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Nate founder charged with fraud over 'AI' shopping app secretly powered by humans

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Nate founder charged with fraud over 'AI' shopping app secretly powered by humans

The founder of an AI-based tool for automating online shopping checkouts has been charged with defrauding investors over claims that the process was actually carried out by human workers in the Philippines.

Tackling fraud: Learn how to build smarter defences at NextGen Nordics

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Tackling fraud: Learn how to build smarter defences at NextGen Nordics

As real-time payments gain momentum, financial institutions are faced with attempting to deliver seamless digital payment experiences while also mitigating against sophisticated fraudsters. This year’s NextGen Nordics event at the Münchenbryggeriet in Stockholm, Sweden, on 29 April 2025, will spotlight how the industry is redefining fraud prevention in the era of instant payments.

Block to pay $40m penalty for AML failures

/payments

Block to pay $40m penalty for AML failures

Block will pay a $40 million penalty to New York regulators for "significant failures" in anti-money laundering programme and virtual currency compliance failures on its Cash App platform.

House of Representatives kills CFPB oversight of Big Tech payment apps

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House of Representatives kills CFPB oversight of Big Tech payment apps

The US House of Representatives has followed the Senate in voting to overturn a Consumer Financial Protection Bureau rule that would give the watchdog oversight of tech giants such as Apple, Google and X, that offer digital payment apps and wallets.

Visa invests in spend management platform Mynt

/payments

Visa invests in spend management platform Mynt

Visa has invested in Swedish spend management firm Mynt alongside an expanded reseller agreement across Europe.

BofE eyes AI's risk to financial stability

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BofE eyes AI's risk to financial stability

As firms integrate more advanced AI-based analysis into their core trading and investment activities, regulators need to vigilant about potential financial stability risks, the Bank of England's Financial Policy Committee warns.

Wise to build Hyderabad hub

/payments

Wise to build Hyderabad hub

UK-based fintechs Wise and Revolut are both doubling down in India, with the former building a hub in Hyderabad that will employ hundreds of new and the latter securing a license to issue prepaid cards and wallets in the country.

Kraken and Mastercard team on crypto debit cards

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Kraken and Mastercard team on crypto debit cards

Cryptocurrency exchange Kraken is working with Mastercard to allow customers in the UK and Europe to spend their crypto at over 150 million merchants worldwide.

Ryft raises £5.7m to take on Stripe Connect and Adyen

/payments

Ryft raises £5.7m to take on Stripe Connect and Adyen

UK-based decentralised payments platform Ryft has raised £5.7 million in Series A funding to help acquiring banks take on industry giants Stripe Connect and Adyen.

Restaurant payments and loyalty app Blackbird raises $50m

/payments

Restaurant payments and loyalty app Blackbird raises $50m

Blackbird Labs, a blockchain-based restaurant loyalty and payments app, has raised $50 million in a Series B funding round.

NatWest invests in Yonder

/payments

NatWest invests in Yonder

NatWest has made a minorty investment in rewards credit card startup Yonder.

Félix raises $75 million for WhatsApp-based stablecoin remittance platform

/payments

Félix raises $75 million for WhatsApp-based stablecoin remittance platform

Félix, a chat-based platform that utilises WhatsApp and stablecoins to enable Latino immigrants in the US to send money abroad, has secured $75 million Series B in equity and growth financing.

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