read the full interview here: https://bit.ly/46SZ5IL #Fraud #FinancialCrimeFighter #AI

New analysis from Barclays has revealed a 139% increase in the total value of romance scams reported in May - June this year, compared to March - April. Barclays also revealed that while men make up the majority of romance victims, women typically lose more money (£3,500 lost by men, compared to £8,900 lost by women).   Romance scammers exploit emotional vulnerabilities, crafting elaborate personas to cultivate trust and affection before building to inevitable demands for money.   Our Head of Fraud, Greg H., recently did a deep dive on romance scams and what can be done to combat them. Click to read it here: https://bit.ly/4dk35ob   #Fraud #RomanceScams #FinancialCrimeFighter

Europol states that over 90% of identified money mule transactions are linked to cybercrime. Through our ML-powered Money Mule Account Detection solution we play our part in stopping trillions of illicit funds flowing through the global financial system each year. Want to learn more about how our solution can protect your organization? 𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗼𝘂𝗿 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝗴𝘂𝗶𝗱𝗲 here: https://bit.ly/4dh7mbK or contact us directly to discuss how we can help. #MoneyMule #FraudPrevention #FinancialCrimeFighter #MoneyLaundering #AML

Great to read Dan Mcloughlin in The Banker commenting on the Payment Systems Regulator' upcoming regulation which will see banks liable to fully reimburse the victims of APP fraud. Here’s a sneak peek: "By setting a substantial reimbursement limit, regulators are effectively saying to banks: ‘prevent fraud or be prepared to pay’. This financial motivation should drive increased investment in robust fraud detection and prevention systems, ultimately safeguarding consumers and reducing fraudulent money" Read his full comments in: https://bit.ly/4fyLsm4

The Payment Systems Regulator has released new data revealing that reimbursement for victims of APP fraud still depends largely on who they bank with. The regulator's upcoming mandatory reimbursement measures will see payments firms forced to fully reimburse all victims.   Many banking industry lobby groups are pushing for delays on the new rules, but consumers need protection now.   AI and ML-enabled solutions to combat APP fraud detection are out there. Solutions like our Money Mule Detection which identify illicit sources of funds and mule accounts in real-time.   Our goal is to empower financial institutions of all sizes to adapt to the new regulatory framework. We're here to help.   Read more at: https://bit.ly/3WQMAKA #PSR #APPFraudDetection #MoneyMule #Fraud

Announcement | Strategic partnership with NTT DATA This collaboration combines our cutting-edge, AI-driven fraud detection solutions with NTT DATA's extensive industry experience to revolutionize fraud prevention in the financial services sector. Together, we’re paving the way for a new standard in safeguarding institutions across the UK and Europe against financial crime. As Lucy King, our Director of Global Alliances, said, “By coupling NTT DATA’s extensive industry experience with our cutting-edge solutions, we are poised to transform the landscape of fraud prevention across the financial services industry.” With the upcoming Payment Systems Regulation changes, this partnership couldn’t have come at a better time. Our innovative solutions, such as real-time money mule detection and daily adaptive models, will empower financial institutions to move from reactive systems to proactive fraud prevention—ensuring safer transactions and better protection for consumers. A big thank you to our colleagues at NTT Data for this exciting opportunity! We can’t wait to see the incredible impact we’ll make together! 💡🤝 Read more: https://lnkd.in/g87DcJtT #FinancialCrimeFighters #AI #NTTData #LynxTech #PSR #EU

💔 Romance Scams: A Hidden Danger in the Digital Dating World 💔 Did you know romance scams are on the rise, lurking online, trapping countless victims in financial and emotional turmoil? These scammers prey on emotions and trust, leaving victims emotionally and financially devastated. But there's hope! Advanced AI solutions like Lynx offer a powerful defense. Join us as we lead the fight against these scams to protect against these deceitful ploys. 👉 Click the link to uncover the tactics scammers use and how you can stay safe! https://lnkd.in/gX952RnT #RomanceScams #ArtificialIntelligence #FinancialCrimeFighter

It was a busy week in the UK with a Labour Party win in the general election. Dan Mcloughlin spoke to FinTech Magazine about what the new Labour Government means for us. Here’s a sneak peek: 1️⃣ Maintaining UK’s global finance industry leadership 2️⃣ Ensuring relevant and innovative regulations 3️⃣ Fostering growth in finance and fintech sectors Stay tuned as we watch how Labour's manifesto to keep regulations intact evolves, like the quickly arriving PSR regulations against APPF in October. This move could drive global fraud prevention collaboration, shedding light on issues like money mules fueling organized crime worldwide. Read more... Do you have questions about APPF or the PSR Regulations and how they will impact you? Talk to our experts today.

🔍MACHINE LEARNING: THE STRATEGIC TOOL TO COMBAT FINANCIAL FRAUD IN LATAM Our latest article, "Machine Learning: The Strategic Tool to Combat Financial Fraud" by Rogerio Freitas is now live in Portuguese. Discover how AI is transforming fraud prevention in Latin America. Read more on bahia.com https://lnkd.in/g8EeC3cY #MachineLearning #FraudPrevention #LatinAmerica #FinancialCrimeFighters