Fraud intelligence software launched by Facephi, Feedzai

Facephi and Feedzai have introduced new fraud prevention products to complement their biometrics offerings. Smart Eye Technology and Resistant AI are boasting new deals for anti-fraud software with financial institutions, while 3DiVi has published a white paper on biometric identification fraud and startup worth has announced an impressive seed funding round.

Facephi, Feedzai launches to boost fraud intelligence

Digital identity verification firm Facephi has released a new AI-based product targeting money mule accounts, used by criminals to launder illicit funds.

The Spain-headquartered company warned that financial institutions must adopt detection strategies, including pre-fraud signal analysis which identifies suspicious patterns in account openings and transactions and account classification which flags unusual movements and structured laundering schemes through behavioral monitoring. A final recommendation is strengthening collaboration between banks.

In February, Facephi joined the Secure Technology Alliance, a U.S.-based association advancing security and privacy in the digital identity and payment industries.

Californian Feedzai has launched a new product designed for fraud prevention based on generative AI, called ScamAlert.

The product is based on key scam indicators from the Feedzai network, which analyzes digital transactions, device intelligence, network data and behavioral biometrics to identify suspicious activity. It relies on a multimodal model, analyzing text, images and transaction data in real-time to detect scams. Banks can integrate ScamAlert into their processes and risk engines, while customers can upload screenshots of potential scams and have ScamAlert assess the risk of fraud.

Feedzai has recently clinched a deal with Mastercard for its anti-fraud behavioral biometrics.

Deployments for Smart Eye, Resistant, white paper from 3DiVi

Biometrics-based security firm Smart Eye Technology has landed a deal to deliver its continuous authentication product to community banks across the U.S. with the help of financial advisory Finov8r.

Its products protect from credential theft and session hijacking by limiting unwanted viewers from looking at a computer screen with the help of biometric security features such as facial, iris, voice and behavioral print recognition. The Atlanta-headquartered firm says its software will be used to secure digital transactions for employees of banking clients accessing digital banking platforms and bank associates.

Anti-fraud software maker Resistant AI has also struck a new agreement with financial data exchange service Flinks, which works with institutions such as Stripe, National Bank of Canada, EQ Bank and more.

Through the deal, New York-based Resistant AI will provide document forensics and fraud detection software to lenders across North America. The product is used to authenticate and provide a risk evaluation for a wide range of documents, including IDs, bank statements, invoices, pay stubs, tax returns, void cheques and more submitted in PDF and image formats.

And another California-based company has published a new white paper exploring threats to remote biometric authentication in digital banking. In the paper, computer vision firm 3DiVi examines attack vectors exploited by threat actors, including deepfakes, 3D masks, and video replay, and offers countermeasures.

The white paper, titled “Threat Model for Remote Biometric Identification Systems,” is aimed at cybersecurity teams, regulatory and compliance officers, AI and machine learning engineers, fraud prevention and risk management teams and government and law enforcement.

Onboarding startup Worth $20M seed round

U.S.-based fintech startup Worth has secured $20 million in seed funding to enhance its AI-powered workflow automation solutions for underwriting and onboarding.

The company allows small and medium businesses to cut paperwork when applying for credit cards or loans by helping them prefill, onboard, and underwrite businesses with their name, address and tax ID. The prefill automates Know Your Business (KYB), Know Your Customer (KYC), ownership identity verification, fraud verification, bank account verification and financial statement checks.

The company relies on technology from Socure, LexisNexis, Clear and Persona for identity verification. The investment was led by TVV Capital.

Article Topics

3DiVi  |  biometrics  |  FacePhi  |  Feedzai  |  financial services  |  fraud prevention  |  generative AI  |  Resistant AI  |  Smart Eye  |  Worth