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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
As both a conference producer and a news outlet, we’re always paying close attention to the topics that resonate most with you — our audience of fintech and banking professionals. To wrap up 2024 and brace ourselves of what to expect for 2025, we analyzed readership data to gain valuable insights into the stories, trends, companies, and products that mattered most to the industry this year to create the top 10 posts of 2024.
This list is compiled of posts published in 2024 that garnered the highest number of views and engagement in 2024. From breaking news to big IPOs, these were the stories you found most compelling. So, without further ado, here’s a countdown of the top 10 posts that captured your interest over the past year.
Winter officially begins at the end of the week for many of us, and the seasonal, end-of-year holidays are right around the corner.
This week in the Fintech Rundown we start off with news of a major acquisition in the supply chain finance space, and a handful of fundraisings in fields ranging from wealth management to crypto.
Travel and expense management company Mesh Payments has selected SoFi as its sponsor bank and has tapped SoFi-owned Galileo Financial Technologies as its payment processor.
Mesh Payments is an all-in-one corporate payments platform for travel and expense that integrates corporate cards, expense management, and travel bookings on a single platform. Mesh Payments offers SaaS enterprises cardless payments capabilities that enable full visibility, control, and intelligence to help them orchestrate, manage, reconcile, and ultimately reduce spending. The company, which processes more than $1 billion in annual payment volume, was founded in 2018.
Under the partnership, Mesh Payments’ expense and card infrastructure will tap SoFi’s financial framework and Galileo’s customizable, API-based payments processing platform. Mesh Payments anticipates that leveraging both SoFi as its sponsor bank and Galileo as its processing platform will help it offer more streamlined enterprise expense management, reduce inefficiencies, and bring solutions to market more quickly.
“We’re excited to partner with SoFi and Galileo, as both companies share our vision of delivering the most modern and innovative financial solutions for businesses,” said Mesh CEO Oded Zehavi. “They are the ideal partners to support our mission to provide companies with an efficient, forward-thinking approach to corporate travel and expense management.”
Founded in 2001, Galileo offers a payment processing platform that allows third-party fintechs and businesses to build and scale their own financial services offerings. The company’s client list includes DailyPay, Bluevine, Dave, MoneyLion, Monzo, and others. Galileo was acquired by SoFi in 2020 in a $1.2 billion deal.
Founded in 2011, SoFi has evolved from a lending platform into a nationally chartered bank that offers checking and savings accounts, investing tools, and insurance plans. The company landed its first sponsor bank deal in April of 2024 when it partnered with small business banking platform Rapid Finance.
“SoFi is proud to provide the financial backbone for forward-thinking solutions like Mesh Payments,” said SoFi Bank President Paul Mayer. “With SoFi and Galileo under one roof, we empower partners like Mesh Payments to harness Galileo’s advanced cloud-based banking core, enabling them to launch new products faster, scale seamlessly, and stay ahead of their customers’ ever-changing needs.”
Community banks and credit unions have long been the cornerstone of local economies. As technology and consumer preferences evolve, however, so must their revenue strategies.
Today’s Streamly video highlights a conversation I had with Rob Thacher, CEO at BankShift, a banking-as-a-service platform. During our conversation, Thacher and I discussed embedded finance, leveraging data to create personalized products, fintech partnerships, subscription services, and BankShift’s Brand on Banking.
BankShift built a business model all around the credit union space because they give dividends back to their members. And so we built a Brand on Banking ecosystem that enables community banks and credit unions to be different and have a new revenue stream. Financial institutions can embed their own technology inside that brand for revenues, for loyalty, and control.
BankShift creates a digital banking platform that helps community banks and credit unions generate new revenue streams, enforce control, and build loyalty. The company’s SDK provides low-code tools that help financial institutions create a branded, a unified app with a single login and a money transfer tool. The Oregon-based company was founded in 2020.
Correction: This post previously incorrectly reported that Atlanta, Georgia-based Themis raised funds. Today’s round is actually attributed to U.K.-based Themis.While both companies operate in the regtech realm, the former, a Finovate alum that recently won Best of Show, offers a platform that streamlines compliance and collaboration between fintechs and banks, bringing regulatory insight to help banks and fintechs more effectively manage compliance. The latter is a digital financial crime platform that helps businesses manage their financial crime risk exposure.
Regtech platform Themis raised over $9.2 million (£7.25 million) in its scale-up round.
The round, which is expected to close on December 16, 2024, exceeds Themis’ initial target by a significant margin.
Themis will use the funds to leverage AI to continue to democratize due dilligence.
Regtech is rising across the fintech sector, and to prove it, financial crime risk management platform Themis has pulled in more than $9.2 million (£7.25 million) in a scale-up round that surpasses its target.
“Exceeding our funding target reflects not only the confidence of our investors but also the strong financial fundamentals and scalability of our business,” said Themis CFO Simon Samuel. “This additional capital provides us with the financial runway to strategically invest in key areas like AI innovation, market expansion, and operational efficiencies, ensuring long-term sustainable growth.”
The investment, which is expected to close on December 16th of this year, exceeds Themis’ initial target of $3.8 million to $6.3 million (£3 million to £5 million). Once finalized, the funds will add to the U.K.-based company’s existing $6 million (£4.8 million) raised, totaling more than $15 million.
“Surpassing our Scale-Up Funding target by such a significant margin demonstrates the strength of Themis’ vision and its relevance in today’s financial landscape,” said Themis CEO Dickon Johnstone.
Themis was founded in 2018 to help reduce the global impacts of financial crime. The company’s platform, which helps clients identify and manage their specific financial crime risks, leverages KYC and AML data to help companies verify the true identity of their clients while remaining compliant. Themis will use this most recent round to pursue its mission to democratize due diligence by leveraging AI advancements with its financial crime expertise.
Financial services has experienced a surge in regtech adoption, driven by the growth of AI and machine learning, as well as an evolving regulatory landscape. In 2025, regtech is poised to further enhance compliance processes with real-time risk management, automated reporting, and enhanced collaboration between banks and regulators. According to Angela Strange, General Partner at Andreessen Horowitz, regulation will become code.
“Today, banking and insurance regulations span tens of thousands of pages; SBA lending documentation alone exceeds 1,000 pages,” said Strange. “For businesses, keeping on top of these codes requires byzantine workflows and many hours spent hiring and training staff. Imagine, instead, that those lengthy documents — including text, images, and case precedents — could be used to train regulation-specific LLMs. Suddenly, compliance would become as simple as a Google query. ‘Is [X] compliant? What modifications need to be made?'”
With only a few weeks to go until 2025, it is time to take a look at some of the trends we can expect to see more of in the next 12 months. There are a handful of topics that seem to be dominating the conversation in fintech as we wrap up 2024, and here’s what you’ll need to know as we head into 2025.
Crypto
I have to apologize for this one, because I know that many readers don’t want to hear anything about crypto. It does, however, need to be considered.
Why it’s big: After a dip and many volatile few years, crypto is entering a more mature phase. The conversation is no longer just about Bitcoin and speculative trading. Instead, we’re seeing increased institutional adoption and clearer regulatory frameworks emerging across the globe. With this, major players are poised to enter (or re-enter) the crypto space, which positions crypto as no longer a fringe technology, but a part of the financial ecosystem.
What you need to do about it: If you haven’t already, now is the time to educate yourself and your organization about crypto. Go beyond the basics and evaluate how blockchain technology might be relevant to your own operations. Also, stay informed about regulatory changes, as they are sure to change as crypto continues to evolve.
Stablecoins
This technically fits into the crypto category, but it deserves a highlight all on its own because of the potential. Stablecoins are a type of cryptocurrency pegged to a fiat currency or a commodity, such as gold.
Why it’s big: Stablecoins bridge the gap between the volatility of traditional cryptocurrencies and the stability of fiat currencies. They have been successfully used in cross-border payments, remittances, and payroll for global workforces because they enable instant payouts at rates much cheaper than funds sent via traditional banking rails.
What you need to do about it: Organizations operating in payments should investigate the costs and benefits of integrating stablecoins into their offerings. In particular, if your firm services businesses with international clients or cross-border supply chains, you should explore how stablecoin adoption could help service your commercial clients.
Open banking/ Section 1033
For U.S. readers, open banking made its debut in the form of a CFPB ruling in October of this year. Firms with the largest assets have until 2026 to comply, and those with assets between $10 billion and $250 billion have until 2027. There may be benefits to early compliance.
Why it’s big: The new open banking rule shifts data ownership from the financial institution to the individual consumer. This shift creates more opportunities for innovation, improved transparency, and more personalized services. The U.K. and Australia, which are early leaders when it comes to open banking, have already proven that giving consumers control over their own data is beneficial to multiple parties.
What you need to do about it: Even though some firms have until 2027 to prepare, start preparing now, as you may need to invest in infrastructure upgrades such as developing new APIs. Early compliance could give you a competitive edge by offering you time to create new products and services tailored to your customers.
Honorable mentions
Condensing fintech down into three topics does not capture the widespread nature of the industry, so here are some honorable mentions.
Agentic AI You may notice I did not include AI, which is a notoriously hot topic, among the top three trends. That is because the industry has finally moved beyond talking about AI as the technology to implement, and now considers it as the enabling technology that it is. Agentic AI, however, has its own role to play, especially in wealth management and back office automation. AI that can act independently to make decisions based on customer preferences or operational needs will play a large role in shaping fintech’s future.
BNPL With Klarna’s IPO taking place in 2025, we can expect to see interest in the BNPL space surge to new heights. However, it won’t reach 2020 levels because questions about regulation and profitability remain, especially as interest rates vacillate. However, BNPL continues to evolve with new players entering the space and existing ones expanding into adjacent markets like subscriptions and services.
Regtech The ongoing fallout from the Synapse failure has created a renewed focus on regulatory compliance. Banks are rethinking their regtech strategies, while new regtechs are leveraging tools such as large language models and GenAI to meet demand for automated compliance tools and fraud detection solutions.
Real-time payments The adoption of real-time payment systems has been gaining momentum across the globe, especially since the launch of the Federal Reserve’s FedNow service in 2023. While more businesses and consumers are slowly becoming accustomed to instant transactions, banks have shown hesitancy to send real-time payments.
Pay-by-bank In many ways, pay-by-bank goes hand-in-hand with open banking, which is fueling the growth in pay-by-bank. Direct, bank-to-bank payments are popular with merchants because of the lower fees and faster settlement times. Consumers, however, may be hesitant to use pay-by-bank unless they receive a monetary incentive at the point of purchase.
The new suite is powered by Microsoft’s Azure OpenAI Service, which gives developers REST API access to OpenAI’s language models.
The GenAI Financial Crime Detection Suite enables financial institutions to improve AML efforts, streamline compliance, and proactively manage risk indicators.
Financial crime detection company ThetaRayannounced it is collaborating with Microsoft in the launch of its new product, GenAI Financial Crime Detection Suite.
The new suite integrates Microsoft’s Azure OpenAI Service, a service that gives developers REST API access to OpenAI’s language models, such as o1-preview, GPT-4o, and GPT-4. The service allows clients to adapt the models to their specific task or use case.
ThetaRay reports that teaming up with Microsoft will allow it to bring firms a GenAI-powered case manager that will detect financial crime, adapt strategies over time, and meet legal reporting standards. ThetaRay reports that its collaboration with Microsoft will enable it to deliver a GenAI-powered case manager designed to detect financial crimes, refine detection strategies, and ensure compliance with regulatory reporting standards. With the launch of its new GenAI Financial Crime Detection Suite, ThetaRay aims to enhance risk assessment, streamline operational workflows, and strengthen anti-money laundering (AML) reporting to reduce fraudulent activity, such as money laundering and terrorist financing.
“ThetaRay’s integration with Azure OpenAI Service delivers a solution that empowers financial institutions to enhance key components of their AML efforts, like oversight, reporting, and risk catalogue processes,” said Azure AIat Microsoft Corp. Vice President Yina Arenas. “By integrating generative AI in their financial crime detection solutions, organizations can mitigate risk, drive exceptional efficiencies, and elevate regulatory standards.”
Along with today’s release, ThetaRay is also unveiling a new, GenAI-driven risk catalogue to enable financial institutions to add risk indicators. “Our technology has already established us as a leader in AI, and now with our newest risk catalogue solution, we’re empowering organizations to proactively manage risks, streamline compliance, and make more informed decisions,” said ThetaRay CEO Peter Reynolds. “We are excited to continue to deepen our collaboration with Microsoft, using their Azure OpenAI Service to enhance our vision of enabling trusted transactions across the financial ecosystem.”
Founded in 2013, ThetaRay offers transaction monitoring, transaction and customer screening, and customer risk assessment suites to help firms fight financial crime. The Israel-based company helps its 100+ institutional clients leverage AI to monitor 15 billion transactions valued at $20 trillion on an annual basis.
LexisNexis Risk Solutions has signed an agreement to acquire document authentication and fraud detection solutions provider IDVerse. Terms were not disclosed.
The acquisition will enhance LexisNexis Risk Solutions’ ability to combat emerging threats such as AI-generated fraud and deepfakes.
As OCR Labs, IDVerse won Best of Show in its Finovate debut at FinovateAsia 2017.
LexisNexis Risk Solutions has agreed to acquire AI-powered automated document authentication and fraud detection solutions provider IDVerse. The company, which introduced itself to Finovate audiences at FinovateAsia 2017 as OCR Labs, will become a part of LexisNexis Risk Solutions Business Services.
Terms of the transaction were not disclosed.
IDVerse leverages regenerative AI to fight fraud and deep fakes. The company’s technology is powered by a deep neural network which verifies the authenticity of more than 16,000 types of identity documents globally. Additionally, with consumer consent, IDVerse applies biometric algorithms for identity verification and liveness detection to identify potential fraud. With IDVerse’s technology, businesses can verify identities in seconds using just the applicant’s face and their smartphone.
“LexisNexis Risk Solutions has been at the forefront of enabling compliance and lowering risk for businesses worldwide for decades,” IDVerse CEO John Myers said. “We’re looking forward to seeing the impact our combined solutions and technology can make in improving outcomes for our clients against a fast-changing risk landscape.”
Thanks to a pre-existing alliance agreement, IDVerse’s solutions are already available via LexisNexis Risk Solutions’ platform. The acquisition will integrate IDVerse’s functionality across solutions and boost customer preparedness to manage emerging fraud threats. LexisNexis Risk Solutions has provided document authentication solutions since 2005, and its acquisition of IDVerse will add to the firm’s ability to combat new challenges such as AI-generated fraud.
“AI-powered solutions are necessary to counter the threat of AI-generated fraud attacks, including deepfakes,” said Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions. “Integrating IDVerse’s advanced and complementary technology will further enhance our ability to provide the risk insights our clients need to defend against bad actors today and into the future — regardless of where our clients are in the world or where they do business.”
Headquartered in Sydney, Australia, and founded in 2017 as OCR Labs, the company won Best of Show in its Finovate debut at FinovateAsia 2017. The firm rebranded as IDVerse in 2023. With applications for account opening, KYC/AML, passwordless login, fraud prevention, and more, IDVerse’s solutions serve businesses in industries ranging from financial services and insurance to crypto and telecommunications. The company’s Zero Bias AI technology puts regenerative AI to work to help mitigate the potential for discrimination based on ethnicity, age, and gender. In addition to enhancing the ability to combat fraud and deepfakes, IDVerse’s Zero Bias AI technology significantly lowers associated risks.
Last month, IDVerse announced that it had signed a new identity infrastructure partnership with London Stock Exchange Group (LSEG). The partnership will help LSEG scale global coverage and fight digital fraud during the customer onboarding process. In October, IDVerse announced it had onboarded iGaming identity verification and compliance solutions provider GlobalCheck and regulatory compliance solutions company BetComply. That month, IDVerse also announced that Hastings Direct Loans had automated its loan decisioning and identity verification processes using IDVerse’s identity tools.
Mobile banking platform MoneyLion has been acquired by identity protection and cybersecurity company Gen Digital Inc.
The $1 billion deal is expected to close in 2025.
Gen plans to diversify its offerings by integrating MoneyLion’s credit-building tools, financial management services, and embedded finance marketplace into its portfolio.
Mobile banking platform MoneyLion is the latest among a string of acquisitions taking place in fintech this month. The New York-based company has agreed to be acquired by Gen Digital Inc. (Gen), the parent company of a range of digital identity protection brands, for $1 billion.
Founded in 2013, MoneyLion offers both direct-to-consumer banking tools as well as a marketplace of embedded banking tools, called Engine, for businesses. This enterprise technology suite serves as a marketplace for financial products to enable financial services and non-financial services companies alike to add embedded finance to their business leveraging MoneyLion’s API.
Gen expects today’s $1 billion purchase will help it branch out from identity solutions into new financial services verticals. Specifically, Gen is seeking to add financial wellness offerings using MoneyLion’s credit building and financial management services, as well as its white-labeled AI recommendation platform. Gen will also acquire MoneyLion’s 18+ million customers, a group which Gen anticipates will diversify its existing client base.
“Gen has a family of consumer brands that’s dedicated to protecting people’s privacy, identity, and financial assets so they can live their digital lives securely and without worry,” said Gen CEO Vincent Pilette. “By bringing MoneyLion into the Gen family, we’re not only helping people protect what they already have, we’re extending our capabilities to enable people to better manage and grow their financial wealth. We look forward to welcoming the MoneyLion team, so together, we can power digital and financial freedom.”
Gen was founded in 2022 and counts Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner among its consumer brands. In all, Gen’s brands help bring cybersecurity, online privacy, and identity protection tools to almost 500 million users in more than 150 countries. The Arizona-based company is publicly listed on the NASDAQ with a market capitalization of $18.3 billion.
The deal is expected to close in the first half of Gen’s fiscal year, spanning April 2025 to late September 2025. The transaction is proposed at $82 per share, plus one contingent value right (“CVR”) that entitles the holder to a contingent payment of $23 for each MoneyLion share in the form of shares of Gen common stock.
“We’ll deliver MoneyLion’s leading personal financial management tools and embedded financial marketplaces to Gen’s users while bringing Gen’s strong identity, trust and cybersecurity solutions to our customers,” said MoneyLion Co-Founder and CEO Dee Choubey. “Together, we’ll create unmatched consumer value, combining innovative fintech products and experiences with Gen’s trusted network to empower smarter financial decisions and secure people’s digital and financial lives.”
Gen’s purchase of MoneyLion is notable because it is unique. It may be the first time a fraud and security firm has acquired a digital bank– generally, it would be the other way around. However, given the increasing overlap between financial services and cybersecurity, this acquisition is a logical one. As security threats become more sophisticated, the integration of financial wellness tools with identity and security solutions positions Gen to address consumer needs more holistically.
Lunar introduced Moonrise, a standalone enterprise payments offering to help organizations scale in the Nordic region’s notably complex payments ecosystem.
Lunar expects that the BaaS market will grow 3.3x to €100 billion in five years.
Lunar anticipates that Moonrise will help to lower barriers to entry for companies operating in the Nordics, which will not only foster innovation and competition, but also help to offer consumers better services and pricing options.
Nordic challenger bank Lunarlaunched a new, enterprise payments offering this week. The standalone product, called Moonrise, aims to simplify financial connectivity for payment businesses looking to scale in the Nordics.
Moonrise helps fintechs, challenger banks, and global payments providers navigate the Nordic payments landscape. Denmark, Norway, and Sweden each have unique clearing systems and infrastructure requirements, which creates a complex payments environment. “By breaking down these barriers,” the company’s blog post explained, “we’re creating new opportunities for players who want to innovate and compete in a region traditionally dominated by legacy institutions.”
Moonrise’s API builds on Lunar’s existing infrastructure, which currently processes over 10,000 transactions daily and supports $5.3 billion (€5 billion) in transaction volume.
“The transition to Moonrise reflects Lunar’s strategic focus on growth and innovation,” the blog post said. “By taking the first steps towards creating a standalone entity, we’re giving our enterprise payments division the agility and resources it needs to thrive while also allowing our retail banking arm to continue its successful trajectory.”
Lunar launched in 2015 as a digital bank catering to both retail and commercial clients. The Denmark-based company received its banking license in 2019 and offers personal checking accounts with debit cards, youth accounts, in-app PFM tools, an investing platform, and a BNPL tool that can be retroactively applied to purchases. On the commercial side, Lunar offers business bank accounts, automated bookkeeping, cash flow analytics, expense management tools, loans, insurance, and more.
Launching Moonrise will allow Lunar to pursue the BaaS market, which is expected to reach 100 billion Euros, growing 3.3x over the next five years. Structuring Moonrise as a separate entity will allow both companies to grow in their own direction, without straining the resources of either one.
Lunar recognizes the potential that the BaaS market has to drive innovation and competition in the payments world. By nature, BaaS tools lower the barriers to entry, especially in a challenging market like the Nordics. This will help to increase competition and create an environment in which legacy institutions must innovate to keep pace.
How can banks and other financial institutions defend themselves and their customers and members against increasingly sophisticated, increasingly organized financial crime? What are the most challenging fraud threats and, critically, what tools and tactics are available to help institutions deal with them successfully?
We talked with Gus Tomlinson, Managing Director, Identity Fraud, with identity verification, location intelligence, and fraud prevention solutions provider GBG, about the challenges faced by companies and organizations when it comes to fighting evolving fraud threats.
Helping companies around the world onboard customers safely, fight fraud, and stay compliant, Tomlinson has more than a decade of experience in the identity industry. She has worked in strategic, commercial, data, and product roles and, this year, was named to Management Today’s 35 Women Under 35 roster for 2024.
Tomlinson is also a supporter of Women in Identity, a non-profit that promotes a more diverse workforce in the digital identity industry.
We wanted to talk with you about the spike in Synthetic Identity Fraud (SIF). What is SIF? What industries are being impacted most?
Gus Tomlinson: Synthetic identity fraud is a fraud tactic many businesses struggle to identify. This is because it uses a mix of genuine, stolen personally identifiable information (PII), and manufactured synthetic data to create a fake identity. This fabricated identity is then used to open accounts, make purchases, and commit other fraudulent activities.
The blending of real PII such as name and address with a different date of birth data for example, is common, and amongst more sophisticated scams, fraudsters will go beyond data to include fake identity documents, fake photos and videos, and even other biometric characteristics, like fingerprints. These ‘identities’ allow fraudsters to apply for low-friction accounts where there are no or limited checks to build up their credit history.
Often synthetic identity fraudsters will play the long game as their credit history improves – increasingly getting access to higher value finance and goods before disappearing without a trace, leaving the affected businesses trying to collect from people who never existed in the first place.
The industries particularly vulnerable to synthetic identity fraud are those that handle high value data and offer potential financial gains for fraudsters – financial services, gaming, and government sectors are key examples. Though it’s important to remember that all industries are vulnerable – fraudsters don’t limit their activities to one organization, sector, or even stop at national boundaries. They target where they see an opportunity.
What makes fighting SIF a challenge?
Tomlinson: Fighting synthetic identity fraud is a challenge due to the sheer scale it’s being – and has been – leveraged by fraudsters. The lack of preparation from businesses has led to them letting in huge numbers of sleeping identities that are now ready to attack.
Organizations need to act now as this threat will only continue to increase. On the dark web, thousands of sites are selling cheap bundles of identity data from billions of records stolen in cyberattacks and data breaches every year. All the info needed to impersonate someone is easily available within a few clicks and for a few dollars.
Digital identity is complicated, and synthetic identity fraud takes advantage of that by blending real and fake data to slip through the cracks. Technological advancements, such as Generative AI (GenAI), are also increasing the sophistication of synthetic identities, making it even harder to spot. To catch this kind of fraud, detection methods need to handle that complexity and use all the digital identity data out there to spot the fraud signals. Building up several layers of defense is critical.
How high on the list of priorities is this for companies? Do they understand the threat posed by SIF and other AI-powered fraud tactics?
Tomlinson: Fraud is hitting the bottom line – estimates show businesses are losing around five percent of their revenues to fraud annually. Now GenAI has given fraudsters new capabilities to work faster, scale attacks, and create more believable scams. The threat has risen to a new level.
As a result, digital identity verification and fraud prevention has moved from a tick box exercise to a business imperative and more than ever identity fraud is a boardroom topic.
While this is a step in the right direction, what is still missing is an appreciation for – or acceptance of – the true extent of the problem.
Synthetic identity fraud isn’t new, it’s been happening for years. Many organizations are far more exposed today than they might think.
What we see is that many companies try to ignore that the problem is already intrenched in their operations. They need to accept this part of the problem to truly protect against it.
You’ve spoken about “cross-sector industry collaboration” as key to helping deal with AI-powered fraud. Why is this the best strategy?
Tomlinson: Synthetic identity theft is just one of the fraudulent threats today. Businesses need to build a layered defense to fraud prevention to protect against current and new fraud tactics. For example, a combination of credit bureau data checks, mobile data, document verification, biometric checks and other alternative data, such as cross-sector intelligence, is a key part of a proven multi-layered approach that strengthens the identity verification process by providing a more robust and informed way of validating identity and spotting fraudsters.
Ultimately, it’s about leveraging the strengths of each component. AI can process vast amounts of data and identify patterns quickly. Human fraud experts bring critical thinking and experience to interpret AI findings and make nuanced decisions. Cross-sector collaboration allows for sharing of intelligence and best practices, making it harder for fraudsters to exploit gaps between industries and organizations.
How difficult is it to coordinate all those pieces into a coherent, fraud-fighting operation?
Tomlinson: It shouldn’t be complex for organizations – identity experts like us are doing the hard work in the background to bring everything together – that’s why we exist! Plug-in onboarding systems are available to orchestrate identity verification at an intelligent, adaptable level. These identity verification and fraud prevention technologies deliver greater speed and accuracy, calculating the absence or presence of fraud signals and adjusting the customer journey accordingly so there is minimal friction for genuine customers.
How can effective fraud-fighting co-exist with the kind of seamless, real-time experience that consumers have come to expect?
Tomlinson: Actually, more than ever consumers value and prioritize security over convenience. In fact, our latest Global Fraud Report revealed 68% of U.S. customers place greater importance on the security of the onboarding process over its speed.
In the recent past, with organizations fighting in competitive landscapes to provide the best onboarding customer experience, reducing friction has been seen as critical. However, as fraud, data breaches and security news stories increasingly become dinner-party conversations, consumers are more actively looking for and comforted by visible security measures. Now, it’s critical for organizations to understand that friction doesn’t equal a bad customer experience.
With cross-sector intelligence, organizations can detect bad, good, and great customer prospects and give them a tailored experience corresponding to their risk level, including when and how to use step-up authentication through documents or biometrics in this time of increasing use of GenAI by fraudsters.
What is GBG doing specifically to help businesses combat SIF and other forms of AI-powered fraud?
Tomlinson: Data tells a story and we help you read it. We understand the data that is being presented and verify against it, giving businesses clarity on exactly what they are making decisions on. This is fundamental to preventing synthetic identity fraud.
While GenAI is making fraud tactics smarter, the same is true for fraud detection and prevention. Our solutions leverage AI to quickly sort through and scrutinize huge amounts of digital data, flagging identities that are high, medium, and low trust. We also implement injection attack detection technology for the new era of synthetic identities where fraudsters are matching data with biometric images.
Critically, we layer documents, biometrics, digital, and data checks to give businesses complete defense. Our multi-layered approach strengthens the identity verification process by providing a more robust and informed way of validating identity and spotting fraudsters.
Looking to 2025, what do you expect to see in terms of new trends in the fraud and financial crime landscape?
Tomlinson: In the coming year, expect to see:
A rapid pace of attack – established organized crime groups have made fraud their profession and stable source of income. GenAI combined with the industrialization of fraud means more fraud at a faster pace.
Brand damage attacks and an ulterior motive of fraudsters – the damage to a business’ reputation can cause more financial loss than the actual fraud itself. This is a powerful tool for a malicious actor to have in their toolbox.
Increased cross-border fraud – fraudsters don’t limit their activities to one organization, sector, or even stop at national boundaries. They target where they see an opportunity, which is increasingly cross border attacks.
Fraudsters recycle old methods –as companies pivot to defend against new fraud vectors with the latest technology, we’ll see fraudsters go back and use old fraud tactics to see if they can find a re-opened gap in the system to slip through. Businesses can’t afford to get complacent.
Moneyhub has teamed up with intelligent money management app Marygold & Co. UK.
The partnership will integrate Moneyhub’s Account Information and Payment Initiation Services (AIS and PIS) functionality into Marygold’s new wealth app, slated to be released next year.
Moneyhub made its Finovate debut at FinovateEurope 2015 in London.
Data, intelligence, and payments company Moneyhubannounced a partnership with intelligent money management app provider Marygold & Co. UK. Through the partnership, Moneyhub will provide Account Information and Payment Initiation Services (AIS and PIS) for Marygold’s new wealth app, scheduled to go live in 2025.
“Given our aligned aims of improving the country’s financial wellbeing through innovation, we’re very pleased to be partnering with Marygold & Co. UK as they prepare for launch,” Moneyhub Managing Director of API Kim Jenkins said. “Armed with a myriad of Open Banking and Open Finance-enabled tools, the app is set to deliver fantastic outcomes for consumers and businesses alike.”
Marygold’s app will make it easier for customers to save without having to switch bank accounts. The solution features customizable reminders, automated savings nudges, special savings pools, as well as hidden “piggy bank” options and secure, me-to-me transfer functionality. Users’ savings earn competitive interest rates and the app also has a number of features that help provide financial oversight for elderly and vulnerable users. Small businesses using the app also benefit from competitive interest rates on their working capital and cash.
“Our partnership with Moneyhub underscores our commitment to delivering a truly transformative financial management experience,” Marygold & Co. UK CEO Matthew Parden said. “By leveraging Moneyhub’s advanced Account Information and Payment initiation Services, we’re able to offer our users unparalleled insights and control over their finances, making it easier than ever to save, manage, and grow their wealth securely and efficiently.”
Marygold & Co. UK is backed by the Marygold Companies, a publicly-held firm that trades on the NYSE under the ticker MGLD. The company was launched in 2021 to make acquisitions in the U.K. for its U.S.-based parent. Marygold & Co. UK provides wealth management and savings services to customers in the U.K., combining app-based functionality with access to qualified financial advisors. Last month, Marygold & Co. UK announced a partnership with U.K. fintech bank Griffin that allowed the firm to embed savings accounts in its app. Earlier this year, the company acquired U.K.-based investment advisory firm Step-By-Step Financial Planners Limited (SBS). The acquisition was Marygold & Co. UK’s second, having acquired U.K.-based financial advisory firm Tiger Financial & Asset Management Limited in 2022.
Moneyhub made its Finovate debut at FinovateEurope 2015 in London and returned to the Finovate stage two years later for FinovateEurope 2017. The data, intelligence, and payments company develops software for Open Banking, Open Finance, and Open Data applications. Moneyhub’s platform enables businesses in industries from finance to retail to transform their data into personalized digital experiences and initiate payments.
Moneyhub’s partnership announcement with Marygold & Co. UK comes just days after the company announced that it was working with WPS Advisory to help the independent financial advice firm launch its financial confidence app LifeStage. Designed to supplement the firm’s personalized financial guidance and advice service for employees, LifeStage enables users to better understand their incomes, expenses, savings, debts, and investments and to share selected information with WPS Advisory.
“Our aim is to make financial advice, typically provided through the workplace, as accessible and cost-effective as possible,” WPS Advisory Head of Strategy Natalie Oliver said. “Technology integrations play a vital role in achieving this goal.”
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