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Cifas report comment: Millennials weary of Fraud
Commenting on a new report by Cifas which shows Millennials are a growing target for identity theft cases. Almost 25,000 victims of fraud were aged under 30, with the number of under-21s defrauded rising by a third, Steve Arnison, Commercial Director of LexisNexis Risk Solutions, said:
“With a flurry of High Street bank branch closures and the arrival of mobile-only challenger banks, the use of the internet to conduct banking activities is on the rise in the UK, but unfortunately so are the correlating fraud levels.
“Technology-savvy Millennials demand accessibility when banking and have contributed to the sharp rise in the online and mobile use we commonly see today, but this preference has been compromised by their growing security concerns. A recent survey by LexisNexis® Risk Solutions found that over half (54%) of Millennials in the UK are concerned about having their identity stolen through online or mobile app-based activities.
Worryingly, in another survey by LexisNexis Risk Solutions, 83% of ecommerce businesses admitted that they need to conduct more comprehensive identity management to mitigate fraud. With this in mind, banks must prevent online fraud by using identity verification and multi-factor authentication to determine not only whether a customer is who they say they are, but also to establish whether an individual owns the identity. In order to be more efficient, they need to take a risk-based approach with step-up authentication. Going forward, this type of process will play a vital role in maintaining the security of the UK’s online and mobile banking customers.”
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WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), today announced it raised $45 million in funding.
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How could AI agents search, compare and pay for things? What makes stablecoins a game-changer for cross-border digital commerce? Why are local Alternative Payment Methods (APMs) crucial for any business wanting to enter and scale in emerging markets?
Second Day of Money20/20 Middle East Unveils Next-Gen Solutions at the Region’s Largest Ever Fintech Gathering
Day two of Money20/20 Middle East in Riyadh brought together global leaders in fintech, banking, and financial services to discuss the future of money and finance in the region.
United Gulf Financial Services Joins The Hashgraph Association and Exponential Science Foundation Adding $1M to Hedera Africa Hackathon Pool Prize
United Gulf Financial Services (UGFS North Africa), a leading venture capital firm offering innovative companies and startups with financial support and mentoring services, has announced a partnership with The Hashgraph Association, a Swiss non-profit organization driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, and Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, for Hedera Africa Hackathon 2025, the biggest hackathon in Africa aimed at enabling the next generation of Web developers and empower economic inclusion in Africa with a digital future for all.
Payhawk Transforms Spending Experience for Businesses With Four Enterprise-Ready AI Agents
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Alipay+ to Launch in Saudi Arabia, Facilitating Cross-Border Mobile Payments for Local Merchants
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Cheaper, Faster… Riskier: Over Half Of Brits Plan To Use ChatGPT For Completing Their Tax Returns
More than half (59%) of Brits admit that they’ll use AI to help with their tax return
WorkFusion Raises $45 Million in Funding to Fuel Growth for Agentic AI for Financial Crime Compliance
WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), today announced it raised $45 million in funding.
AI-Powered E-commerce, Stablecoins and Local APMs: Emerging Trends Headline EBANX’s Payments Summit in Mexico
How could AI agents search, compare and pay for things? What makes stablecoins a game-changer for cross-border digital commerce? Why are local Alternative Payment Methods (APMs) crucial for any business wanting to enter and scale in emerging markets?
Second Day of Money20/20 Middle East Unveils Next-Gen Solutions at the Region’s Largest Ever Fintech Gathering
Day two of Money20/20 Middle East in Riyadh brought together global leaders in fintech, banking, and financial services to discuss the future of money and finance in the region.
United Gulf Financial Services Joins The Hashgraph Association and Exponential Science Foundation Adding $1M to Hedera Africa Hackathon Pool Prize
United Gulf Financial Services (UGFS North Africa), a leading venture capital firm offering innovative companies and startups with financial support and mentoring services, has announced a partnership with The Hashgraph Association, a Swiss non-profit organization driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, and Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, for Hedera Africa Hackathon 2025, the biggest hackathon in Africa aimed at enabling the next generation of Web developers and empower economic inclusion in Africa with a digital future for all.
Payhawk Transforms Spending Experience for Businesses With Four Enterprise-Ready AI Agents
Payhawk announced set of AI agents that complete everyday finance work as part of its product launch
Alipay+ to Launch in Saudi Arabia, Facilitating Cross-Border Mobile Payments for Local Merchants
Ant International will launch cross-border QR code payments between the Saudi Arabia’s (KSA) national payment scheme, mada, Alipay+, during 2026 to drive digitisation and inclusive growth for local merchants.