A husband and wife from Sri Lanka were arrested in Canada for fraud and money laundering; the couple reportedly used fraudulent checks and synthetic identities for fraudulent charges and purchases; both are charged with fraud of CAD5,000 ($3,729) and possession of proceeds obtained of over CAD5,000 ($3,729); the fraudulent charges are an example of the emergence of sophisticated synthetic identities that are more difficult to be detected by fraud prevention systems. Source
The pandemic has helped drive a surge in Canadians using digital identity authentication platforms to get access to government programs;...
The National Crowdfunding Association of Canada (NCFA) has published a report providing insight on the country's crowdfunding market; identifies a need for regulation that will help support the industry's growth while also setting standards for the market overall; predicts transaction value of $190 million for 2016; says the industry has grown 48% from 2013 to 2015. Source
Credit Sesame has made its first acquisition that will solidify its position as a fintech banking platform; the company known...
U.S. Bank and Bank of Montreal are investing in digital technology to overhaul their websites, mobile apps, call centers and ATMs; the two companies shared their plans with American Banker; common themes from both companies include: 1) invest in what customers are dissatisfied with 2) make incremental enhancements 3) create a unified customer experience 4) establish an innovation team and 5) test emerging technologies. Source
Everyone is talking about how AI is the next big thing, and there is no doubt it is making waves. But is the world ready?
On March 29, the Boston-based anti-fraud firm FiVerity announced a "holistic" fraud analytics platform to help firms stop criminal activity.
NewOak will invest up to $2 billion in loans originated by Canadian online lender LendingArch over the next three years; NewOak will also make a significant contribution to the strategy of the firm; the New York-based asset management and institutional advisory firm will take an advisory role with LendingArch supporting its business development and capital markets strategies. Source
LiftForward has obtained a $100 million credit facility through funding from Monroe Capital; LiftForward is a New York City-based marketplace lender for manufacturers, distributors and retailers; the firm offers credit of up to $1 million per transaction; in addition to credit products the firm also offers its customers a platform to sell their products as a hardware as a service subscription. Source
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