Financial institutions stories - Page 14

A BioCatch study reveals that artificial intelligence (AI) is increasingly used by criminals for financial crime and digital fraud, posing significant challenges to global financial institutions.

As cybercrime rates surge, Australia's major banks grapple with responsibility for preventing financial scams, prompting critical discourse on customer versus bank account protection roles.

AI-based analysis platform Bridgewise secures $21m in funding led by SIX Group, raising total capital to $35m to expand reach and enhance its AI technology for global security insights.

Cogo partners with AI-firm Personetics, pioneering climate-conscious banking by aiding customers in understanding and managing their carbon footprints based on their spending habits.

Frollo, Australia's Open Banking service provider, urges a collaborative strategy to enhance the data quality in the nation's Consumer Data Right framework, supporting superior financial outcomes.

Oracle unveils AI-powered Finance Services Compliance Agent to help banks combat a predicted $5.05tn in money laundering in 2024, through enhanced transaction monitoring and risk-control efficiency.

As gen AI tools transform multiple sectors, businesses need to tackle key challenges including concerns over data privacy, inherited biases, and ethical dilemmas.

Amid growing fraud concerns, a study reveals 70% of financial institutions are turning to AI and machine learning to bolster defenses, marking a notable shift towards tech innovation.

Aryza Group unveils dynamic, standalone system, Aryza Decide, geared to revolutionise credit risk management in the lending industry and encouraging operational efficiency.

AIOps startup, Selector, unveils its Spring 2024 product with features like GenAI and advanced full-stack monitoring.

Financial crime compliance costs have soared, driven by increased regulations, technology costs, and ongoing battles against evolving financial crimes.

Clear, accessible shareholder communication is vital to empower a growing generation of female investors, in an increasingly complex financial climate.

Finastra appoints Mike Stawchansky, an expert with over 25 years in the tech sector, as Senior VP and Chief Technology Innovation Officer to boost customer technology and Gen AI innovation.

Digital learning tools hold a potential catalyst for boosting the economic presence of women, as this IWD 2024 highlights, aiming to bridge the gap for unbanked women in Asia-Pacific.

Business Systems Ltd appoints Mike Wardell, former Giacom CEO, who steered the firm to £100M revenue, as its new CEO, cementing the firm's commitment to overseeing digital transformation, compliance solutions and cultivating strong corporate culture.

Jersey Telecom's acquisition of Australian tech company Spectrum bolsters the fight against online payment fraud, reinforcing security on a global scale.

Despite a 27% drop from December 2023, January 2024 saw a three-year high in ransomware attacks, reflecting a year-on-year rise. NCC Group's analysis shows Lockbit remains the top perpetrator.

Finastra has inked a new partnership with Taiwan's SYSTEX to boost digital transformation and growth in Taiwan's banking sector, with SYSTEX to resell Finastra's Kondor and Risk solutions.

Data Zoo, an award-winning global identity provider, has appointed former London Stock Exchange Group executive, Charlie Minutella, as its new CEO, signalling a major strategic shift.

BlueVoyant's second report on external cyber defence trends highlights emerging risks beyond IT perimeters, including AI's role in intensifying cyber attacks.