Latest news with #fraudprevention
Japan Times
19 hours ago
- Business
- Japan Times
Japan to require IC chip ID verification for online bank accounts in 2027
Japan will require banks and credit card companies to use IC chip-based identity verification for non-face-to-face account openings starting in April 2027, under a revised rule aimed at curbing fraud, the National Police Agency (NPA) said Thursday. The change to the enforcement of the Act on Prevention of Transfer of Criminal Proceeds will make it mandatory for financial institutions to confirm customers' identities via IC chips embedded in My Number identity cards or driver's licenses. Submitting images or photocopies of ID documents — currently allowed in online or mail-based applications — will be prohibited due to the growing difficulty of detecting forgeries, the agency said. The new rule is designed to prevent fraudulent accounts — often used in schemes known as special fraud, which includes bank transfer scams and telephone banking fraud — from being opened under stolen identities. Under the existing framework, financial institutions are obligated to verify a customer's identity when opening an account. In online settings, this has typically involved sending images of ID documents via smartphone or mailing photocopies — methods increasingly vulnerable to advanced counterfeiting techniques. The revised regulations designate IC chip scanning as the default method of digital verification. For those without a My Number card or driver's license, alternative documentation such as original copies of residency certificates or tax documents — which are harder to falsify — can still be submitted by mail. Authorities have set the implementation date two years out to allow sufficient time for system upgrades on the part of financial service providers. The NPA published the draft revision in February and received 83 public comments. It is also considering requiring the use of IC chip data for in-person identity checks in the future. Translated by The Japan Times
Yahoo
a day ago
- Business
- Yahoo
AI in cards and payments: Revolutionising the future of transactions
Artificial Intelligence (AI) is transforming the cards and payments industry, making transactions faster, safer, and more personalised. As digital wallets, contactless payments, and real-time transaction systems grow globally, AI is becoming a core driver of innovation. Today, this evolution is entering a new phase with the rise of agentic AI—intelligent systems capable of autonomous, goal-directed action that can make decisions, learn from outcomes, and adapt without human input. Fraud prevention has always been a critical concern for payment providers. Traditional systems rely on pre-set rules, which can miss new types of fraud or trigger unnecessary alerts. AI, especially in its agentic form, is more adaptive. It not only identifies unusual patterns but can act in real time—flagging suspicious activity, freezing compromised accounts, and triggering additional authentication—all without waiting for manual reviews. Agentic AI systems can also collaborate across networks, detecting coordinated fraud across multiple platforms. These systems continuously learn, update their models instantly, and improve detection accuracy while reducing false positives, ensuring legitimate transactions proceed smoothly. Modern consumers expect personalised, intuitive financial services. AI makes this possible by analysing spending habits, preferences, and even life events to offer relevant product suggestions or spending insights. But agentic AI takes this further. Instead of just offering recommendations, these AI agents can act on behalf of users. For example, they might automatically choose the best card for a transaction to maximise rewards, shift funds between accounts to avoid overdrafts, or suggest and initiate a savings plan based on monthly spending. These agents don't just react—they proactively manage financial tasks in line with user goals and preferences. Real-time payment systems are now essential, with users expecting instant, error-free transactions. Agentic AI helps make this possible by optimising payment routing, predicting network congestion, and ensuring liquidity across accounts—all in the background. Such AI systems can autonomously select the best path for a payment based on speed, cost, and reliability. In complex environments like cross-border transactions, agentic AI manages currency conversions, compliance requirements, and settlement risks without human intervention, improving efficiency and transparency. AI chatbots have already enhanced customer service by providing instant support for common queries. However, with agentic AI, these assistants evolve into financial agents—capable of taking meaningful actions rather than just responding to questions. Imagine telling your assistant, 'I'm traveling to Spain tomorrow,' and it automatically enables international payments, suggests travel insurance, checks for foreign transaction fees, and informs your bank's fraud system. This level of autonomous service radically enhances convenience and customer engagement. Payments processing involves numerous behind-the-scenes workflows—from reconciliation and compliance to chargeback handling. AI already automates many of these tasks, but agentic AI can go further by managing them. These systems can detect inefficiencies, redesign workflows, and implement improvements independently. For example, if recurring issues arise with transaction failures, an AI agent can analyse root causes, adjust protocols, and even communicate updates to support teams—streamlining operations and cutting costs. As regulatory expectations grow, financial institutions must ensure not just compliance, but explainability. Agentic AI offers built-in auditing capabilities, tracking every decision and offering justifications in human-readable formats. This helps meet regulations like PSD2 and GDPR while building trust with users and regulators alike. The cards and payments industry is not just digitising—it's becoming autonomous. With the rise of agentic AI, systems now go beyond prediction to decision-making, self-management, and proactive service delivery. From fraud prevention and customer experience to risk management and compliance, AI is redefining every aspect of how value moves. As we move forward, the financial institutions that embrace agentic AI won't just offer better services—they'll pioneer the next era of intelligent, self-directed finance. The future of payments is not just smart—it's agentic. And it's already here. Vivek Dwivedi is Regional Head - Cards and Payments, Financial Services at Infosys "AI in cards and payments: Revolutionising the future of transactions" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Finextra
3 days ago
- Business
- Finextra
IG Group selects Alloy to manage identity risk
IG Group ('IG'), the FTSE 250 online trading company, has partnered with Alloy, a leading identity and fraud prevention platform provider. 0 The partnership enables IG to better achieve full regulatory compliance without impinging on the company's capacity to provide a seamless customer experience and hit ambitious business growth objectives. The UK financial services industry has developed one of the most rigorous and demanding regulatory regimes globally. Meeting compliance standards is critical to the success of any UK financial services or fintech company. Asked to name the most concerning consequences of fraud in Alloy's recently published State of UK Fraud Report, almost all C-suite leaders at UK fintechs put satisfying regulatory requirements and mitigating reputational damage at the top of the list.* On top of this pressure to remain compliant, UK fintechs and banks also face pressure to grow. Many businesses operate on outdated, internally-built tech stacks that are too rigid to adapt to evolving demands. At the point of onboarding or verifying customers, the collection and verification of documentation is often managed manually, resulting in fragmented workflows, poor data visibility and a high volume of referrals to KYC analysts for further manual inspection. These delays and hurdles typically result in lower than desired STPs (straight through processing rates), which in turn lead to higher lead times to account activation and higher dropout rates in prospective clients. Alloy's industry research indicates that this complexity is heightened in businesses like IG that serve customers in multiple markets globally and are processing multimillion pound transactions. Without automated workflows that enable perpetual KYC, unnecessary friction and delays can be passed onto customers. William Mead, Head of Operations at IG Group, comments: 'Integrating Alloy's identity and fraud prevention platform into our risk management processes is transforming perpetual KYC from a conceptual ideal to a real-life, proven way of operating that increases automation and efficiency, and reduces risk and development burden. 'From the outset, Alloy's UK team fundamentally appreciated the drain on capacity and resources that continual ID verification creates without the right technology in place. Alloy's automated verification and monitoring tools help us refocus our attention and efforts to deliver the sort of user experience an IG customer expects from us. By continually ensuring we know who our customers are in accordance with expanding regulatory rules, the experience we can provide feels less intrusive, less onerous and more streamlined.' By leveraging Alloy, IG has been able to develop a dynamic and holistic approach to risk management through the client lifecycle from onboarding to in-life. This approach reduces the potential for regulatory risk, alleviates the need for remediation efforts after risks are exposed, and improves customer conversion and retention. At the same time, Alloy enables IG to consolidate operational workflows in all jurisdictions and orchestrate multiple data signals for due diligence flows based on risk level and geographic requirements, which results in far more automated processes and fewer manual activities. Since integration, IG has experienced a significant increase in automated activations. Most of the time previously spent handling remediation efforts after risks were retrospectively exposed is deployed elsewhere on activities like proactively improving internal processes and enhancing the customer journey. James Baston-Pitt, Alloy's Head of Growth UK, EMEA and APAC, adds: 'IG is an exceptional company that has been focused and collaborative in making bold transformations to their customer decision-making and in-life processes. Balancing the importance of robust, compliant, and seamless experiences globally involves fine-tuning customer journeys to maximise automation in both core and expansion markets. We are very excited about what we have achieved together so far.' * 93% of UK fintech C-Suite leaders rank regulatory penalties and reputational damage as the most concerning consequences of fraud - Alloy State of UK Fraud Report, March 2025
Yahoo
3 days ago
- Business
- Yahoo
IG Group partners with Alloy to balance regulatory compliance with ambitious growth goals
LONDON, June 18, 2025 /PRNewswire/ -- IG Group ("IG"), the FTSE 250 online trading company, has partnered with Alloy, a leading identity and fraud prevention platform provider. The partnership enables IG to better achieve full regulatory compliance without impinging on the company's capacity to provide a seamless customer experience and hit ambitious business growth objectives. The UK financial services industry has developed one of the most rigorous and demanding regulatory regimes globally. Meeting compliance standards is critical to the success of any UK financial services or fintech company. Asked to name the most concerning consequences of fraud in Alloy's recently published State of UK Fraud Report, almost all C-suite leaders at UK fintechs put satisfying regulatory requirements and mitigating reputational damage at the top of the list.* On top of this pressure to remain compliant, UK fintechs and banks also face pressure to grow. Many businesses operate on outdated, internally-built tech stacks that are too rigid to adapt to evolving demands. At the point of onboarding or verifying customers, the collection and verification of documentation is often managed manually, resulting in fragmented workflows, poor data visibility and a high volume of referrals to KYC analysts for further manual inspection. These delays and hurdles typically result in lower than desired STPs (straight through processing rates), which in turn lead to higher lead times to account activation and higher dropout rates in prospective clients. Alloy's industry research indicates that this complexity is heightened in businesses like IG that serve customers in multiple markets globally and are processing multimillion pound transactions. Without automated workflows that enable perpetual KYC, unnecessary friction and delays can be passed onto customers. William Mead, Head of Operations at IG Group, comments: "Integrating Alloy's identity and fraud prevention platform into our risk management processes is transforming perpetual KYC from a conceptual ideal to a real-life, proven way of operating that increases automation and efficiency, and reduces risk and development burden. "From the outset, Alloy's UK team fundamentally appreciated the drain on capacity and resources that continual ID verification creates without the right technology in place. Alloy's automated verification and monitoring tools help us refocus our attention and efforts to deliver the sort of user experience an IG customer expects from us. By continually ensuring we know who our customers are in accordance with expanding regulatory rules, the experience we can provide feels less intrusive, less onerous and more streamlined." By leveraging Alloy, IG has been able to develop a dynamic and holistic approach to risk management through the client lifecycle from onboarding to in-life. This approach reduces the potential for regulatory risk, alleviates the need for remediation efforts after risks are exposed, and improves customer conversion and retention. At the same time, Alloy enables IG to consolidate operational workflows in all jurisdictions and orchestrate multiple data signals for due diligence flows based on risk level and geographic requirements, which results in far more automated processes and fewer manual activities. Since integration, IG has experienced a significant increase in automated activations. Most of the time previously spent handling remediation efforts after risks were retrospectively exposed is deployed elsewhere on activities like proactively improving internal processes and enhancing the customer journey. James Baston-Pitt, Alloy's Head of Growth UK, EMEA and APAC, adds: "IG is an exceptional company that has been focused and collaborative in making bold transformations to their customer decision-making and in-life processes. Balancing the importance of robust, compliant, and seamless experiences globally involves fine-tuning customer journeys to maximise automation in both core and expansion markets. We are very excited about what we have achieved together so far." Notes to Editors * 93% of UK fintech C-Suite leaders rank regulatory penalties and reputational damage as the most concerning consequences of fraud - Alloy State of UK Fraud Report, March 2025 Press office contacts Carmen Dixon | 07717 278 846 | carmen@ Candy | 07909 992082 | jo@ About IG Group IG Group (LSEG:IGG) provides online trading platforms and educational resources to empower ambitious clients around the globe. Headquartered in the UK, IG Group is a FTSE 250 company that offers clients access to ~19,000 financial markets worldwide. About Alloy Alloy provides an identity and fraud prevention platform that enables global financial institutions and fintechs to manage identity risk so they can grow with confidence. Over 700 of the world's largest financial institutions and fintechs turn to Alloy's end-to-end platform to access actionable intelligence and the broadest network of data sources across the industry, as well as stay ahead of fraud, credit, and compliance risks. Founded in 2015, Alloy is powering the delivery of great financial products to more customers around the world. View original content to download multimedia: SOURCE Alloy
Yahoo
5 days ago
- Yahoo
Livecaller Presents the First Free iOS Native App to Help iPhone Users Say Hello to Real-Time Caller ID
Livecaller has identified and blocked over 22 million unwanted spam calls in real time globally, getting most of the spam calls hitting users in U.S., UK, and Australia New York, New York--(Newsfile Corp. - June 15, 2025) - the trusted app for iOS and Android improving the communication and calling experiences for users worldwide, launched Livecaller last month, the first free, real-time caller ID app exclusively for iPhone users. This launch marked a milestone for the Apple ecosystem, as it solves a key challenge by offering instant caller identification, thanks to Apple's Live Caller ID Lookup framework. After already identifying more than 22 million calls in less than a month, Livecaller's global reach detects callers and spammers from a pool of over 4 billion numbers, offering real-time call identification and enhanced security at no cost, a feature even Apple plans to incorporate in its iOS 26 update. To view an enhanced version of this graphic, please visit: Spam calls have become a nearly unavoidable yet increasingly dangerous part of everyday life. The rise of AI-driven voice hoaxes aimed at stealing personal information only exacerbates this problem. Scammers can now even clone the voices of loved ones, adding a new layer of deception to their schemes. The US Federal Trade Commission recently revealed that Americans lost $12.5 billion to fraud in 2024, with $1.9 billion lost to traditional scams, such as phone calls. With a significant portion of Android users already benefiting from caller ID features, Livecaller is bringing the same level of security to Apple devices free of charge. When a call is received, the number is immediately encrypted, converting it to a coded format that can't be read directly. This encrypted number is then matched against Livecaller's database of known contacts. Once the caller's identity is verified, the result is sent back to the iPhone, maintaining confidentiality while still providing real-time caller identification. Through Apple's Live Caller ID Lookup framework, the app can automatically identify and flag scam calls, even those not in the user's contact list. If a spam call is detected, labels like "Spam: Telemarketing" will appear on the iPhone's home screen, all while preserving user privacy. With iOS 18, Livecaller's technology is integrated into Apple's software, allowing it to operate natively without requiring additional permissions or the user to keep the app open. Unlike previous iOS spam and telemarketing blockers, Livecaller eliminates the need for users to manually report or block unwanted numbers. The app is currently available in 28 languages, supporting all major languages. "We're excited to help iPhone users restore the trust they may have lost due to the surge in spam and telemarketing calls," says Ken Vinner, CEO and Co-Founder of "Apple's upcoming iOS 26 update highlights the growing need for call screening, but while its call filtering solutions depend on user intervention, Livecaller provides iPhone users with a smarter, dependable way to enhance call security automatically." Livecaller is available to download for iPhone users: About is a leading social phonebook platform, enhancing the communication experience for over 50 million users around the world. Leveraging innovative technology, we provide real-time caller identification, empowering our users to stay one step ahead of unwanted spam calls and ensuring a secure communication environment. Our mission is to make every phone interaction safe, efficient, and personalized. With you'll always know who's on the other side of the line. To learn more, please visit Alona Blondealona@ York, USA To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
