Authorized push payment fraud has risen across the global financial sector. For consumers, this can be a devastating blow, wiping out savings and knocking the livelihood of vulnerable individuals. Many hold banks responsible for the reimbursements to the victims of such crimes. UK supervision of bank reimbursements of APP fraud victims has been contradictive. On the […]
The US is one of the leading nations globally in financial inclusion, according to the Principle Global Financial Inclusion Index 2023. However, its position is slipping, buoyed only by developments in the financial system surrounding borrowers’ protections and access to good quality fintechs. Employer Support Damaged by Economic Challenges The most significant change was seen […]
A look behind the numbers in AU10TIX’s Q2 2023 Global Identity Fraud Report gives clear insight into the mind of the professional fraudster. The report analyzed millions of global transactions from April through June 2023 to identify industry-specific patterns. Fraudster activity popular in North America and APAC for different reasons Organized ID fraud in North America surged by […]
As customer sentiment turns towards digitalization and ease of use, embedded finance has grown to meet their needs. Experiencing an uptick in interest, fintechs and big techs have risen to the challenge. In an EY survey from March 2023, 97% of respondents said they felt the key to the success of a financial product is […]
AI has saturated our content streams this year. Whether it’s the latest generated image trend, a scandalous AI “hallucination” in a news feed, or an entertaining (albeit chilling) chatbot conversation – it’s likely you’ll have had some interaction with the technology on your news feed. For financial services, it has sparked an era of promise. Applications have leveraged AI to enhance their […]
SoFi reported Q3 earnings earlier today and it was mostly good news. The company had net revenue of $537 million for the quarter, up 27% from the prior year period. Adjusted EBITDA was $98 million, up 121% from the prior year period. Both of these numbers were records for the company. SoFi has been one […]
The regulators dominated the news again this week with the Fed announcing proposed new (reduced) fees for debit card transactions. And then we had the Fed, OCC and FDIC finally issuing new rules for the Community Reinvestment Act. Both of these announcement could have a dramatic impact on both banks and fintechs. Here are the […]
Banking-as-a-service provider Galileo Financial Technologies recently announced an expansion into new regional markets, driven by an alliance with Mastercard that will allow it to offer new digital banking services in five South American economies. The company, which operates extensively in the Mexican market, expanded into Colombia last year as part of a broader strategy in […]
Many fintechs start with a mission that addresses a problem. Whether that be financial exclusion or just plain fixing of the financial system’s inequities, fintech was born from innovation and challenging the status quo. The fintech dream has got the sector far. Despite the recent drop in VC funding, global fintech funding has grown at […]
Banking-as-a-service fintech Synapse is having a rough year, to say the least. Earlier this month the company laid off 40% of its workforce, or 86 employees. This was on top of the 18% that the company laid off in June. There is the now very public dispute they have been having with Evolve Bank & Trust, highlighted by Fintech Business […]