Fintech PR

Canadians expected to lose more than $569 million to scams in 2024

Published

3 hours ago

October 30, 2024

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.

PR contact:

Mac King
BioCatch senior comms manager
[email protected]

Logo – https://mma.prnewswire.com/media/1843699/biocatch_logo_rgb_2x_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/canadians-expected-to-lose-more-than-569-million-to-scams-in-2024-302289761.html

Fintech PR

FDUSD Expands to the Solana Blockchain to Further Strengthen and Bolster Access

Published

39 mins ago

October 30, 2024

CISION (PR Newswire)

The development adds to its existing availability across Ethereum, BNB Chain and Sui

DUBAI, UAE, Oct. 30, 2024 /PRNewswire/ — First Digital Group (“First Digital” or the “Group“), a leader in digital asset custody and trust services in Asia and parent company of FD121 Limited (also known as First Digital Labs), announces that First Digital USD (“FDUSD“) will be natively deployed to the Solana blockchain, further strengthening and bolstering access to the stablecoin.

The announcement was made at Binance Blockchain Week 2024, marking a significant milestone in First Digital’s commitment to delivering fast, secure, and cost-effective stablecoin transactions for global users. By integrating with Solana’s high-performance blockchain, FDUSD will leverage Solana’s ultra-fast transaction speeds, low fees and high scalability to meet growing demand for accessible, cross-chain stablecoin solutions by end of 2024.

As a fast-growing challenger in the stablecoin arena, FDUSD continues to provide diverse options to users and partners. By adding Solana to its growing list of supported blockchain networks, FDUSD will empower both retail and institutional users to take advantage of Solana’s scalability, unlocking new possibilities for cross-border payments, decentralised finance (DeFi), and everyday transactions.

With Solana’s impressive processing speed—capable of handling up to 65,000 transactions per second—users can experience near-instant transaction confirmations. This integration aims to support applications in areas such as DeFi and payments, driving greater utility and adoption of FDUSD across both emerging and established markets.

Vincent Chok, CEO and Founder of First Digital commented: “Expanding FDUSD onto Solana represents a significant step in our mission to enhance its accessibility, availability and utility across multiple blockchain ecosystems. Solana’s robust and scalable infrastructure will allow us to deliver even greater value to our users, supporting a wider range of financial use cases and enabling faster, more efficient transactions.”

Lily Liu, President of Solana Foundation, added: “As Solana continues to lead the way to redefining blockchain scalability and performance, we are excited to welcome FDUSD into our ecosystem. The integration of FDUSD on Solana will enable new possibilities for real-world, on-chain financial innovations.”

FDUSD is a 1:1 USD-backed stablecoin issued by First Digital Labs, the brand name of FD121 Limited. The FDUSD stablecoin is backed on a 1:1 basis by one U.S. dollar or assets of equivalent fair value, held in accounts of regulated financial institutions globally. Independent reserve audits are published monthly. FDUSD is currently available on Ethereum, BNB Chain and Sui.

About First Digital Group

First Digital Group (“First Digital”) is the parent company of First Digital Trust Limited, Asia’s leading qualified custodian and registered trust company, and FD121 Limited (also known as First Digital Labs), issuer of First Digital USD (FDUSD).

First Digital Group safeguards, advances and innovates to help clients navigate digital assets as well as benefit from trusted next-generation financial services.

First Digital was established in 2017 under the umbrella of the Legacy Trust Company, an established custodian and trust established in 1992 and registered under the Trustee Ordinance in Hong Kong. Its mission is to help clients benefit from a digital-first future by combining digital asset innovation with its strong foundation in trust, custody and asset management services. The Group’s custody and trust arm, First Digital Trust Limited, was established in 2019 and became a fully independent public trust corporation headquartered in Hong Kong with a presence across Asia.

First Digital Trust Limited has been recognised as one of HSBC’s ‘Emerging Giants in Asia Pacific‘ Report 2022, while its innovation subsidiary, FD121 Limited (a.k.a. First Digital Labs), is the issuer of the FDUSD stablecoin.

www.1stdigital.com

About First Digital Labs

First Digital Labs is the brand name of FD121 Limited, a Hong Kong-registered subsidiary under the First Digital Group. First Digital Labs focuses on cutting-edge research and development, specialising in the innovation and advancement of digital assets. First Digital Labs is the issuer of the FDUSD stablecoin.

To learn more about First Digital Labs, visit https://firstdigitallabs.com/

View original content:https://www.prnewswire.co.uk/news-releases/fdusd-expands-to-the-solana-blockchain-to-further-strengthen-and-bolster-access-302291656.html

Fintech PR

Bybit P2P Rewards HODLers with 30,000 USDT Prize Pool

Published

39 mins ago

October 30, 2024

CISION (PR Newswire)

bybit-p2p-rewards-hodlers-with-30,000-usdt-prize-pool

DUBAI, UAE, Oct. 30, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to announce a 30,000 USDT prize pool to reward new Bybit P2P users for their patience. The Buy, Win and Hold airdrop will benefit at least 3,000 newcomers who can hold on to their crypto purchases during the campaign period.

Campaign period: Oct. 29 – Nov. 29., 2024

How to participate:

Eligible new users of Bybit P2P may register at the event page
During the campaign, complete a first deposit of 100 USDT or more on Bybit P2P
Trade any amount on Spot
The user shall maintain their holding until the end of the event to qualify for rewards up to 10 USDT per user

The simple tasks to honor crypto’s time-honored HODL tradition takes minimum effort, a short holding period, and requires a small amount of capital for traders in their discovery stage of P2P trading.

“Bybit P2P has something to offer for traders of all levels, and it is well placed to support novice traders starting on a blank slate. Our goal is to deliver an intuitive platform offering ample rewards schemes, marketing support and a large P2P community, and all the essential tools our users need to bootstrap their decentralized wealth-building in P2P,” said Joan Han, Sales and Marketing Director at Bybit.

Bybit P2P provides a user-friendly peer-to-peer trading solution, allowing users to buy and sell directly at mutually agreed prices. With an ultra-fast matching engine, support for over 60 currencies and 300 payment methods at zero fees, Bybit’s P2P platform ensures seamless transactions between makers and takers. By lowering the barriers to entry into the digital assets marketplace, P2P on Bybit offers greater access and promotes financial inclusion for everyday crypto users regardless of capital amount.

Find out more about the event and eligibility at Bybit P2P.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Photo – https://mma.prnewswire.com/media/2544478/Bybit_P2P_Rewards_HODLers_30_000_USDT_Prize_Pool.jpg
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/bybit-p2p-rewards-hodlers-with-30-000-usdt-prize-pool-302291648.html

Fintech PR

Bybit to Host Exclusive Forum: Bridging Islamic Finance and Cryptocurrency

Published

2 hours ago

October 30, 2024

CISION (PR Newswire)

bybit-to-host-exclusive-forum:-bridging-islamic-finance-and-cryptocurrency

DUBAI, UAE, Oct. 30, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce an exclusive forum dedicated to exploring the intersection of Islamic finance and cryptocurrency. This event will take place on November 18, 2024, at 6 PM Dubai at Bybit’s Dubai office.

The educational forum will feature esteemed speakers, including Dr. Muhammad Yusuf Abu Jazr (Abu Ubaidah), PhD in Comparative Jurisprudence, former member of the Iftaa’ Council, and founding director of the Crypto Halal Office, Dr. Mohammad Mahdy, Founder and Chief Executive Officer at Exaado and more. These renowned experts will share their insights on the principles of Islamic finance and the potential of cryptocurrency to align with Shariah principles.

Bybit’s launch of its Islamic Account represents a significant development in the intersection of cryptocurrency and Islamic finance, effectively bridging innovation with adherence to Sharia principles. This initiative not only caters to the growing demand for Sharia-compliant trading options among Muslim investors but also aligns with the broader trends in the digital future of Islamic finance.

The forum aims to educate and engage the community about Bybit’s Shariah-compliant trading products, highlighting the platform’s commitment to providing inclusive and ethical financial solutions.

Key Highlights of the Forum:

In-depth discussion on the principles of Islamic finance and ethical investing
Presentation on Bybit’s Islamic Account, including its features, benefits, and unique selling points
Live product demonstration to showcase the user-friendly interface and seamless trading experience
Engaging Q&A session to address questions and concerns from attendees

Bybit’s Islamic Account offers a comprehensive suite of Shariah-compliant trading products, providing Muslim traders with an inclusive platform to engage in the digital asset market. Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.

To RSVP, please visit: https://lu.ma/fci5yk52

#Bybit / #TheCryptoArk

About Bybit

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media