No reason for Fed to lower rates, portfolio manager says
Brian Mulberry, client portfolio manager at Zacks Investment Management, said that despite President Donald Trump's continued demands that the U.S. Federal Reserve lower interest rates, the latest economic data does not support such a move.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
FF News
40 minutes ago
- FF News
Synthetic Identity Document Fraud Surges 300% in the U.S. - Sumsub Warns E-Commerce, Healthtech and Fintech at Risk
Sumsub , a global leader in verification, today released Q1 2025 identity fraud trends based on internal data, revealing a dramatic rise in AI-enabled fraud across the United States . According to platform data, deepfake fraud has surged by 1100%, while synthetic identity document fraud rose by over 300% with attackers exploiting generative AI to create fake passports, IDs, and biometric data. Sumsub analyzed millions of verification checks conducted on its platform between January and March 2025 across industries such as fintech, e-commerce, healthtech, and edtech to uncover emerging fraud trends. One of the most pressing concerns is the rise of synthetic identity document fraud, where criminals use AI tools to generate fake identity documents such as driver's licenses or passports. These synthetic identity documents are often realistic enough to bypass basic KYC checks, posing a significant challenge for businesses. Unlike synthetic identity documents, which involve the creation of entirely fake personas using a mix of real and fabricated data, synthetic identity documents refer specifically to falsified documents or images generated by AI. Fraudsters then use these AI-generated visuals to open accounts, conduct illicit transactions, or bypass compliance processes, making detection increasingly difficult without advanced verification tools North America-Specific Insights (Q1 2025): Synthetic identity document fraud spiked by 311% in North America compared to Q1 2024 , making it the region's most alarming growth vector. , making it the region's most alarming growth vector. Deepfake fraud jumped by 1100%, marking a clear signal that generative AI is being used to bypass facial recognition and biometric checks. marking a clear signal that generative AI is being used to bypass facial recognition and biometric checks. High fraud activity was recorded in e-commerce, healthtech and edtech ––industries have seen accelerated digitization post-pandemic. ––industries have seen accelerated digitization post-pandemic. The U.S. in particular saw a sharp increase in fintech fraud attempts, underscoring the need for real-time, multi-layered fraud prevention solutions. Key Global Findings (Q1 2025): Synthetic identity document fraud is rising across all regions, fueled by widespread access to GenAI tools that can generate highly realistic fake IDs. Top markets for synthetic identity document fraud include: Ethiopia (2.17%) Pakistan (2.08%) Nigeria (1.52%) Other notable markets: Hong Kong (0.99%), Indonesia (0.84%), Turkey (0.80%) Deepfake-related attacks are growing globally, particularly to bypass biometric systems—now one of the fastest-evolving fraud vectors. Healthtech fraud attempts rose by 384%, signaling its emergence as a high-value target alongside fintech and e-commerce. Regional deepfakefraud surges: Canada : 3,400% Hong Kong : 1,900% Singapore : 1,500% Mainland China : 1,183% Germany : 1,100% United Kingdom : 900% United States : 700% 'The pace at which fraud tactics are evolving is staggering,' said Andrew Sever , CEO of Sumsub. 'As generative AI becomes more accessible, so does the ability to generate synthetic identity documents and deepfakes at scale. What we're seeing is a broader trend, in which Fraud-as-a-Service is becoming a reality, where malicious actors can easily access sophisticated tools to carry out attacks. Businesses can no longer rely on outdated verification tools. It's imperative they adopt an intelligent, adaptive approach to stay ahead.' To combat this new wave of fraud, Sumsub continues to invest in advanced AI-powered fraud detection, document authenticity analysis, and biometric defense tools to protect businesses and users worldwide. The company urges organizations to stay proactive by integrating multi-layered verification and continuous monitoring into their onboarding and transaction workflows. People In This Post Andrew Sever Sumsub
Glasgow Times
40 minutes ago
- Glasgow Times
Rachel Reeves fails to rule out future tax rises as economy shrinks
The Chancellor has repeatedly said that the cost of Wednesday's spending review is covered by the tax rises she brought in last year, saying departments must now 'live within their means'. But economists have warned that a weakening economy and additional commitments such as reversing much of the cut to winter fuel payments mean taxes are likely to go up again in the autumn. Asked on Thursday whether she could guarantee there would be no further tax rises, Ms Reeves told LBC: 'I think it would be very risky for a Chancellor to try and write future budgets in a world as uncertain as ours.' But she again repeated her promise that she would not need to increase taxes on the same scale as last year, when she put them up by £40 billion. And she rejected the suggestion that she was a 'Klarna Chancellor' who had announced a 'buy now, pay later' spending review. She said: 'The idea that yesterday I racked up a bill that I'm going to need to pay for in the future, that's just not right.' Her comments come as the Office for National Statistics reported that the economy shrank by 0.3% in April – the biggest monthly contraction since October 2023 and worse than the 0.1% fall most economists had expected. In recent days, both Ms Reeves and Number 10 have said the economy is beginning to turn a corner, allowing them to fund the U-turn on the winter fuel allowance. But Thursday's worse-than-expected economic news will make it harder for Ms Reeves to balance her spending commitments with Labour's promises on tax and borrowing. The Chancellor acknowledged that the reduction in GDP was 'disappointing', and blamed 'uncertainty' caused by Donald Trump's announcement of sweeping tariffs at the start of April for much of the fall. But opposition parties have laid the blame squarely with the Government, with Conservative shadow chancellor Sir Mel Stride accusing Ms Reeves of 'economic vandalism'. He said: 'Under Labour, we have seen taxes hiked, inflation almost double, unemployment rise, and growth fall. With more taxes coming, things will only get worse and hard-working people will pay the price.' Daisy Cooper, the Liberal Democrats' Treasury spokeswoman, said the figures should act as 'a wake-up call for the Government which has so far refused to listen to the small businesses struggling to cope with the jobs tax' and urged ministers to pursue a 'bespoke UK-EU customs union' to compensate for the impact of US tariffs. The GDP figures come a day after the Chancellor revealed her spending plans for the coming years, including a significant increase in spending on the NHS, defence and schools. The biggest winner was the NHS, which will see its budget rise by £29 billion per year in real terms, leading the Resolution Foundation's Ruth Curtice to say Britain was slowly morphing into a 'National Health State'. But that rise came at the price of real-terms cuts elsewhere, including the Home Office, the Department for Transport and the Department for the Environment, Food and Rural Affairs. On Thursday, Ms Reeves rejected claims that her decision on policing, which will see forces' 'spending power' increase by 2.3% above inflation each year, would mean cuts to frontline police numbers.
South Wales Guardian
40 minutes ago
- South Wales Guardian
Rachel Reeves fails to rule out future tax rises as economy shrinks
The Chancellor has repeatedly said that the cost of Wednesday's spending review is covered by the tax rises she brought in last year, saying departments must now 'live within their means'. But economists have warned that a weakening economy and additional commitments such as reversing much of the cut to winter fuel payments mean taxes are likely to go up again in the autumn. Asked on Thursday whether she could guarantee there would be no further tax rises, Ms Reeves told LBC: 'I think it would be very risky for a Chancellor to try and write future budgets in a world as uncertain as ours.' But she again repeated her promise that she would not need to increase taxes on the same scale as last year, when she put them up by £40 billion. And she rejected the suggestion that she was a 'Klarna Chancellor' who had announced a 'buy now, pay later' spending review. She said: 'The idea that yesterday I racked up a bill that I'm going to need to pay for in the future, that's just not right.' Her comments come as the Office for National Statistics reported that the economy shrank by 0.3% in April – the biggest monthly contraction since October 2023 and worse than the 0.1% fall most economists had expected. In recent days, both Ms Reeves and Number 10 have said the economy is beginning to turn a corner, allowing them to fund the U-turn on the winter fuel allowance. But Thursday's worse-than-expected economic news will make it harder for Ms Reeves to balance her spending commitments with Labour's promises on tax and borrowing. The Chancellor acknowledged that the reduction in GDP was 'disappointing', and blamed 'uncertainty' caused by Donald Trump's announcement of sweeping tariffs at the start of April for much of the fall. But opposition parties have laid the blame squarely with the Government, with Conservative shadow chancellor Sir Mel Stride accusing Ms Reeves of 'economic vandalism'. He said: 'Under Labour, we have seen taxes hiked, inflation almost double, unemployment rise, and growth fall. With more taxes coming, things will only get worse and hard-working people will pay the price.' Daisy Cooper, the Liberal Democrats' Treasury spokeswoman, said the figures should act as 'a wake-up call for the Government which has so far refused to listen to the small businesses struggling to cope with the jobs tax' and urged ministers to pursue a 'bespoke UK-EU customs union' to compensate for the impact of US tariffs. The GDP figures come a day after the Chancellor revealed her spending plans for the coming years, including a significant increase in spending on the NHS, defence and schools. The biggest winner was the NHS, which will see its budget rise by £29 billion per year in real terms, leading the Resolution Foundation's Ruth Curtice to say Britain was slowly morphing into a 'National Health State'. But that rise came at the price of real-terms cuts elsewhere, including the Home Office, the Department for Transport and the Department for the Environment, Food and Rural Affairs. On Thursday, Ms Reeves rejected claims that her decision on policing, which will see forces' 'spending power' increase by 2.3% above inflation each year, would mean cuts to frontline police numbers.
