Financial criminals targeting fewer consumers while increasing profits

TORONTO, Oct. 30, 2024 /PRNewswire/ — In 2024, Canadian banks have seen just 34% of the reported fraud cases they experienced a year ago. And yet, Canadian retail banking customers appear on pace to lose as much as or more than the $569 million they lost to fraud in 2023 (triple what they lost in 2021). BioCatch – the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence – says these findings suggest fraudsters have altered their strategies, honing attacks to target fewer Canadians for more money per scam.

“While fraud volumes have decreased significantly over the last year, we’re observing an increase in the average value of these cases,” BioCatch Director of Global Fraud Intelligence Tom Peacock said. “We can attribute much of this to the rise in social engineering scams in Canada, particularly impersonation scams, which are notoriously higher value than other fraud types. More than 70% of impersonation scam losses in Canada originate from five-figure cases, greatly boosting the country’s scam-loss average.”

BioCatch’s 2024 Digital Banking Fraud Trends in Canada report, also highlights that most Canadian fraud victims are now ages 20-49 instead of 50-89, debunking the common misconception that older people provide easier and more lucrative targets.

“Artificial Intelligence is super-charging fraud,” BioCatch Global Advisory Director Seth Ruden said, “compounding its impact, and allowing bad actors to scale and sophisticate their scams with deepfakes and other devices. As the industry deploys the newest authentication methods in both account opening and account takeover processes, fraudsters will undoubtedly attack these as well.”

BioCatch also found one in seven scam sessions in Canada showed signs of remote access trojans (RAT), whether active RAT (where the fraudster tricks the victim into granting them control of the session so they can execute the fraud themselves) or passive RAT (where the fraudster guides the victim through payment process).

Click here to access BioCatch’s complete 2024 Digital Banking Fraud Trends in Canada report.

BioCatch fraud prevention experts Tom Peacock and Seth Ruden will hold a live conversation about the growth of social engineering scams in Canada and the other latest fraud trends in the country on Nov. 14. To register for that exclusive session, click here.

About BioCatch:

BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, 32 of the world’s largest 100 banks and 210 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch’s Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 92 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.

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PR contact:

Mac King
BioCatch senior comms manager
[email protected]

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• Global expansion to Africa, Japan, and a partnership for global standards.
• Proof of Stake Alliance now part of the CCI ecosystem; new subject matter expert joins.
• New research partnership with Decentralization Research Center.
• Read more from CEO Sheila Warren.

WASHINGTON, Oct. 30, 2024 /PRNewswire/ — Today, the Crypto Council for Innovation (CCI) announced a series of significant developments as part of its continued growth and global expansion.

They include: partnerships with the Japan Cryptoasset Business Association (JCBA) and Global Digital Finance (GDF), the integration of the Proof of Stake Alliance (POSA) into the CCI ecosystem, and the addition of Yele Bademosi as Africa Advisor.

Expanding Expertise: Proof of Stake Alliance

Staking market value has surged to nearly $600 billion. Next year, regulators and policymakers across jurisdictions will turn increased attention to this growing ecosystem.

As part of our commitment to expanding technical expertise and to making sure leaders stay ahead of the curve, CCI is proud to announce the integration of the Proof of Stake Alliance (POSA) as a core project that will prioritize educating global policymakers on the critical role of staking in network security and decentralization.

The project will continue to be led by trusted expert Alison Mangiero, Executive Director of POSA. It is anchored by Figment and Polychain Capital and members include Andreessen Horowitz, Ava Labs, Blockdaemon, Eigen Labs, Electric Capital, Lido, Kiln, and Paradigm. Anchors will help guide the areas of strategic focus and all members will work on advocating for clear and forward-looking policies for an important year ahead.

“CCI has always been about setting the standard for the responsible growth of blockchain technology,” said Sheila Warren, CEO, Crypto Council for Innovation. “Combining POSA’s technical expertise with CCI’s global advocacy reach will create the ideal team to lead the conversation around the future of this crucial issue.”

“With staking more critical than ever, joining forces with CCI is a pivotal step forward,” said Alison Mangiero, Executive Director, POSA. “At the Proof of Stake Alliance, we’ve been dedicated to producing legal and policy research and advocating for policies that support, grow, and protect proof-of-stake technologies and raising awareness about their crucial role in network security and maintenance. We are ready to take this message forward globally.” 

“The exponential growth of the staking market underscores its critical role in the blockchain ecosystem,” said Jennie Levin, Chief Regulatory and Strategy Officer, Figment. “As we join forces with Crypto Council for Innovation, Figment is committed to advocating for clear, equitable policies that foster innovation while ensuring consumer protection. Our goal is to educate policymakers globally on the technical nature of staking services, emphasizing their distinct role in network security and decentralization.” 

“Polychain is proud to be an anchor of POSA and continue supporting this initiative to educate global policymakers about the essential role staking plays in network security and decentralization,” said Matt Perona, COO, Polychain Capital. “We look forward to identifying and raising topics of critical importance for consideration by the broader group that will help guide POSA’s work.”

Global Expansion: CCI partners in Japan, on Global Standards and adds Yele Bademosi as Advisor

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CCI and JCBA Forge Partnership to Expand Digital Asset Policy Collaboration Across Asia

In a groundbreaking move, CCI and JCBA are joining forces to collaborate on advancing digital asset policy in Japan and across Asia. The partnership is focused on sharing regulatory insights, policy developments, and advocacy efforts to amplify their collective voice in the region.

“This partnership strengthens both organizations’ ability to drive thoughtful, informed policy discussions on a global scale,” said Warren. “We look forward to working with JCBA to shape the future of digital asset regulation in an increasingly key global market.”

This collaboration marks an important milestone in uniting the strengths of the U.S. and Japan in the crypto ecosystem. By aligning regulatory efforts across key markets, CCI and JCBA are poised to drive greater consistency in global policy approaches, enabling business and innovation to thrive while ensuring robust consumer protections.

Strengthening Industry Collaboration: CCI and Global Digital Finance (GDF)

CCI is excited to announce its collaboration with GDF. A leading organization dedicated to making finance truly global and digital, GDF focuses on reshaping financial services and markets through decentralized financial market infrastructure and digital assets.

Through this collaboration, both organizations will continue existing joint work on critical issues, including staking; engage jointly on select key policy papers and consultation responses to regulators and policymakers; and further build community engagement in the UK. This work will help ensure that crypto and digital assets are used responsibly and sustainably, laying the groundwork for a more inclusive global financial system.

“GDF and CCI share a common mission of promoting global financial inclusion and accessibility,” said Laura Navaratnam, UK Policy Lead, CCI. “This collaboration, along with CCI’s growing influence across various regions, are setting the stage for a more connected, innovative, and equitable future for blockchain and digital assets worldwide.”

“CCI and GDF are both recognised by industry, policymakers, and regulators as the preeminent global industry associations with a track record of building community consensus and delivering material outcomes that move the digital assets industry forward – the collaboration has created a supranational tour de force,” says Elise Soucie Watts, Executive Director, GDF.

CCI and GDF look forward to continuing to collaborate in order to support the digital asset ecosystem and to achieve appropriate regulatory outcomes for our members to help grow responsible innovation.

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Expanding Networks Across Africa: Welcoming New Advisor Yele Bademosi

CCI welcomes Yele Bademosi as a new advisor. Yele, Co-Creator of Onboard Global and a prominent voice in the African blockchain space, will help CCI expand its network across the African continent. His extensive knowledge of Africa’s digital asset landscape and his commitment to fostering blockchain adoption make him a valuable addition to the CCI team.

“Yele’s appointment underscores CCI’s dedication to broadening its global reach, with a particular focus on Africa’s rapidly growing interest in blockchain technology,” Warren said. “Through his leadership, CCI will work to connect African innovators with global policymakers, ensuring that Africa’s burgeoning crypto industry is represented in discussions shaping the future of digital finance.”

With these key developments, CCI is poised to lead the conversation on the future of blockchain technology, fostering an environment of innovation, collaboration, and forward-thinking regulation across the globe.

Focusing on Fundamentals: CCI and Decentralization Research Center

CCI and the Decentralization Research Center (DRC) are also announcing a partnership aimed at advancing research and promoting collaboration on the critical issue of decentralization within blockchain technology.

As decentralized technologies continue to reshape industries, the DRC will focus on defining use cases, key metrics, and features that illustrate the spectrum of decentralization across blockchain networks.

Through this partnership with CCI, a broad range of stakeholders will gain evidence-based insight from educational materials and analyses that highlight the importance of decentralized models.

The DRC believes that decentralization is not only key to blockchain but is also critical across all emerging technologies to ensure more equitable ownership and governance of the systems that shape our society. While CCI remains focused on the crypto ecosystem, there is increasing interest from policymakers in decentralization as it relates to adjacent technologies, including artificial intelligence.

“This collaborative effort will foster clarity and consensus, helping to elevate the voice of decentralized communities and inform regulatory and policy frameworks that reflect the unique value of decentralized systems,” Warren said.

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“Decentralization is the cornerstone of trust and resilience in blockchain systems,” said Connor Spelliscy, Executive Director, DRC. “We’re excited to partner with CCI to deepen understanding and promote frameworks that capture the value of decentralization.”

Addendum – Executive Quotes on POSA

“We founded the Alliance when many of the first proof of stake blockchains were launching, and the first staking as a service providers were beginning to commercialize their services,” said Evan Weiss, COO of Alluvial and Founder of POSA. “In the years since, the staking industry has grown and matured exponentially. I’m excited for POSA to take its next step forward as a global player, advocating for the regulatory clarity that would unleash a new wave of institutional and mainstream adoption for staking ecosystems, and bring millions of new users onchain.”

“At Blockdaemon, we’re proud to be part of POSA, marking a significant step toward amplifying the voice of the staking industry on a global scale,” said Konstantin Richter, CEO & Founder, Blockdaemon. “As proof-of-stake ecosystems expand, it’s crucial to advocate for clear, thoughtful standards to help risk management while pushing forward innovation to establish staking as a critical technical service.”

About the Crypto Council for Innovation

The Crypto Council for Innovation is the premier global alliance for advancing innovation. It believes in leading with a global view, advocating for inclusive regulation, and developing evidence-based insights to support government and business leaders. It has teams in San Francisco, Washington DC, New York, Denver, London, Brussels, and Hong Kong.

Press contact

Amanda Russo, Director of Communications, Crypto Council for Innovation, [email protected] +1 510 761 1657

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Worldpay, one of the world’s biggest Payment Service Providers (PSPs), strengthens Klarna partnership as digital wallets are expected to grow 15% a year to 2027. 

Klarna to be offered as a default payment method by Worldpay to their merchants globally, as it expands processing relationship with Worldpay.

LONDON, Oct. 30, 2024 /PRNewswire/ — Klarna, the AI-powered global payments network and shopping assistant has expanded their partnership with Worldpay, a global industry leading payment services provider, to enable thousands of new merchants to offer Klarna to their customers. 

Under the expanded partnership Klarna will become a network of choice, offered as a default payment method to Worldpay’s merchants globally, alongside traditional card payments. Worldpay is one of the world’s largest payment service providers, processing $2.3 trillion worth of commerce in 2023, for over a million merchants globally.

As consumers continue to choose new payment methods that suit their spending behaviors, Klarna is on a mission to be available at every checkout. The collaboration with Worldpay is a step in making that goal a reality, transforming Klarna from an ‘alternative’ payment option, added on the request of a retailer, to a convenient default method which retailers expect. 

Klarna offers consumers a choice of ways to pay including immediate payments, short-term, interest-free BNPL and longer-term financing. Globally, about 30% of the payments Klarna processes are immediate payment. 

David Sykes, Chief Commercial Officer, Klarna says: “We want Klarna at every checkout, available everywhere, for everything, all the time. This expanded partnership is a massive leap towards that goal, making Klarna the default payment method for hundreds of thousands of retailers.” 

In their annual Global Payments Report, Worldpay predicts that digital wallets like Klarna will grow at 15% a year between 2023 – 2027. While Klarna is well-known for its interest-free BNPL offer, a third of the transactions it processes are immediate payments by card or direct account-to-account.

Pete Wickes, General Manager EMEA, Worldpay says: “Worldpay’s first of its kind collaboration with Klarna underscores our commitment to providing merchants with impactful innovation at scale to create the best payments experiences. Klarna is at the cutting edge when it comes to delivering new ways to pay. Our expanded relationship will support Klarna’s transformation into a network of choice for global merchants looking to improve the consumer experience and reach their potential in a competitive digital landscape.”

Contact: [email protected] 

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