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In an insightful article, Karunya Sampath, Co-Founder & CEO, Payoda Technology Inc sheds light on how #ai and #blockchain can bolster #security in the #BFSI industry against the emerging #cyberthreats. To understand the #fraud landscape in BFSI, we need to understand the types of fraud that are prevalent. The major ones are identity theft, #transaction fraud, and money laundering. The combination of AI precision and blockchain immutability represents a seismic shift in BFSI security. It establishes foundations of #transparency, #trust, and fraud prevention, ensuring a #future in which fraud is eliminated from the heart of BFSI operations, she writes. Read more: https://lnkd.in/gcmrTQav #artificialintelligence #fraudprevention #securitylandscape #cybersecurity #dataintegrity #dataprotection #bfsiindustry #aianalytics #moneylaundering #identitytheft #securetransactions #cyberthreat Srikanth RP Sudipta Dev Nivedan Prakash Harshal Desai Aaratrika Talukdar Mansi Singh Atreyee Chakraborty Sayantan Mondal Sunidhi Malla Bidhi Rajput

Recent reports suggest a growing trend of using AI-generated fake IDs, available at a nominal price of $15, to dupe crypto exchange identity checks. 👮♂️ This alarming practice has raised concerns about the potential rise of crypto hackers and scammers who may exploit this loophole to their advantage. 😨 Experts warn that these fake IDs could bypass security measures by exchange, leading to fraudulent activities such as money laundering and identity theft. 💥 These fake IDs may be a new tool for cybercriminals, making it more difficult for exchanges to detect and prevent suspicious activities. As the usage of cryptocurrencies continues to grow, businesses must take necessary measures to prevent such illegal activities. 👀 If you feel this content is worth sharing, show your appreciation with a: 👍 Like 💬 Comment 🔁 Repost https://lnkd.in/e9XTnQS7

Here are some of the new trends and methods of deepfake attacks in KYC being used by fraudsters: 1. Deepfake Identity Fraud: There has been a tenfold increase in deepfake identity fraud from 2022 to early 2023, indicating a significant rise in the use of deepfakes to create fake identities for fraudulent purposes. 2. Video Call Verification Vulnerabilities: Deepfake technology is being used to spoof identity documents and faces during video call verifications, which are a common method used in KYC processes. This has raised concerns about the vulnerability of such methods to deepfake attacks. 3. Crypto Sector Targeting: The cryptocurrency sector has been particularly affected, accounting for 88% of all deepfake cases detected in 2023. This is followed by the fintech sector, which accounts for 8% of the cases. 4. Regional Growth Rates: The growth rate of deepfake use has varied by region, with North America experiencing a 1740% increase and the Asia-Pacific region seeing a 1530% surge from 2022 to 20231. 5. Consumer Concerns: A significant portion of consumers, 90%, have expressed concerns about deepfake attacks, and 70% could not confidently differentiate between a real voice and a cloned one. 6. Financial Losses: Among those surveyed, 10% had received a message from an AI voice clone, and 77% of these individuals lost money as a result. 7. Cost of Deepfakes: The cost of purchasing ready-made deepfakes varied between $300 to $20,000 per minute in 2023, depending on the complexity, quality, and the fame of the impersonated person. 8. Accessibility of Crime-as-a-Service Tools: The growing affordability and accessibility of Crime-as-a-Service tools, particularly in the realm of speech and video synthesis, are making it easier for even low-skilled criminals to carry out sophisticated attacks. *The image is deepfake generated example #deepfakes #trends #cybersecurity #kyc

🚨 ATTENTION ALL! 🚨 Have you noticed an increase in scams and fraud attempts lately? From phone calls to texts to websites, these scammers are getting smarter and more creative. It's important to stay protected and vigilant! THE ONES I HAVE NOTICED HAVE BEEN: ❌ phone calls from "my mobile provider" - "The Microsoft" - "Amazon" among others. ❌ Texts from "Royal Mail" - "DVLA" - "Her Majesty's HMRC" - all asking me to click on links or confirm security codes. ❌ Websites with offers for products too good to be true. ❌ Online videos of products "apparently" being endorsed by celebrities. ❌ A friend having their Instagram account hacked and posts and direct messages to connections to sign up for cryptocurrency trading platforms etc. ❌ My credit card details were cloned and a fraudulent transaction of £1,500 was charged on this card. Here are some tips to keep in mind & Stay Safe: 💡 Enable two-factor authentication on your accounts whenever possible to stop fraudsters from accessing your information. 💡 Use unique and complicated passwords for different accounts. 💡 Consider using the freeze function on credit/debit cards you don't use regularly. 💡 Use virtual card numbers for online purchases, especially from retailers you don't completely trust. 💡 Check your credit reference agencies regularly to see any suspicious activity. 💡 Set up notifications on your accounts to see when transactions occur. 💡 Report any suspect transactions immediately to your bank or card issuer. 💡 Regularly check your direct debits and statements to verify all spending. Let's work together to protect ourselves from these scams and fraud attempts. Do you have any other good practices to follow? Please share in the comments below!

**Ever wondered how AI deepfakes are affecting the remote KYC ?** 🤔 Some great stats from the post below: - There has been a tenfold increase in deepfake attacks in KYC processes. - The cryptocurrency sector has been particularly affected, accounting for 88% of all deepfake cases detected in 2023. - Ready-made deepfakes are offered as a "crime as a service." Cost: $300-$20,000 depending on quality.

Acceleration in AI will continue but do not ignore blockchain technologies as these two are two peas of a pod that will secure the safety and wellbeing of financial institutions ability to cope with external risks. With the rise of online banking, fraud schemes have surged, resulting in $485.6 billion in global losses. Consumers and businesses face threats like impersonation, cyber scams, and credit card fraud. The BFSI industry is leveraging innovative technologies to combat these challenges. AI and blockchain are pivotal in this fight. AI’s real-time data analysis and pattern recognition enhance fraud detection and prevention. Blockchain’s immutable ledgers and smart contracts ensure transparency, traceability, and security. Together, they form a robust defense against fraudulent activities. Future trends like voice biometrics and enhanced knowledge-based authentication (KBA) offer further protection. Staying ahead with these technologies is crucial for safeguarding against fraud. #BFSI #Fintech #Blockchain #AI #FraudPrevention #CyberSecurity #Innovation https://lnkd.in/epi3aX-g

New Post: Shufti Pro’s Role in Securing Safe Crypto Transactions: Conversation with Shahid Hanif, Co-founder of Shufti Pro - According to a study, the cryptocurrency market has attained (approx.) $40.7 billion in 2023 with a cap of more than $1.66 trillion, an 11.98% increase YoY, witnessing a remarkable surge with high-profile potential. Besides the growth, it’s a business rule wherever there is a surging industry, scammers tend to find their way to infiltrate that market, and cryptocurrency is no exception. Time Magazine reports that people lose over $1 billion every year due to crypto scammers. Crypto businesses are finding ways to safeguard their customers from the growing threats of fraudsters through various strategies, including a KYC process. It’s like a security firewall that blocks out all the wrong people and only lets genuine consumers use the service. Shufti Pro is one of those companies providing SMBs and enterprises with KYC services, especially those in the blockchain industry. Today, we’ve got the CTO of Shufti Pro, Shahid Hanif, who’s also the Co-founder of this company. We’ll ask him questions regarding the crypto market and how his organization fosters a safe business environment within the industry. Hello Shahid, we welcome you to this interview. To start the interview, please provide some background on Shufti Pro and its role in the crypto industry. Hello, thank you for having me. Shufti Pro is an all-in-one KYC service provider that offers everything a business needs to safeguard its operations from scammers. We offer a complete suite of user authentication, including facial authentication, 2FA, video KYC, NFC verification, and, most recently, e-IDV, helping businesses to operate in the digital world with confidence and trust. Our clients are primarily small-to-medium-scale businesses and large enterprises seeking customer identity authentication solutions to comply with global regulations. Especially in crypto, which has one of the highest numbers of online fraud, we help merchants from becoming victims of imposters through multiple verification checks, including 2FA, face verification, and ongoing fraud prevention algorithms, enabling them to detect deceptive entities on the spot. In the introduction, we mentioned that crypto scams cost over $1 billion, an almost 12% rise YoY; why do you think the crypto scams are surging when fraud prevention and KYC services like Shufti Pro already exist in the market? Why can’t the market control these fraudsters? The main reason behind this is the lack of awareness among business owners, which gives an advantage to fraudsters. Many companies work in the crypto field but don’t have any security checks in place for customers’ portals, logins, and even the onboarding page; of course, it’s like giving an invitation to the scammer. Secondly, many companies still use a weaker KYC that offers no security against evolving cyber-at

While AI can detect anomalies and suspicious behaviors in real time, blockchain’s immutable and transparent nature ensures data integrity, making it a robust solution for combating increasingly sophisticated AI-driven fraud. #convergencetfs #artificialinteligence #blockchain #fraudprevention #cybersecurity #aml #kyc #fintech #deepfakes

🚨 FBI Issues Warning: Scammers Posing as Crypto Exchange Employees 🚨 The FBI has recently alerted the public about scammers impersonating cryptocurrency exchange employees to steal funds and personal information. These fraudulent schemes are becoming increasingly sophisticated, making it crucial for everyone in the crypto space to stay vigilant. Always verify the identity of anyone claiming to represent a crypto exchange and be cautious of unsolicited contacts. Protecting your assets starts with awareness and due diligence. Stay safe and informed! 🔐 #Infosec #DataProtection #Spam #ThreatIntelligence #Cybercrime #Phishing #RiskManagement #CybersecurityAwareness #InformationSecurity #DataPrivacy #InfoSecurity #CloudSecurity #Ransomware #VulnerabilityManagement #Vulnerabilities #SecurityAwareness #DataSecurity #CyberNews #SecurityControls #AccessManagement https://lnkd.in/dw9G3umn

Just to point out that “fraud” and “scams” in general doesn’t just mean “phishing and ransomware.” Here are literally 20 other types of fraud you should be keeping an eye out for especially in the B2B and fintech space: 1. Friendly fraud 2. Transaction reversal fraud 3. AI voice scams 4. Triangulation 5. Main-in-the-middle attacks 6. Affiliate fraud  7. Cryptocurrency scams 8. Mobile wallet fraud 9. Account creation fraud 10. Fake apps 11. Invoice fraud 12. Pharming attacks 13. Microtransaction fraud 14. Peer-to-peer payment fraud 15. SMS spoofing 16. Credit card fraud  17. Synthetic identity theft 18. Account takeover fraud  19. Social engineering attacks 20. Business email compromise And here are 3 things you can do now to keep your company safer from fraud: 1. Look into chargeback protection 2. Run a security audit  3. Ensure you are PCI compliant Are there any fraud schemes or scams I missed? Let’s discuss below. #Fraud #Privacy #Scams #B2B #SaaS #Fintech #Security #PCICompliance