GenAI could make KYC effectively useless

KYC, or “know your customer,” is a process intended to help financial institutions, fintech startups and banks verify the identity of their customers. Not uncommonly, KYC authentication involves “ID images,” or cross-checked selfies used to confirm a person is who they say they are. Wise, Revolut and cryptocurrency platforms Gemini and LiteBit are among those…

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YC-backed African fintech Cleva, founded by Stripe and AWS alums, raises $1.5M pre-seed

Nigerian fintech Cleva, focused on creating a banking platform for African individuals and businesses to receive international payments by opening USD accounts, has raised $1.5 million in pre-seed funding. The round was led by 1984 Ventures, an early-stage venture capital firm based in San Francisco. Other participants in the round include The Raba Partnership, Byld…

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LoanDepot hit by suspected ransomware attack

Mortgage and loan giant LoanDepot said Monday it is experiencing a cyberattack and that it’s “working diligently to restore normal business operations as quickly as possible.” The Irvine, California-based company said in a brief statement on its cybersecurity incident page that it has “taken certain systems offline” and is “working quickly to understand the extent…

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