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Report: ‘Global scam economy’ thriving in 2023

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A payments study by Javelin Strategy & Research and SAS examines digital fraud trends worldwide, revealing eight expert strategies banks, retailers and other enterprises can use to fight back

CARY, N.C., June 26, 2023 /PRNewswire/ — The COVID-19 pandemic catalyzed a digital payments revolution, forever reshaping expectations. Today’s consumers demand flexible, real-time payment options throughout their digital journeys. As banks, fintechs, retailers and other businesses modernize and add apps and offerings to keep pace, criminals cash in on weaknesses at every turn. How are professional fraud fighters striking back? A payments fraud study by Javelin and analytics leader SAS explores the fraud climate in 12 countries and offers eight recommendations for curbing the deluge.

This 12-country #payments study explores the digital #fraud-fueled “global scam economy” + eight ways to fight back.

Global Digital Fraud Trends: Evaluating the Past, Present, and Future is the continuation of an October 2020 report by Javelin and SAS on the early pandemic’s digital fraud escalation. This next chapter examines the evolution of digital fraud trends and their impact on consumers and enterprises worldwide, and is based on:

2022 market research on the global fraud landscape.Javelin’s 2022 identity fraud survey, reflecting insights from 5,000 US consumers.Interviews with financial services leaders confronting evolving fraud attacks.

Registering to download the report also gives users access to three regional webinars exploring key findings in the US, EMEA and Asia-Pacific.

“Pandemic digital habits shifted so strongly into card-not-present transactions, and suddenly it feels as if everyone is online, including the bad guys,” said one European fintech executive. “We are making strides in controlling payment fraud with strong authentication and machine learning, but it took some losses to gain an understanding of how important it is to plan ahead.”

“Telecom and [business email compromise] fraud are sources of serious concern for my team,” said the Vice President of Special Investigations at one US bank. “The pandemic has made it impossible to create enough fraud strategy to stay ahead because the criminals now mix multiple merchant names, MCC codes and dollar amounts in automated attacks that are hard to prevent.”

2023’s digital economy presents fresh fraud trends with global impact
In the immediate wake of the COVID-19 pandemic, the digital economy exploded. For fraudsters, the sudden surge in digital transactions and payment modalities offered countless new fraud avenues. As anti-fraud pros grappled with how to adequately protect transactions, scammers largely focused on pandemic-themed schemes and socially engineered attacks.

But the landscape has changed. In 2023, the digital economy and the “global scam economy,” as coined by Javelin, are here to stay – and they will evolve in parallel. Per the report, 2020’s schemes du jour have been replaced by scams galore: romance scams, fake home-based employment opportunities and investment schemes popular among them.

Fraud diversified by region vexes local authorities and anti-fraud pros
Globally, threats are more or less identical, though certain fraud types have manifested and grown differently by region and nation, challenging local anti-fraud pros, law enforcement and governments accordingly. Among the regional trends and national landmark issues revealed in the 12-country study and explored in the webinar series:

AfricaSouth Africa‘s new Rapid Payments Program will not only foster faster payments but formalize them, helping reduce cash-based crimes that have long plagued the country. Related payment modernization is also expected to help the nation curb rampant cross-border money laundering and terrorist financing by accurately identifying senders and receivers.Asia-Pacific – Per one Singaporean banker, “the perpetrators are very polished,” as robocalls, vishing and phishing impact globally-connected citizens who primarily bank on mobile phones. In response, financial firms in Singapore are enacting push notifications to account holders and daily transaction limits. India’s digital biometric ID system, Aadhaar, boasts 1.3 billion citizens enrolled (99% of Indian adults), serving as a global template for other countries, including Malaysia and Sri Lanka. In Australia, the digital identity validation offered by ConnectID and myGovID is steadily replacing traditional credentials. China has seen explosive adoption of an alternative digital payments ecosystem delivered via social media giant WeChat, and QR codes dominate digital payments.Europe – In the United Kingdom, open banking continues to drive digital innovation, and the Bank of England is considering a central bank digital currency. France marked permanent changes in consumers’ digital purchasing and payment habits, along with the introduction of a national identity program for smartphones. Even as political and environmental strife challenged Italy’s financial sector, more than 30 million citizens adopted its Public Digital Identity System. Meanwhile, organized crime prompted a nationwide money mule awareness campaign by Europol.North America – Embedded lending and Buy Now, Pay Later (BNPL) financing are growing worldwide, but particularly in the United States, where more than two-thirds of consumers report they are “likely” or “very likely” to tap BNPL again after first use. Ballooning BNPL fraud haunts regulators, merchants and payment platforms. The Federal Reserve’s FedNow instant payment service is poised to launch in mid-2023, promising safer payments and greater interoperability. Canada’s national identity program is helping create infrastructure for citizens to frictionlessly access government, financial and health care services. In Mexico, prepaid debit cards continue to boom, while advanced digital payment options fuel thriving e-commerce.South America – Peer-to-peer (P2P) payment culture is flourishing in Brazil via its PIX system, and fintech investment for the unbanked has reached record highs. Still, prolific data breaches, scams and malware attacks threaten the enormous potential of the country’s digital growth, demanding robust fraud and enterprise security safeguards.

Digitally inclusive fraud strategies light the way – eight expert strategies
Among the report’s eight spotlight recommendations for combatting fraud in the digital age: multifactor authentication and account-based alerts should be considered essential, not nice-to-haves. Also paramount in the guidance is the consolidation of monitoring solutions on a single, powerful AI-driven platform.

“A carefully layered deployment of machine learning models, biometrics and contextual, supplementary tools can help financial service firms make faster, more accurate decisions that scale across all verticals,” said Krista Tedder, Head of Payments at Javelin Strategy & Research. “Solutions must be interwoven – and underpinned by shared data streams – to effectively combat the increasingly sophisticated tools and strategies we see being employed by criminals worldwide.”

“US consumers alone lost $8.8 billion to scams last year – a more than 30% jump from 2021 to 2022 – according to the Federal Trade Commission,” said Stu Bradley, Senior Vice President of Fraud & Security Intelligence at SAS. “Consumer trust in the expanding global digital payment ecosystem is an imperative – and that trust is predicated on firms making effective use of advanced customer authentication and anti-fraud technologies, including AI, machine learning and biometrics, to detect and prevent fraud across channels.”

Download the report and access the three regional webinars on-demand at SAS.com/scameconomy.

About SAS
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2023 SAS Institute Inc. All rights reserved.

Editorial Contacts:

Julia Norton

Danielle Bates

julia.norton@sas.com 

danielle.bates@sas.com

+1 919-531-4661

+1 919-531-1959

sas.com/news

 

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Shah Rukh Khan leads A23’s brand refresh with ‘Yahan Dimaag Jeetega’ campaign

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The campaign marks an evolved position for the 18-year-old brand – A23 with a significant focus on creating an action-packed one-stop shop for skill-based RMG enthusiasts

NEW DELHI, Dec. 20, 2024 /PRNewswire/ — Head Digital Works (A23), India’s leading online skill-gaming company with over 75 million registered players, announced its brand refresh with the ‘Yahan Dimaag Jeetega’ campaign featuring brand ambassador Shah Rukh Khan. This campaign fuels India’s desire to outsmart to win, capturing the rush, excitement and sense of accomplishment that comes from using skills to triumph. With a focus on strategic thinking and the application of skill, the evolved messaging aligns with A23’s action-oriented and customer-centric stance.

The new campaign showcases two films featuring Shah Rukh Khan that resonate with a diverse group of players who appreciate the challenge and reward of strategic gameplay. A23’s product enhancements, including big-ticket challenges, leaderboards and tournaments running around the clock further emphasize this commitment to rewarding players for leveraging their skills and standing-out. The films depict everyday scenarios where strategic thinking leads to success, mirroring the strategic gameplay found on the A23 apps. Both films reflect A23’s message of celebrating wit and strategy to win while gaming online. Here are links to both the films – Film 1 & Film 2.

Bollywood superstar and A23’s long-standing brand ambassador, Shah Rukh Khan, returns to headline the campaign. Speaking on the new brand films, he said, “In India, we play to win. This is the essence of A23’s new ad as well where users be it in gaming or real life use their minds to succeed. I believe this messaging is an organic fit for A23 and will be relatable for all gaming enthusiasts. I have witnessed the platform evolve into a customer-centric gaming app over the years which truly values its users and celebrates their every win.”

Gunnidhi Singh Sareen, VP- Marketing, Head Digital Works, said, “With ‘Yahan Dimaag Jeetega’ campaign we want to transform A23 as the ultimate destination for players who value strategic thinking and skills to win. With Shah Rukh Khan, we want to bring home the feeling, the rush and the excitement that comes with winning solely using one’s skills. We hope that these new brand films hit the right chord within our audience given that these are instances picked from our daily lives.”

A23 is also hosting marquee tournaments like ‘Rummy Maha Mela’ that reward players for their strategic prowess, offering a real-life extension of the campaign’s core message. Through ‘Yahan Dimaag Jeetega,’ A23 reinforces its position as India’s premier skill gaming platform, encouraging players to embrace challenges, sharpen their minds, and celebrate every victory as a testament to their intelligence and strategy.

About Head Digital Works

Head Digital Works is India’s oldest online skill-gaming company that develops and operates platforms like A23 Rummy, A23 Poker and Cricket.com. A23 has over 75 million registered users across India and is the first-ever website to launch the classical Indian Rummy. A23 is on a mission to promote Rummy and Poker as a professional game and create a community of skilled gamers.

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Global insurtech bolttech announces Series C funding led by Dragon Fund to drive continued expansion

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SINGAPORE, Dec. 20, 2024 /PRNewswire/ — bolttech, the fast-growing global insurtech, today announced Dragon Fund, by Liquidity and MUFG, is leading bolttech’s Series C funding round alongside investors Baillie Gifford, Generali – through Lion River, the Group’s company dedicated to Private Equity, and others, which is expected to total more than US$100 million. Following bolttech’s record-breaking Series A and B rounds, the Series C up-round values bolttech at US$2.1 billion and the investment will further enhance its global growth strategy.

The strategic support of lead investor Dragon Fund alongside the follow-on investors and the Series C funding will enable bolttech to continue to enhance its platform’s capabilities, expand its market presence globally, and accelerate its goal to make insurance more tailored, accessible, affordable and convenient for customers. This investment follows bolttech’s previous successful funding rounds, further establishing its role as a leader in the insurtech space.

Ridhi Chaudhary, CIO of Dragon Fund, said, “We are excited to lead bolttech’s Series C round. In a short time, bolttech has become a leading, embedded insurtech player with global presence and scale. We are impressed by its tech capabilities and execution. I look forward to joining the Board of Directors and supporting its next phase of growth.”

Aakash Tulsani, Managing Director at Dragon Fund, added, “bolttech’s differentiated technology and program management solution integrates insurance into customer purchase journeys, enhancing access to affordable, customized products. As a technology-first provider, bolttech is well positioned to shape the future of embedded insurance a $70B+ addressable market globally.”

Hendrik Borginon, Investment Manager, Baillie Gifford, said, “bolttech is a pioneering force in the embedded insurance space. By enabling seamless integration of insurance products into their distribution partners, bolttech is transforming how insurance is bought and sold globally. With a highly experienced team at the helm, we are optimistic about their potential to drive significant growth and profitability in the coming years.”

Rob Schimek, Group Chief Executive Officer, bolttech, said, “This latest round of funding is an endorsement of our value proposition and marks another significant milestone for bolttech. The funding also demonstrates our relentless pursuit of innovation and excellence as we enable the insurance industry. With this investment from Dragon Fund and our Series C investors, we will continue to revolutionise the future of insurance through our leading technology-enabled ecosystem.”

About bolttech
bolttech is a global insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. bolttech serves customers in more than 35 markets across Asia, Europe, North America, and Africa.

With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.

For more information, please visit: www.bolttech.io

About Dragon Fund
Launched in 2023, Dragon Fund, by Liquidity and MUFG, is an equity investment platform that invests globally in growth-stage technology and technology enabled companies. The platform leverages Liquidity’s proprietary technology in its investment process and MUFG’s extensive global network.

For more information, please visit: www.dragonfunds.com

About Baillie Gifford
Baillie Gifford is an independent investment partnership founded over a century ago in Edinburgh, owned and run by 58 partners who all work at the firm. The firm’s mission is to find game-changing companies (both public and private) that can sustain growth and provide returns for clients over five to ten years and longer. With 1,708 staff and assets under management of £218bn, it has offices in Edinburgh, Amsterdam, Dublin, Frankfurt, Hong Kong, London, New York, Shanghai, Toronto, and Zurich (at 30 September 2024). 

About The Generali Group
Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 82.5 billion in 2023. With around 82,000 employees serving 70 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.  

 

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Miles Education Hosts India’s First-Ever Public Accounting GCC Conclave (M-PACT), Cementing India’s Role as a Global Accounting Powerhouse

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BENGALURU, India, Dec. 20, 2024 /PRNewswire/ — Miles Education, the flagbearer of accountants, made history by hosting M-PACT: India’s First Public Accounting GCC (Global Capability Center) Conclave, on Dec 7, 2024. Bringing together over 500 participants from the Big 4, public accounting firms and academia, the event marked a pivotal moment in cementing India’s position as the driving force for public accounting across the globe.

M-PACT set the stage for bold, future-focused dialogues on the transformative forces reshaping the accounting profession: Talent, Technology, and Transformation. The event spotlighted India’s unmatched talent and groundbreaking innovations, paving the way for a new era of global accounting excellence.

Key Highlights

Scaling India’s Talent Pipeline

The conclave highlighted India’s critical role in building a future-ready workforce to lead the global accounting landscape. Working backwards from the huge shortage of accountants in the US, Miles has been instrumental in creating the CPA talent pipeline for public accounting GCCs in India, contributing billions of dollars in exports. To further enhance the global perception of India’s talent, Miles has integrated STEM into accounting education in the US and created a unique pathway for Indian accountants to work in the US.

The discussions underscored how Indian professionals are setting new benchmarks locally and globally. During the panel on Scaling Public Accounting GCCs in India, moderated by Varun Jain, CEO of Miles Education, industry leaders such as Chung Tham (EY GDS), Vishnu Patwari (BDO RISE), Karthick Venkatakrishnan (Eisner Amper), and Murali Balasubramanian (Sthirah) illuminated India’s transformative journey. Vishnu Patwari summed it up by saying, “India’s unique position allows us to integrate the best global practices and create capabilities the world has never seen.”

Technological Disruption in Accounting

The conclave showcased how cutting-edge technologies like artificial intelligence, advanced analytics, and dynamic business models are revolutionising accounting practices.

In the panel on AI, Analytics, and Technology in Accounting, Balaji Iyer, Managing Partner at Moss Adams, drove home the future vision: ‘Who wants to slog 60 hours during busy seasons when AI can redefine efficiency? The future is here, and technology is rewriting the rules.’ Moderated by Giridhar Rajgopa (Sentient Soutions), the panel included other luminaries, including Manish Bathija (BDO India), Prasad GVR (Sikich India), Shrenik Shah (Armanino), and Vijay Narayandas (BDO RISE), who shared actionable insights on embracing innovation to stay ahead globally.

Shaping a Future-Ready Workforce

A central theme was workforce transformation — bridging skill gaps and creating industry-ready professionals. The panel, moderated by Bhaskar Ranjan Das (Ex-Director at AICPA), discussed strategies for building talent pipelines that address skill shortages while preparing professionals to navigate a rapidly evolving global landscape.

Vikram P. Rao, Head of HR at Withum, emphasized the impact of Miles Education: “Miles Education is leading the way, ensuring students are guided with precision and armed with skills to dominate the future.” Panelists like Ashish Jalan (CohnReznick), Subramanian Ananthakrishnan (EY GDS), Vishal Agarwal (Citrin Cooperman), and Vikash Pipara (BDO RISE) further explored innovative strategies to nurture tomorrow’s leaders.

Bridging the gap between academia and industry

The conclave sought to address the critical need for stronger collaboration between academia and industry, aiming to create clear pathways for students to transition seamlessly into the workforce. By integrating global qualifications like CPA and CMA into university programs — an approach already championed by Miles Education — discussions explored how academic curricula can evolve to meet the ever-changing demands of the professional world.

Leaders from top universities participated in the discussions, emphasizing the need for innovative pedagogies to align academic training with the evolving demands of the accounting profession. Miles Education’s efforts in bridging this gap were widely acknowledged. Dr. Biju Toms (Christ University) remarked, “Thanks to Miles Education, we are integrating innovative pedagogies to meet industry demands.” Dr. Easwaran Iyer (Jain University) also commended their impact, noting, “Miles Education has been pivotal in bridging the gap between academia, industry, and professional bodies to enhance skilling opportunities.”

A Game-Changing Initiative: The PAGE Council

In a groundbreaking announcement, Miles Education unveiled the Public Accounting GCC Excellence (PAGE) Council. This leadership forum will unite GCCs, public accounting firms, and academic institutions to propel strategic initiatives, foster collaboration, and redefine public accounting for the 21st century.

A Vision for Global Excellence

M-PACT wasn’t just a milestone; it was a bold declaration of India’s intent to dominate global accounting. Delivering a keynote address, Badri Rao, Partner at KPMG GDC, set the tone for future success: “The mantra is simple: Learn. Innovate. Unlearn. Learn again. Innovate again. The cycle never stops.”

Varun Jain, CEO of Miles Education, made a powerful statement: “India is at the cusp of revolutionizing the global accounting profession. With our unmatched talent pool, technological expertise, and unparalleled work ethic, we are uniquely positioned to lead the transformation of public accounting. This is not just about addressing the global shortage of accountants — it’s about redefining the profession, setting new standards, and ensuring that accounting continues to power economies across the world. India’s time to lead is now.”

The Message is Clear: India’s Moment is Now

M-PACT reinforced India’s unstoppable rise as the global epicentre of accounting. As the event concluded, the energy was palpable — a shared determination to shape the future of public accounting, with innovation, talent, and technology leading the charge.

With M-PACT as the catalyst, Miles Education stands at the forefront of this revolution, committed to redefining what’s possible in global accounting.

About Miles Education

Miles Education stands as a global ed-tech leader, working backwards from industry shortages, skill gaps, and emerging opportunities to empower businesses and professionals across accounting, business, healthcare, and tech. By creating innovative pathways, Miles is building a robust talent ecosystem that sets talent up for success.

In accounting, Miles has built a talent pool of CPA and CMA candidates in India, driving billions in exports of accounting service exports. The company’s STEM-integrated Miles U.S. Pathway has empowered thousands of Indian accountants to lead as India’s talent ambassadors in the U.S. In healthcare, the company is advancing clinical process outsourcing to India and creating avenues for Indian and global healthcare professionals to work in the U.S.

In business education, Miles is redefining the traditional approach by seamlessly integrating real-world experience with academic learning. In technology, through a joint venture — Futurense Technologies — Miles is preparing Indian tech talent to lead and excel in the AI-driven era.

With a team of over 600 professionals, a network of 70,000+ alumni, partnerships with 100+ universities, and 600+ multinational corporations, Miles is achieving a CAGR of over 80%, distinguishing itself as one of India’s few profitable ed-tech companies.

For more information, visit www.mileseducation.com.

Contact
info@mileseducation.com 

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