Latest news with #KnowYourCustomer
&w=3840&q=100)
Business Standard
10-07-2025
- Business
- Business Standard
ED cracks down on opinion trading platform Probo, freezes ₹284.5 crore
The Enforcement Directorate (ED) freezes ₹284.5 crore worth of assets in its crackdown on Probo, an opinion trading platform. The company assures co-operation with ongoing law enforcement inquiries premium Listen to This Article The Enforcement Directorate (ED) this week conducted search operations at four premises linked to the opinion trading platform Probo in Gurugram and Jind, Haryana, and froze assets worth ₹284.5 crore. The ED cracked down on the company and its promoters, Sachin Subhaschandra Gupta and Ashish Garg, under the provisions of the Prevention of Money Laundering Act (PMLA) 'in connection with the company's illegal gambling/betting activities across India.' The ED added that the platform lacked safeguards to prevent minors from registering as users, did not follow Know Your Customer (KYC) due diligence, and was found to be inducing new users through
Techday NZ
10-07-2025
- Business
- Techday NZ
Deepfake & AI crime surge poses major threat to business trust
Trend Micro has released a new report outlining the increasing adoption of generative AI and deepfake technologies by cybercriminals, highlighting growing risks in business fraud, identity theft, and online extortion schemes. Deepfakes move to the mainstream The report indicates that deepfake-enabled cybercrime has developed in both scale and maturity, with generative AI tools now being used for various malicious purposes. These tools, originally intended to assist content creators, are now leveraged by cybercriminals to impersonate executives, circumvent established financial controls, and compromise internal human resource processes. According to the research, the accessibility and affordability of AI-generated media have significantly lowered the barrier to entry for cybercriminals. Off-the-shelf platforms producing video, audio, and image deepfakes are now readily obtainable, requiring little technical expertise on the part of users. As a result, digital trust and the reliability of traditional identity verification systems are being challenged by increasingly convincing synthetic media. Andrew Philp, ANZ Field CISO at Trend Micro, said, "AI-generated media is not just a future risk, it's a real business threat. We're seeing executives impersonated, hiring processes compromised, and financial safeguards bypassed with alarming ease. This research is a wake up call - if businesses are not proactively preparing for the deepfake era, they're already behind. In a world where seeing is no longer believing, digital trust must be rebuilt from the ground up." Research findings documented in the report confirm that attackers can now easily access guides, toolkits, and off-the-shelf solutions intended for content creation but re-purposed for cybercriminal activity. These resources are being actively traded within criminal communities, providing step-by-step techniques for bypassing onboarding checks and utilising plug-and-play deepfake solutions that make sophisticated attacks available to less-experienced perpetrators. Business risks and real-world impacts The application of deepfake technologies has been noted in several key areas highlighted by Trend Micro's report. In the financial sector, there has been a rise in attempts to use AI-generated media to bypass Know Your Customer (KYC) requirements, facilitating anonymous money laundering activities through the use of falsified identification documents and credentials. Businesses are also facing CEO fraud, where deepfake audio or video is used to impersonate senior executives. These attacks can take place in real time during meetings or conference calls, making detection increasingly difficult for unsuspecting teams. Such incidents expose companies to potential financial loss as well as reputational damage, as sensitive internal information may be compromised. The recruitment sector is another area singled out for concern. The report details cases where job applicants use deepfake video or audio to impersonate real candidates and pass interviews, thus gaining unauthorised access to confidential systems and data from within organisations. Growing and accessible cybercrime ecosystem The research describes a flourishing underground ecosystem built around the proliferation of these AI-powered tools. Tutorials and toolkits for crafting deepfakes and conducting scam operations are widely available, diminishing the need for technical proficiency. Face-swapping tools and voice clones are provided as services, making professional-grade results accessible with minimal investment. Trend Micro stresses that these trends represent an urgent need for businesses to adopt proactive measures. This includes updating authentication processes, educating employees about the risks of social engineering, and incorporating detection mechanisms for synthetic media into their cybersecurity strategies. Mitigation and staff awareness To address the evolving threat landscape, the report advocates for a comprehensive approach focused on minimising risk and protecting internal processes. Specific recommendations include regular staff training to recognise social engineering tactics, a review of existing security authentication protocols, and investment in technology capable of detecting deepfake media. Trend Micro's study serves as a reminder that as generative AI technology continues to advance and become more accessible, vigilance and adaptability will be critical components in maintaining organisational security and digital trust.
Techday NZ
10-07-2025
- Business
- Techday NZ
Celonis & Bright Cape launch app to streamline KYC compliance
Celonis and Bright Cape have developed a new application designed to help financial institutions improve their Know Your Customer (KYC) compliance processes, manage costs, and enhance customer satisfaction. The app, named the Celonis Smart KYC Control Tower, targets challenges faced by financial organisations in meeting regulatory requirements for anti-money laundering, anti-terrorist financing, and general financial crime prevention. KYC compliance is widely acknowledged as a critical area of focus for banks and financial entities, yet current processes remain resource-intensive and contribute significantly to overall compliance costs - amounting to as much as 33% of compliance budgets in major financial sectors. Celonis partnered with Dutch consultancy Bright Cape to develop the Smart KYC Control Tower, which is positioned as an accessible, central application aiming to modernise what has traditionally been a fragmented and labour-intensive workflow for KYC. By providing financial institutions with a centralised and real-time view of KYC operations, the app's objective is to support increased efficiency, ensure regulatory compliance, and enable institutions to scale these crucial operations as business demands evolve. "Financial institutions face mounting pressure to improve compliance while reducing costs," said Chris Johnston, SVP, Head of Global Banking at Celonis. "The Smart KYC Control Tower app enables compliance teams to eliminate inefficiencies, improve risk management, and deliver a superior customer experience - all with the power of Process Intelligence and AI." Built on Celonis' Process Intelligence Platform and drawing on Bright Cape's extensive experience in the KYC field, the app delivers several key features. Among those are end-to-end process monitoring and improvement, which consists of a centralised interface for institutions to map, analyse, and optimise KYC functions - such as onboarding new customers and handling event-driven reviews. Regulatory compliance assurance is undertaken through real-time insights, allowing for early detection of compliance risks, prevention of service level agreement (SLA) breaches, and support of adherence to global standards for financial regulation. Additionally, by identifying inefficiencies and potential manual tasks for automation, the solution seeks to optimise resource allocation and curb operating costs associated with compliance functions. The Smart KYC Control Tower also seeks to improve the customer experience via expedited and smoother onboarding processes, which the companies believe will drive customer satisfaction and foster loyalty over time. Central to the solution is the use of the Celonis Process Intelligence Graph. This technology equips financial institutions with both a holistic and dynamic overview of KYC activity, integrating directly with the institutions' existing systems. The objective is to facilitate real-time monitoring, introduce intelligent automation options, and allow for proactive risk and compliance management that is informed by continuous data flows. Unlike older KYC solutions that are often dependent on tailored builds and protracted implementation periods, the Smart KYC Control Tower is described as ready-to-deploy, meaning it can be put in place swiftly. This fast deployment is intended to translate into quicker realisation of benefits, as institutions can immediately monitor, adjust, and refine their KYC processes based on up-to-date operational insights. The solution forms part of the wider Celonis Platform Apps Program, which aims to deliver business value with applications built specifically for individual industry requirements on the Celonis Process Intelligence Platform.
Business Insider
09-07-2025
- Business
- Business Insider
PUM Exchange Advances European Compliance with Newly Granted Virtual Asset License
California, United States, July 9th, 2025, Chainwire PUM Exchange, a leading global digital asset trading platform. PUM Exchange's unwavering commitment to operating within robust legal frameworks, enhancing user protection, and fostering sustainable growth in the rapidly evolving crypto market. Strategic Commitment to Regulatory Excellence In the face of increasingly stringent global regulations, PUM Exchange has proactively prioritized compliance, embedding regulatory best practices across its operations. Bolstering User Trust and Institutional Confidence Regulatory certification enhances the platform's ability to implement comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, which are crucial for safeguarding users and preventing illicit activities. This compliance milestone enables PUM Exchange to expand its service offerings within the European market, including fiat on-ramps, derivatives, and token listings, thereby providing greater access and convenience to traders. Driving Sustainable Global Expansion 'Our vision extends beyond compliance — it's about building a responsible and future-ready trading ecosystem,' said by founder Allen Oliver. 'By integrating regulation with innovation, PUM Exchange aims to be a reliable partner for users at all levels.' PUM Exchange is a global digital asset platform focused on innovation, transparency, and user empowerment. With products spanning spot trading, derivatives, fiat integration, and community governance, PUM is building the future of digital finance.
Hindustan Times
07-07-2025
- Hindustan Times
Chandigarh: 83-yr-old woman duped of ₹6.13 lakh in KYC fraud
An 83-year-old woman, a resident of Sector 44-C, has fallen prey to a fake Know Your Customer (KYC) update call, resulting in a loss of over ₹6.13 lakh across multiple bank accounts, police said on Sunday. The victim, who lives with her daughter in Sector 44-C, Chandigarh, took her assistance in providing details to the fraudster. (iStockphoto) The victim, Vidyawati, was duped into providing her personal information after receiving a fake call from someone posing as a representative of Punjab National Bank (PNB). The incident unfolded on June 13 when Vidyawati, who lives with her daughter, received a call from an unknown number claiming that her KYC details needed to be updated for her bank accounts. The caller convinced her to share certain personal details over the phone. The next day, a follow-up call asked for the last four digits of her Aadhaar number. With her daughter's assistance, Vidyawati provided the requested information. Soon after, the family began facing SIM card issues. On June 15, they visited the Jio Store in Sector 46 to address the problem, where they were informed that their biometrics had been blocked. They then proceeded to the Sampark Centre in Sector 45, where they managed to remove the biometric block. However, by June 24, when they revisited PNB to further investigate, they discovered that ₹4.45 lakh had been fraudulently withdrawn from their accounts. Upon further scrutiny, they realised that an additional ₹1.68 lakh had been stolen from their accounts across multiple banks, including Yes Bank, PNB, and Canara Bank. The family immediately reported the incident to the cyber police station in Sector 17, lodging complaints on June 24 and 25. The police on Sunday registered an FIR under Sections 319(2), 318(4), 338, 340(2), 336(3), and 61(2) of the Bharatiya Nyaya Sanhita,against unknown individuals. The investigation is currently underway.
