Latest news with #fraudprevention
CTV News
14 hours ago
- Business
- CTV News
Two six-figure fraud cases ‘not unique to Windsor': WPS financial crimes investigator
A member of the Windsor Police Financial Crimes Unit said business owners need to realize that two recent 'large-scale' financial frauds are not unique to Windsor. Sgt. Rob Durling said this is not unique to local financial institutions; this is a nationwide problem, even a worldwide problem. Police are investigating two alleged cases of fraud at a currency exchange business in the 3200 block of Dougall Avenue in Windsor. In the first case, on May 1, a woman allegedly used a fraudulent Canadian passport to obtain $130,000 in U.S. currency. The second case on May 7 saw a man allegedly use a fraudulent Canadian passport before transferring approximately $138,000 Canadian to the financial institution in exchange for $100,000 U.S. Once the U.S. funds were obtained, police said the suspect cancelled the Canadian transfer, resulting in a loss of roughly $130,000 to the business. Sgt. Durling said as far as they know, they appear to be separate incidents, and they have yet to determine any links making them related, but the investigation is ongoing. Durling said the company will probably have to change some of their policies as a result of this. 'Unfortunately, these kinds of events happen; there are always people that are trying to defraud the banking system, and this is just another one,' he said. Durling said there's a good chance the suspects are not even from the area. 'A lot of times fraud is transnational. We see people come from all over to defraud places, both locally and provincially, and for that matter, nationally,' he said. 'No one can hide from it, unfortunately.' Durling said businesses need to be aware that this type of thing is happening. 'Hopefully someone else may benefit from this story indirectly because maybe they'll take a look at the way they do business, and they might be like, 'hey, you know what, maybe we should change things up on how we conduct day-to-day,'' he said. Anyone with information is asked to contact the Windsor Police Service Financial Crimes Unit at 519-255-6700, ext. 4330. The public can also contact Windsor & Essex County Crime Stoppers anonymously at 519-258-8477 (TIPS) or online at - Written by Rusty Thomson/AM800 News.
Finextra
18 hours ago
- Business
- Finextra
Is Flexibility the Main Driver of Growth for Identity Verification Solutions?
In this interview, Gus Tomlinson, Managing Director, Identity Fraud, GBG sat down with FinextraTV to discuss some of the progress being made when it comes to identity verification. Speaking about an increasingly fragmented landscape, Tomlinson explained how the history of technology has tended to encourage fragmentation, but that now it is important to focus more on finding solution that is designed not just for the industry, but for the end customer in mind. At the heart of all of this, Tomlinson holds flexibility up as being the primary driver of growth.
Finextra
a day ago
- Business
- Finextra
Clearspeed raises $60m for voice-based risk assessment tech
Clearspeed, the global leader in voice-based risk assessment technology, today announced it has secured $60 million in Series D funding, bringing the company's total funding to $110 million. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The round was led by Align Private Capital, with participation from IronGate Capital Advisors, Bravo Victor Venture Capital, and KBW Ventures. General David H. Petraeus (US Army, Ret.) also joined as a multi-round investor. In addition to the raise, the company will add Anna Nekoranec, Co-Founder and CEO of Align Private Capital, to Clearspeed's Board of Directors. Nekoranec said, 'Clearspeed has demonstrated true dual-use potential—with scalable commercial results and meaningful impact in high-stakes environments. It's rare to see a solution that can reduce fraud, mitigate security threats, and save significant costs without creating friction for the end user. This is the innovation needed to build smarter, more human-centered systems of trust.' In insurance, Clearspeed consistently yields more than 30X return on investment by assessing risk early in the claims and underwriting process – driving faster, more accurate decisions that improve customer outcomes, including cutting claims handling time in half and increasing immediate payments to customers by 40%. Zurich Insurance—a global multi-line insurer serving 75 million customers across 200+ countries—has significantly accelerated claims payment to customers where they've implemented Clearspeed, allowing them to provide more immediate relief in moments of need. 'We see Clearspeed as a powerful complement to an insurer's multi-layered global risk strategy—offering a streamlined, trust-building experience for customers while helping to make more confident decisions and combat increasingly complex fraud,' said Scott Clayton, Head of Claims Fraud, Zurich Insurance. Government stakeholders increasingly view Clearspeed's commercial success as critical to combating fraud, waste, and abuse—and advancing national security priorities such as countering threat financing, drug testing, personnel vetting, and partner force screening. Agencies using Clearspeed have seen a 95% reduction in vetting cycle time and a 65% drop in investigation costs. 'As security threats evolve, so must the solutions designed to counter them,' said private investor General David H. Petraeus (US Army, Ret.), former CIA Director and Commander of U.S. Central Command. 'Clearspeed's AI-enabled voice analytics delivers outsized value for personnel vetting, insider threat mitigation, and enterprise security—where building trust quickly is paramount.' 'This investment propels Clearspeed into a bold new chapter,' said Alex Martin, Co-Founder and CEO of Clearspeed. 'We're doubling down on the markets where trust and speed matter most—government, defense, insurance, banking—and expanding globally to meet the growing demand for secure, high-integrity screening. We're investing in our teams, accelerating innovation, and ensuring our technology stays ahead—not just to grow, but to help organizations worldwide realize the strategic advantage of rapidly establishing trust.'
Entrepreneur
2 days ago
- Business
- Entrepreneur
Prince Khaled Backs Major US Risk Assessment Company in Series D Round
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Prince Khaled bin Alwaleed's KBW Ventures has joined a Series D round of US$60 million for Clearspeed, a San Diego-headquartered global voice-based risk assessment technology provider. The round was led by Align Private Capital, with participation from IronGate Capital Advisors, Bravo Victor Venture Capital in addition to KBW Ventures. It brings the company's total funding to US$110 million. General David H. Petraeus (US Army, Ret.) former CIA Director and Commander of U.S. Central Command, also joined as a multi-round investor. "Clearspeed has demonstrated true dual-use potential—with scalable commercial results and meaningful impact in high-stakes environments," Nekoranec said. It's rare to see a solution that can reduce fraud, mitigate security threats, and save significant costs without creating friction for the end user. This is the innovation needed to build smarter, more human-centered systems of trust." In insurance, Clearspeed consistently yields more than 30X return on investment by assessing risk early in the claims and underwriting process - driving faster, more accurate decisions that improve customer outcomes, including cutting claims handling time in half and increasing immediate payments to customers by 40%. Zurich Insurance—a global multi-line insurer serving 75 million customers across 200+ countries—has significantly accelerated claims payment to customers where they've implemented Clearspeed, allowing them to provide more immediate relief in moments of need. "We see Clearspeed as a powerful complement to an insurer's multi-layered global risk strategy—offering a streamlined, trust-building experience for customers while helping to make more confident decisions and combat increasingly complex fraud," said Scott Clayton, Head of Claims Fraud, Zurich Insurance. The Clearspeed team. Government stakeholders increasingly view Clearspeed's commercial success as critical to combating fraud, waste, and abuse—and advancing national security priorities such as countering threat financing, drug testing, personnel vetting, and partner force screening. Agencies using Clearspeed have seen a 95% reduction in vetting cycle time and a 65% drop in investigation costs. "As security threats evolve, so must the solutions designed to counter them," said General Petraeus (US Army, Ret.). "Clearspeed's AI-enabled voice analytics delivers outsized value for personnel vetting, insider threat mitigation, and enterprise security—where building trust quickly is paramount." "This investment propels Clearspeed into a bold new chapter," said Alex Martin, co-founder and CEO of Clearspeed. "We're doubling down on the markets where trust and speed matter most—government, defense, insurance, banking—and expanding globally to meet the growing demand for secure, high-integrity screening. We're investing in our teams, accelerating innovation, and ensuring our technology stays ahead—not just to grow, but to help organizations worldwide realize the strategic advantage of rapidly establishing trust."
National Post
2 days ago
- Business
- National Post
Experian Strengthens its Fraud Fighting Capabilities with Mastercard's Identity Insights
Article content The partnership combines Mastercard's identity verification and fraud prevention tools with Experian Ascend Platform to accelerate decisioning and improve customer satisfaction Article content COSTA MESA, Calif. — Experian today announced the integration of Mastercard's identity verification and fraud prevention technology into the Experian Ascend Platform™. This collaboration will enable seamless, secure, and efficient identity verification for the company's more than 1,800 global clients across industries such as financial services, automotive, health, and digital marketing, helping to prevent fraud and cybercrime. Article content Article content A key feature in Experian's Identity and Fraud solutions, identity verification, plays a vital role in the fight to prevent fraud and cybercrime. Ninety‑six percent of decision makers view identity verification as an important tool in preventing fraud, but 27% of businesses report that their current identity verification strategy negatively impacts legitimate customers and their experience. Article content Mastercard's Identity Insights enriches Experian's data by verifying and connecting identity elements, aiming to validate individuals' authenticity. When combined with Experian's advanced fraud-detection capabilities, the integration offers robust protection against synthetic identity and application fraud, enhancing detection while reducing friction for legitimate customers. This solution is available through the Experian Ascend Platform across multiple geographies, including North America and UK & Ireland. Article content The joint solution delivers powerful identity assessment by uniting the Experian Ascend Platform—a decision engine built on Experian's comprehensive data, strategy design, decision automation, monitoring and reporting—with Mastercard's Identity Insights for validating identity elements such as name, email, and phone numbers, and analyzing related metadata. Article content The expanded collaboration builds upon the two companies' existing relationship, which has also encompassed open banking-powered solutions; Mastercard's identity solutions can be accessed via Ascend Platform in multiple geographies. Article content 'When acquiring new customers, our clients want a frictionless process where both ID and fraud, as well as credit risk, can be assessed as part of a single request that streamlines and speeds the customer experience,' said Greg Wright, Executive Vice President of Identity and Fraud, Experian Software Solutions. 'Success is measured by helping our clients grow their business while making fast, efficient decisions. By enabling clients with advanced analytics solutions that bring credit, identity, and fraud data into the Ascend Platform, we help them achieve their strategic goals while also driving greater financial inclusion for consumers.' Article content 'For many years, Mastercard and Experian have worked together to empower consumers to take financial control,' said Dennis Gamiello, EVP, Identity Solutions at Mastercard. 'By integrating Mastercard's Identity Insights with Experian's platform insights, we're partnering to streamline the entire customer journey from digital onboarding to fast-tracking secure transactions and reducing fraud.' Article content 'We believe signing up for electricity should be easy, so we need a system that addresses identity, fraud, and credit risk without adding friction or hassle for our customers,' said Laura Persson, General Manager at OhmConnect Energy, a Texas retail electric provider focused on energy savings. 'Experian and Mastercard's automated service accomplishes this, so we can make it easy for our customers to enroll and start their energy-saving journey.' Article content About Experian Article content Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money. Article content We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. Article content We invest in talented people and new advanced technologies to unlock the power of data and to innovate. A FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 23,300 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at Article content Article content Article content Article content Contacts Article content
