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Yooz Leverages Artificial Intelligence to Help UK Businesses Tackle Invoice Fraud

Yooz, an international provider of intelligent P2P software in the Cloud, has announced the launch of YoozProtect, a new functionality to assist in the automatic detection of fraudulent and forged documents and enhance regulation compliance for UK businesses. Several large-scale cases have recently highlighted the fraud issue, costing businesses such as Google, Facebook, Dell and Microsoft millions of pounds in fake invoices. Invoice fraud doesn’t just affect big players. It can have a crucial impact on businesses of all sizes. The multiplication of invoice fraud cases such as Patisserie Valerie and several London Art Galleries demonstrates the wider vulnerability in this area. In the UK alone, invoice fraud cost businesses as much as £93 million in 2018 according to a UK Finance report. The digital era has offered new ways for culprits to prepare and conduct fraudulent operations, meaning finance departments of companies need to be much more vigilant. That is why Yooz has launched a new functionality to its solution based on Machine Learning and Artificial Intelligence that can prevent fraud easily and more efficiently than human-based processes. Fraud fight and data protection: a major challenge for CFOs in the digital context With digital transformation, CFOs have become not only financial gatekeepers, but also data protectors. CFOs are at the front line of fighting fraud risks which can arise in many different ways and situations. In this context, meeting their companies’ regulatory and safety challenges is becoming one of their highest priorities. For most CFOs, preventing fraud involves implementing mainly behavioural and procedural solutions, such as increasing employee awareness, reinforcing controls, or audits. Although necessary, these approaches have their limitations, as fraudsters often come from inside the company or among its close associates, and therefore know perfectly how to manipulate victims and thwart human vigilance. Furthermore, the weight of controls may become counterproductive and reduce agility. This is where Artificial Intelligence with Yooz can significantly improve protection and compliance without the need and the risks of manual processes. In the UK alone, invoice fraud cost businesses as much as £93 million in 2018 How Yooz is leveraging AI to allow companies to comply and fight fraud easily and efficiently Yooz, recognised for the power of its Artificial Intelligence technologies applied to purchase-to-pay automation through capture, recognition and verification of documents, is now offering YoozProtect – a solution that secures financial processes and data and acts as a true compliance facilitator across three fields of action: Fraud prevention and detection: Duplicate invoices detection. Automatic detection of inconsistent and potentially forged data (bank reference, amount, date etc.). Detection of unusual data and amounts based on historical data. Recording of all changes allowing the identification of the fraudsters and his actions. Automatic alerts in case of changes in supplier bank details. Legal Archiving Computation and storage of a unique checksum signature for each document to proof the original. Electronic archiving of documents compliant with ISO 14641 standard for the preservation of electronic documents. Timestamp of documents with a certified electronic signature. Secure audit trail: Export of workflow rules to automatically document internal processes and controls and archiving of the original document file. Export of the invoice history. Archiving and consulting of the original file. The post Yooz Leverages Artificial Intelligence to Help UK Businesses Tackle Invoice Fraud appeared first on The Fintech Times.
The Fintech Times

Research Finds 2019 is the Year UK Consumers Make the Switch to Direct and Mobile Banking

Appetite for digital banking among UK consumers has grown emphatically in the past year, according to research from FIS.  The fifth annual “Performance Against Customer Expectations” (PACE) study, surveyed consumers on how well their banking providers are meeting their needs. It identifies an increasing gap in customer satisfaction in favour of direct banks compared to the more established global institutions. A clear preference for direct and mobile banking FIS’s 2019 survey shows that digital channels are now the most favoured way for people in the UK to check their bank balances, make payments and deposits, and interact with customer services, with mobile apps increasingly operating as the digital face of many banks. Key findings include: 71% of all banking interactions are now digital or online, with the majority of these completed on a smartphone, tablet, or wearable device (47% vs. 41% in 2018). This compares to only 6% of interactions which happen in a branch 59% of banked UK consumers have used mobile apps to access financial services Demand for mobile banking is strongest among young millennials (18-27-year-olds), with 40% choosing a primary bank with a mobile banking app The study also identifies areas of potential future concern for more established institutions as direct challenger banks and technology providers become increasingly trusted. For example: Almost nine out of ten (88%) direct bank customers say they are satisfied with them (+12% vs. 2018), compared to only seven out of ten (70%) who have a top 50 global bank as their primary provider (+1% vs. 2018) The proportion of millennials who trust banks more than technology companies to provide their financial mobile apps has fallen slightly since last year, with one in five (19%) of young millennials (18-27 years) trusting banks and technology companies equally (vs. 12% in 2018). Commenting on the findings, Raja Gopalakrishnan, Executive Vice President of Banking & Payments at FIS said, “It’s now second nature for many consumers who expect instant and immediate banking access, to take advantage of user-friendly apps to manage their finances. Many banks of all types are doing a fantastic job when it comes to customer experience and consumers are experimenting and getting more familiar with what is on offer. “However, as new products come onto the market following the launch of the UK’s open banking initiative last year, awareness of the benefits has increased, and the time for and complacency among the big established banks is over. It’s particularly crucial that mobile is recognised as the most important part of banks’ customer-facing offering, to drive engagement with consumers of all ages through a secure and frictionless experience.”  Additional findings from the FIS survey include: More than a third (35%) of consumers want banks to invest in apps in order to replace plastic payment cards in the coming decade In addition, almost half (47%) want banks to invest in digital security technologies like facial recognition, instead of passwords However, the growing use of direct and digital banking is still no substitute for human interaction, as 85% of people prefer not to talk to a robot when banking and only 15% say they want banking providers to invest in voice-banking services powered by artificial intelligence. The post Research Finds 2019 is the Year UK Consumers Make the Switch to Direct and Mobile Banking appeared first on The Fintech Times.
The Fintech Times

UK based TSB Bank Is Pioneering a New Method of Fraud Protection

British consumers of TSB Bank may now witness a new fraud protection method that may lead to conmen getting a hang on the UK markets. British consumers prepare for new measures For years, the loyal British consumers have worked with long-established trading firms that provider retail CFD products. In recent times, many marketing-led non-entities have entered the islands, but the domestic market has remained relatively untouched. Retail traders in Britain feel that they are working with bona fide fintech firms that have established a name for themselves after years of creating a strong infrastructure. Since the 1980s, these firms have created a niche for themselves. Now TSB, one of the largest retail banks in the country, is preparing to provide full protection to the retail customers of the bank against any frauds. While banks around the world provide some or the other kind of fraud protection, TSB’s approach to the issue is newer. The bank announced that their customers would get a full refund by the bank for any money lost to frauds. The protection will be provided even if the customer authorized the payments and agreed to all terms and conditions of the fraud. What do British consumer laws suggest? Under the traditional consumer laws of Britain, victims of frauds have to submit the case to the Financial Services Compensation Scheme (FSCS). This government fund supported by banks covers consumers for frauds up to the value of £85,000. In this system, the consumer has to prove that he is a genuine victim. However, it focuses mostly on firms that have gone bankrupt, instead of those that have run away with the money. Another interesting thing about this scheme was that customers who had willingly signed to terms and conditions of the firm. The FCA regularly floats warnings about the unregulated firms in the market, and if the customer agreed to terms without paying heed to warnings or doing their due diligence, they would not be offered any cover. TSB is taking a completely different stance and providing customers ‘absolute carte blanche’ to give their money back no matter what goes wrong. With this, the bank has become the first entity in the UK to cover its customers against third-party frauds. In most cases, banks only cover frauds when the funds were obtained without the knowledge of the users. Existing APP rules allow the banks to refuse payments when the customer authorized them. Now, conmen from affiliate entities based offshore could also find a chance to hyper-target TSB customers and aggressively sell them risky products. The customers may be lured with deceitful tactics, especially since they were expecting to be fully covered by their bank. The post UK based TSB Bank Is Pioneering a New Method of Fraud Protection appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Cryptovibes

ClearScore Launches Savings Accounts Through Partnership With Raisin UK

The online savings platform Raisin UK has announced a new partnership with ClearScore, the UK’s number one credit checking service. Featuring seamless integration into ClearScore’s website and mobile applications, more than 8 million UK users of the free online credit check service will be offered easy-access to the Raisin UK marketplace – where they can register, apply and manage high-interest savings products from any of Raisin’s partner banks.  Discussing the launch Kevin Mountford, Raisin UK CEO, explained: “Since launch, ClearScore has successfully disrupted the market to educate UK consumers on a better way to manage their financial information – making them an ideal partner for Raisin. Our main goal is to empower UK savers with a better way to secure their financial future. We’re excited to be working with ClearScore as a strategic distribution partner and look forward to welcoming ClearScore customers to the Raisin UK marketplace.” Justin Basini, CEO and co-founder of ClearScore added: “We want to support everyone in improving their financial wellbeing and by partnering with Raisin, we’re helping more people save for a rainy day. With interest rates at their lowest level for many decades, finding the right account can be a minefield but whether they’re saving £10 or £10,000, our users can now seamlessly compare accounts through their ClearScore app.” The news follows the recent announcement that Raisin closed a Series D funding round of $114 million to expand its offering, and the recent launch of the Raisin UK Account – a one stop account for UK savers to find, fund and manage a range of rate busting savings products offered across the Raisin UK marketplace. ClearScore users can apply for savings accounts through Raisin UK via their ClearScore account, where they will have access to the Raisin UK savings marketplace and exclusive offers when they become available. The post ClearScore Launches Savings Accounts Through Partnership With Raisin UK appeared first on The Fintech Times.
The Fintech Times

Bitcoin Cash Purchases Now Available Through Bitcoin.com Wallet For UK And Europe

Bitcoin Cash Purchases Now Available Through Bitcoin.com Wallet For UK And Europe More than 3.8 million Bitcoin.com wallets have been created in the nearly two years since the open source light client. This platform constantly works to bring in more features for customers, though a new development on April 15th is getting the most attention […]
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Cardano IOHK Summit, Proof Of Stake Movement, XRP In The UK & Adopting Crypto Rules

Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect And Store Your Crypto With A Ledger Nano: https://www.ledger.com?r=8af3ed38d3b7 ----------------------------------------------------------------------------- Buy Bitcoin And Ethereum With Fiat On Binance! https://www.binance.je/?ref=35009618 ----------------------------------------------------------------------------- Open An Account With Binance! https://www.binance.com/?ref=22170588 ------------------------------------------------------------------------------ Bitcoin Donations Address: 1BYhrLpntMYW97sd8K6fquTcr5MYwPAe2y Ripple (XRP) Donation Address: rsoKR5VHJx84oMTYbS7tWg7g5aFebYirVi Ethereum / KIN / OmiseGo Donation Address: 0x0e5f5CEFaA9A0713AB6D8F79E6679E22d86C21f6 -------------------------------------------------------------------------------- Follow Me On Facebook ! https://www.facebook.com/TheModernInvestor https://www.youtube.com/channel/UC-5HLi3buMzdxjdTdic3Aig Follow Me On Twitter: https://twitter.com/ModernInvest ---------------------------------------------------------------------------------- Very Special Thanks To My Patreon Supporters: Chris Charles Roman Geber David Chosrova Stuart Niven Larry Gooch Tyler Winklevoss NBKrypto Steven Harper Ulf Fatman Josefsson Mohammad Tabbaa Brian Vaci Jeffrey Pete Mozar Cryptocurrency Logic Jonathan Robert Kraus Josh Gorcyca K9 Ytrup Crypto Jedi Truls Lee 3000 O. Tom Chhuong Kaneko Tomonori Sir Thomas11_11 Mike McCarty ---------------------------------------------------------------------------------- Photo Credit To: https://images.ecosia.org/dzgoNYhzEvkEzmbcJZyTrv63EYI=/0x390/smart/https%3A%2F%2Fblokt.com%2Fwp-content%2Fuploads%2F2018%2F12%2FKYRENIA-CYPRUS-OCTOBER-8-2018-Cardano-website-displayed-on-the-smartphone-screen.-ADA-is-a-decentralized-open-source-public-blockchain-protocol-and-cryptocurrency-project.-Image-1.jpg
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BTC and ADA Are Showing Positive Signs With Strong Bullruns and Weaker Corrections

The cryptomarket is going through some good times, recovering from the sharp fall it had during 2018. The recovery of the global marketcap, and the high number of developments around cryptos and blockchain technologies has led many analysts to claim that we are close to witnessing not only a stabilization of the markets but also a bullish trend in the short term. Of all the crypto currencies on the ecosystem, BTC has always been the reference token, not only for holding the most powerful position in the top 10 but also for having the highest number of users and software developments. BTC is Having a Great Week BTC has experienced a significant price increase. After a period of constant “Bart Simpsons”, it finally seems that the most important cryptocurrency in the world broke the 5k resistance. This marks an a crucial milestone as it is a a value that could not be reached for months. However, during the last few hours BTC was curiously bullish. The token easily broke the 5.4K to flirt with the 5.6K band. If this trend continues, it could be said that BTC has been bullish for the entire past week, winning between 500 to 600 Dollars per token. BTC. 30 minute candles. After the big green candle, 5580 has become a new support Bitcoin (BTC) 1day candles. courtesy Tradingview Cardano (ADA) Also Shows Some Positive Signs Another token that has been specially bullish is Cardano (ADA) The project that promises to solve the “blockchain trilemma” experienced a a surge of about 10% in less than 24h, standing at one point almost at $0.08 per token. One of the reasons for this rise is the positive reaction of the market to the announcement by Charles Hoskinson (head of the project) saying that IOHK managed to close a an association with the Ethiopian government to popularize the use of Cardano in that region. According to Mr. Hoskinson, thanks to this partnership the Ethiopian authorities, the government will allow its citizens to use ADA to make payments as if it were fiat. Also, residents of Addis Ababa, the capital of the country, will be able to use ADA to pay for public transport services in the city. Right now, Cardano (ADA) experienced a correction that placed the token back to the support at 0.074 USD. The token then went up again to 0.075 with signs of another possible bullish trend in the short term Currently the bullish trend seems to be solid in most of the markets. The signs of a trend reversal are not strong enough to be frightened, however it is important to follow the charts, remembering that cryptocurrencies are extremely volatile. The post BTC and ADA Are Showing Positive Signs With Strong Bullruns and Weaker Corrections appeared first on Ethereum World News.
Ethereum World News

USDX Wallet Announces Integration with First Crypto Exchange, ExMarkets

April 23rd, 2019, Frankfurt, Germany – USDX Wallet is a mobile-first instant transfers solution powered by blockchain technology. It targets crypto holders, allowing individuals to send and receive funds quickly and fee-free. It also covers the needs of an unbanked audience, and those who don’t want to pay commissions within traditional money transfer mobile apps. The USDX Wallet app guarantees multi-level security for all transactions and instant transfers of assets by username, phone number or QR code. The native blockchain used by the USDX Wallet is based on the BitShares protocol and allows 100,000 transactions per second. USDX and LHT Tokenomics The payment system has two cryptocurrencies at its core: USDX token and LHT coin. The USDX token is a stablecoin pegged to the U.S. dollar at a 1:1 ratio via a smart contract. USDX is collateralized by the system’s core cryptocurrency, LHT. The total supply of LHT is 1 billion coins. LHT coins will be released gradually to the market; only 10% of the LHT supply will be issued each year, of which 5% will be freely tradeable and 5% will be locked on the blockchain to provide 200% collateralization. Recent Developments USDX Wallet has not held any private sales or presales, as it has received a sufficiently large venture investment. Future profits of the project will come from business account fees. From December 2018 to January 2019, there was an airdrop that attracted tens of thousands of participants. At the moment, USDX Wallet has surpassed 50,000 verified accounts. For the last several months the team behind the app have been implementing integration with crypto exchanges. The first platform to list LHT will be ExMarkets exchange, with two more exchanges to come. On Exmarkets, LHT will be available in trading pairs with Bitcoin (LHT/BTC) and Ethereum (LHT/ETH). About Exmarkets ExMarkets is a digital asset exchange platform powered by the state-of-the-art trading engine developed in-house. On the exchange, ExMarkets users can trade the most popular cryptocurrencies as well as gain the chance to participate in the token sales of the most promising blockchain and crypto projects through ExMarkets Initial Exchange Offering (IEO) LaunchPad. Recently, ExMarkets was granted two operational licenses for crypto-fiat gateway and custodian service provision by the Estonian regulator making it one of the few certified players in the market. Also, ExMarkets supports EUR (SEPA transfers) deposits to the cryptocurrency exchange and is a part of the CoinStruction liquidity framework which is aggregating order-books from the most well-known cryptocurrency exchanges guaranteeing 24/7 crypto liquidity. It takes only a few minutes to set up an account; users are allowed to make deposits in Bitcoin, Ethereum, other supported cryptocurrencies, and tokens. ________________________________ For more information on USDX Wallet, visit https://usdx.cash. The free USDX Wallet app is available on Google Play and the App Store. Follow USDX Wallet on Medium, Twitter, Facebook and Telegram. ExMarkets platform https://www.exmarkets.com/. Media Contact Details Contact Name: Maria Lobanova Contact Email: mlobanova@usdx.cash Partnership Request Details Contact Email: partners@usdx.cash USDX Wallet is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of stable value, or of any value at all. Disclosure: This is a sponsored press release. The post USDX Wallet Announces Integration with First Crypto Exchange, ExMarkets appeared first on NullTX.
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