Financial services fear fraud rise with cost-of-living crisis

Financial services fear fraud rise with cost-of-living crisis

43% of financial services expect the cost-of-living crisis to increase the risk of financial crime and fraud over the next 12 months.

The Year Ahead 2023: Counting The Cost Of Inflation | Singapore

From higher utility bills to higher food prices, inflation is taking a toll on Singapore’s households and businesses. Four CNA journalists dive into the heart of one of the world’s most expensive cities to seek out the everyday stories of Singaporeans who exemplify the strength, compassion and resilience of the country. But even as the people finally throw off the oppressive burden of COVID-19, they are facing a world riddled with more uncertainties. These include disruptions to some of the resources most critical for their survival. What will the year ahead hold for Singapore as inflation soars to the highest level in more than a decade? Find out what its diverse communities are doing to pull together and ensure that no one is left behind.

About the show:
Four CNA journalists take a closer look at rising cost of living in one of the world’s most expensive city.
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Silicon Valley Bank and Signature Bank hearing before House on bank failures

#SiliconValleyBank #SignatureBank #banking
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the Ranking Member of the House Financial Services Committee, Maxine Waters (CA-43), hold a bipartisan hearing with federal financial regulators in response to the failures of Silicon Valley Bank (SVB) and Signature Bank.

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How loan sharks prey on poorest Brits

As millions feel the pinch from the cost of the living crisis – where do you turn when the ends don’t meet?

For many of those struggling, it’s loved-ones, or credit cards perhaps.

But for more than a million people in the UK – thought to be a conservative estimate – the answer is loan sharks.

We’ve been speaking to those who’ve had their lives turned upside down after borrowing from illegal lenders, and following the work of specialist detectives trying to tackle a crime that takes its toll in more than money.

In this special report, we’ve changed names to protect the identities of those who shared their stories, and a warning: there is flash photography from the start.

The Cost Of Identity Fraud To Financial Services

Regula, in cooperation with Sapio Research, conducted a survey in December 2022 and January 2023 which uncovered a trove of valuable information about various sectors’ use of identity verification (IDV) solutions worldwide. In the second phase, we focused particularly on the Banking and FinTech sectors to explore the business impact of investing in IDV.

In this video, Ihar Kliashchou, Chief Technology Officer at Regula, covers some of the most important findings. For instance, the Banking sector is the most severely impacted financially by identity fraud. One in three banks suffered almost half a million dollars in related costs, and one in four banks reported over 100 identity fraud incidents in the past year.

For the FinTech sector, the number of incidents was lower, with only one in every six organizations reporting this level of fraud. This difference may be due to the larger scale and complexity of banks’ operations, their delayed adoption of digitalization, outdated IT systems, and the regulatory and reputational risks they face.

The survey also revealed that 93% of organizations recognize the significance of online identity verification in detecting and preventing fraud.