Latest news with #Prosper
Forbes
19 hours ago
- Business
- Forbes
Turn AI To Your Advantage In The New Age Of Fraud
AI-driven Identity Fraud Is Artificial Intelligence a friend or foe when it comes to fraud? The answer, right now, is both. The battle lines have been drawn, and the pace of innovation is going to determine the ultimate winner. We are undeniably living in a new era of fraud, driven by deepfake and generative AI technologies, which empower sophisticated synthetic IDs and even the ability to bypass verification systems altogether. AI has begun rapidly replacing more rudimentary fraud methods of decades gone by. According to a recent Prosper Insight & Analytics survey, 58% of consumers are extremely/very concerned about their personal information being used for fraudulent activities. This figure continues to steadily rise alongside the awareness of how AI tools, such as ChatGPT, can be manipulated for more nefarious means. Prosper - How Concerned are You About Your Privacy Being Violated From AI Using Your Data In fact, one in four consumers believe that identity verification systems are not strong enough to protect their data. This erosion of trust is prompting 47% of consumers to say they would abandon a brand entirely if they fell victim to fraud through that platform. This year alone, reports show generative AI has been used extensively to create life-like fake passports, capable of bypassing digital verification systems that were once considered top-of-the-line. To understand this evolving problem and how businesses must stay protected, I spoke with Jimmy Roussel, CEO of identity fraud leader As the company verifies an average of 18 million IDs per month, Roussel has a front-row seat at the rapidly expanding battleground that is digital fraud. The new face of identity fraud Businesses around the world are looking at AI as a tool to improve efficiency, but as the rate of adoption increases, so too does the number of cybercriminals seeking to weaponize it to commit fraud. 'We are seeing everything from AI-generated IDs to deepfakes used during onboarding and verification processes,' Roussel said. 'This isn't a hypothetical threat – it's already here.' One category Roussel believes is scaling faster than most is synthetic ID fraud. Unlike traditional identity fraud, where someone steals an individual's real information, synthetic fraud involves creating a completely new identity using a mix of real and fake data. These identities are then amplified through AI-generated documents, like passports or driver's licenses, which make detection difficult for traditional Know Your Customer (KYC) systems. 'Some of these fake passports are so good, even experienced border officials would have a hard time spotting them,' Roussel added. A failing legacy system A 2024 report from McKinsey highlighted that global cybercrime costs could reach $10.5 trillion annually by 2025, with identity fraud representing one of the fastest-growing contributors. Many of today's verification tools weren't designed to deal with AI-generated deception. Until now, it seems the fraudsters have been adapting and innovating at a faster pace. Systems that rely solely on image scans, basic metadata, or selfie-video checks are hopelessly outmatched by fraudsters who are testing, tweaking, and improving fake assets. Companies are constantly playing catch-up. According to Roussel, most businesses are relying on outdated verification tools. 'They're using 2015-era KYC systems to take on a 2025-era fraud problem. These systems weren't built with deepfakes or generative AI in mind, so they're easy to get around.' This security problem is dangerous in many sectors of business, including financial, travel, and e-commerce. Building a Smarter Defense All is not lost. While many scammers have access to advanced tools, so do businesses, but it may mean replacing legacy products with previously acceptable standards. One technology that Roussel believes will become increasingly critical is Near Field Communication (NFC) scanning. This technology isn't something you can fake in Photoshop. It verifies the data that's stored in the chip itself, making it one of the most reliable defenses against ID fraud. A recent report from found that 84% of the AI-generated fake IDs were identified with image and symbology analysis alone. When combined with third-party database checks, was able to catch 99.6% of the fraudulent IDs. Other innovations include behavioral biometrics, which measure unique user behavior, such as typing patterns and mouse movements, and liveness detection tools that differentiate between real people and deepfakes. Alongside the technological risk, there is also a considerable financial incentive to act now. A recent Gartner survey revealed that 53% of consumers would prefer to use a brand that incorporates stronger AI-based ID verification, even if it added a few seconds to their user journey. This shows businesses can protect both their bottom line and user experience by implementing smarter tools. Companies that fail to update their fraud prevention protocols can also result in regulatory breaches, reputational damage, and broken customer trust, particularly in industries where consumer data security is paramount. Roussel warns that too many businesses are stuck in a reactive mode. 'What we're seeing is companies only getting serious about upgrading their fraud prevention after a major incident. But by then, the damage is already done. What they need is a proactive mindset. One that treats identity verification as a strategic priority, not a box to tick.' Bridging the knowledge gap Education is one of the most important tools for organizations to combat fraud. Many decision makers are unaware of how powerful AI has become, particularly in the wrong hands, and how easy it is for cyber scammers to access information. Within the last year alone, has reported an increase of 34% from the previous year in fraudulent activity in the financial and banking sectors. March 2024 showed a 37% increase in fraud volume, with April just behind March at 21.4% over annual averages. A recent Nationwide survey shows a staggering 86% of consumers do not feel informed enough to protect themselves from AI-driven identity theft. This gap in consumer knowledge should serve as a wake-up call for businesses to double down on education and transparency as part of their fraud prevention strategies. The accessibility of information is what makes fraudulent activity so dangerous. Fraud isn't just something that's done by advanced criminal groups anymore. Businesses need to understand that anyone can be a potential threat and need to keep ahead of the game in order to keep their data safe. Securing the Future with Digital Trust Looking ahead, Roussel believes the verification space will split into two distinct camps: Those who modernize and those who remain vulnerable. The organizations that integrate advanced verification methods into their user journeys, without compromising the customer experience, will be better equipped to compete, innovate, and grow securely. 'Digital trust is everything now,' he concluded. 'Whether you're onboarding new customers, verifying employees, or securing access to sensitive systems, your ability to confirm someone's identity accurately and instantly is foundational. Businesses that get this right will thrive.' In a world where artificial intelligence is being used to both build up and break down systems, the stakes for identity verification have never been higher. However, businesses that have a powerful tool at their disposal will be the victors. By utilizing these tools and investing properly, they will be able to not only survive but thrive.
CBS News
21-05-2025
- Health
- CBS News
Questions linger after Prosper ISD seniors taken to hospital following graduation event
There's still no confirmed explanation as to why multiple Prosper ISD seniors were transported to the hospital after attending an overnight event this past weekend. For the past few days, CBS News Texas has been working to learn what happened to those students and has spoken with multiple district parents. Many of them share a common question: Were drugs involved? Graduation celebration under scrutiny CBS News Texas posed that question directly to Prosper ISD but has not yet received a response. However, CBS News Texas did obtain more information about the event, known as the Prosper ISD Graduation Celebration. It was held from 11 p.m. Friday to at least 3 a.m. Saturday. Nonprofit hosted overnight event According to its website, the event is organized by a nonprofit at 3R's Ranch in Prosper and is not affiliated with the school district. It is open to seniors from all three Prosper high schools. Former PTO members say the event is alcohol- and drug-free and includes games, dancing, music and food. It has been held for several years. According to the city of Prosper, police were called to the ranch around 2:15 a.m. Saturday. In a statement, the town said, "Paramedics from Prosper, Celina and Frisco treated multiple individuals experiencing medical distress and transported eight patients to local hospitals." But the reason behind the medical emergencies remains unclear. No details released yet Prosper ISD has not confirmed whether any students were suspended following the event. CBS News Texas spoke by phone with the town's spokesperson and the mayor, who said they are confident in the police department's investigation. As of now, no one has come forward with details about what happened Saturday night or the current condition of the eight hospitalized students. CBS News Texas will continue to investigate.
Daily Record
14-05-2025
- Business
- Daily Record
Scotland being held back by chronic shortage of housing with calls for 25,000 new builds a year
A new report is calling for the SNP Government to commit to a new national target of building 25,000 new homes per year. Scotland's economic growth is being held back by a chronic shortage of housing, a new report has warned. More than 100 experts from local government, universities, housebuilders and construction companies gave their views in the new Housing Supply for a Growing Economy publication. The report has called for the SNP Government to commit to a new national target of building 25,000 new homes per year to help tackle the severe shortage in some parts of the country. Its publication comes one day after official figures found housebuilding in Scotland has plummeted in the last year, with nearly 4,000 fewer homes in supply in 2023-24 compared to the year before. In 2022-23 the new housing supply was 24,348 – but by last year the figure had plummeted to 20,364. It comes at a time rising numbers of Scots are declaring themselves homeless, while reports of rough sleeping in Edinburgh and Glasgow are increasing. More than 10,000 children are living in temporary accommodation with their families across the country due to a chronic lack of affordable housing, particularly around the biggest cities. The new report calling for action was compiled by Prosper, which was previously known as Scottish Council for Development and Industry. Sara Thiam, Prosper chief executive, said: "Scotland risks losing out on the growth opportunities from the energy transition and our industrial strategy unless housing is placed at the heart of our national economic strategy. "Our members have been clear - without more appropriate and affordable homes, businesses will continue to struggle to recruit, communities can't thrive, and investment will stall.' Jane Wood, chief executive of Homes for Scotland, said: "We wholeheartedly welcome the addition of Prosper's voice to the debate on how we deliver the homes of all tenures and types required to ensure the social wellbeing of Scotland's people and support economic growth. "This further underpins the importance of home building to the achievement of wider government policy objectives and strengthens our call for bold intervention so that everyone has access to a home that meets their needs and that they can afford." Paul McLennan, the Housing Minister, said he recognised 'these are exceptionally challenging times'. He added: "It is encouraging that affordable housing starts and approvals have increased in the year to December 2024, and we will continue to work with partners to increase these levels even further through our £768 million investment this year, an increase of £200 million when compared to last financial year. 'Providing everyone in Scotland with the right to a warm, safe and affordable home is essential to our key priority of eradicating child poverty.'
Yahoo
10-05-2025
- Business
- Yahoo
Money Stress Is Causing You To Make These 3 Mistakes: How To Avoid Them
A recent survey from Prosper revealed that 45% of Americans believed the economy had worsened since the pandemic, and that only 42% of respondents felt confident managing a significant financial setback. While 48% of respondents think that the economy will improve over the next five years, the reality is that financial stress is causing consumers to make crucial mistakes right now. Read More: Find Out: The survey pointed out that economic pressures were causing major stress issues for Americans in 2024, as people admitted to facing challenges with rising costs, and that debt had become a bigger problem over the years. Financial stress is causing people to make these three major mistakes, and here's how to avoid them. The report showed that 68% of respondents admitted to not having any investments, with 79% of women and 58% of men falling under this category. Not investing is a major financial mistake because you're missing out on possible returns, and you may not be able to retire when you reach the age to do so. It may be challenging to think about investing when you're worried about the state of the economy or barely getting by. Here's how you can avoid this financial mistake. Discover Next: 'Not investing means missing out on one of the most effective tools for long-term wealth building,' said Haiyan Huang, the chief credit officer at Prosper. 'Education and access to beginner-friendly platforms are key to turning hesitation and stress into confidence.' It can be common for people to avoid investing because they don't feel like they have enough money to start or because they're nervous about the process. Investing doesn't have to be intimidating anymore because there are robo-advisors and platforms that let you get started with a small amount of money. These platforms will also offer educational resources like videos and tutorials, so you don't have to be confused about the process. You don't have to study stock charts or follow the news because you can have a robo-advisor manage your funds. James Francis, a financial expert and CEO of Paradigm Asset Management, noted that your brain craves simplicity when stress peaks. He added, 'In this case, automating your savings, even $10 a week, can help build resilience without needing mental bandwidth. Tools like round-up apps or bank auto-saves can also make these investments frictionless.' You can shift your mindset from struggling to get by to being focused on the future by automating your savings and investments so that you know that you're planning for the future. Contributing to a retirement account will help you build confidence about your future and your finances. The best part of automating your investments is that you don't have to do anything else on your end after the initial setup. The survey found that 57% of Americans were living paycheck-to-paycheck by the end of 2024, up from 48% in 2016. Financial stress is causing people to fall behind on their bills and barely have enough money to get by until the next pay period. With prices rising, it's clear that many consumers are stretching their budgets to the limit. Here are a few ways you can avoid this mistake moving forward. 'Living paycheck to paycheck isn't always due to poor spending habits, and it's not a reflection of your character or worth, but it can be a sign that your budget could use a review,' said Huang. You may want to adjust your budget to reflect the current climate so you're not running numbers based on outdated figures. Here's what you can do: Track your spending for the next month to identify problem areas. Review all of your subscriptions to see if there's something you can cut. Update your budget or spending plan to ensure that it's accurate. You may not be earning enough money at the moment, which is causing you to live paycheck to paycheck as you struggle to get by. In this situation, you'll want to explore ways to increase your income to get a better hold of your finances. Some of the best ways to do this are: Look into the gig economy. To earn money, you can list your spare room on Airbnb or walk dogs through Rover. Try starting a freelance side hustle. This could be your opportunity to use your skills, such as writing or graphic design, by getting into freelance work. Sell some of your stuff. You could make some extra money to build up your savings by selling off stuff you no longer use around the house. The report revealed that 63% of Americans disclosed that they couldn't pay off their credit card balances in full, up from 45% in 2016. This situation outlines that Americans are turning to credit cards to get by, which is a significant mistake because these come with high interest rates, and it could become challenging to get out of debt. Here are your best options to avoid this mistake. Francis suggests creating a buffer fund with an accessible stash that can save you from spiralling into debt when life throws unexpected curveballs at you. This emergency fund could reduce your reliance on credit cards. The goal is to do your best to start building this account immediately. You already know that you should pay your credit card balance in full monthly, but you may be overwhelmed with expenses. In this situation, you may want to look into a debt consolidation loan to help you tackle your credit card balances so that it doesn't feel like an impossible struggle. Knowing that resources and tools are available so you don't have to feel alone, is important. Huang concluded, 'Taking small steps, like slowly paying off debt or reviewing your spending, can begin to shift the anxiety into action. Building financial confidence isn't about having all the answers. It's about knowing where to start, who to turn to, and being kind to yourself.' More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines Prosper, 'Financial Wellness Survey 2024' James Francis, Paradigm Asset Management, This article originally appeared on Money Stress Is Causing You To Make These 3 Mistakes: How To Avoid Them
Yahoo
10-05-2025
- Business
- Yahoo
Money Stress Is Causing You To Make These 3 Mistakes: How To Avoid Them
A recent survey from Prosper revealed that 45% of Americans believed the economy had worsened since the pandemic, and that only 42% of respondents felt confident managing a significant financial setback. While 48% of respondents think that the economy will improve over the next five years, the reality is that financial stress is causing consumers to make crucial mistakes right now. Read More: Find Out: The survey pointed out that economic pressures were causing major stress issues for Americans in 2024, as people admitted to facing challenges with rising costs, and that debt had become a bigger problem over the years. Financial stress is causing people to make these three major mistakes, and here's how to avoid them. The report showed that 68% of respondents admitted to not having any investments, with 79% of women and 58% of men falling under this category. Not investing is a major financial mistake because you're missing out on possible returns, and you may not be able to retire when you reach the age to do so. It may be challenging to think about investing when you're worried about the state of the economy or barely getting by. Here's how you can avoid this financial mistake. Discover Next: 'Not investing means missing out on one of the most effective tools for long-term wealth building,' said Haiyan Huang, the chief credit officer at Prosper. 'Education and access to beginner-friendly platforms are key to turning hesitation and stress into confidence.' It can be common for people to avoid investing because they don't feel like they have enough money to start or because they're nervous about the process. Investing doesn't have to be intimidating anymore because there are robo-advisors and platforms that let you get started with a small amount of money. These platforms will also offer educational resources like videos and tutorials, so you don't have to be confused about the process. You don't have to study stock charts or follow the news because you can have a robo-advisor manage your funds. James Francis, a financial expert and CEO of Paradigm Asset Management, noted that your brain craves simplicity when stress peaks. He added, 'In this case, automating your savings, even $10 a week, can help build resilience without needing mental bandwidth. Tools like round-up apps or bank auto-saves can also make these investments frictionless.' You can shift your mindset from struggling to get by to being focused on the future by automating your savings and investments so that you know that you're planning for the future. Contributing to a retirement account will help you build confidence about your future and your finances. The best part of automating your investments is that you don't have to do anything else on your end after the initial setup. The survey found that 57% of Americans were living paycheck-to-paycheck by the end of 2024, up from 48% in 2016. Financial stress is causing people to fall behind on their bills and barely have enough money to get by until the next pay period. With prices rising, it's clear that many consumers are stretching their budgets to the limit. Here are a few ways you can avoid this mistake moving forward. 'Living paycheck to paycheck isn't always due to poor spending habits, and it's not a reflection of your character or worth, but it can be a sign that your budget could use a review,' said Huang. You may want to adjust your budget to reflect the current climate so you're not running numbers based on outdated figures. Here's what you can do: Track your spending for the next month to identify problem areas. Review all of your subscriptions to see if there's something you can cut. Update your budget or spending plan to ensure that it's accurate. You may not be earning enough money at the moment, which is causing you to live paycheck to paycheck as you struggle to get by. In this situation, you'll want to explore ways to increase your income to get a better hold of your finances. Some of the best ways to do this are: Look into the gig economy. To earn money, you can list your spare room on Airbnb or walk dogs through Rover. Try starting a freelance side hustle. This could be your opportunity to use your skills, such as writing or graphic design, by getting into freelance work. Sell some of your stuff. You could make some extra money to build up your savings by selling off stuff you no longer use around the house. The report revealed that 63% of Americans disclosed that they couldn't pay off their credit card balances in full, up from 45% in 2016. This situation outlines that Americans are turning to credit cards to get by, which is a significant mistake because these come with high interest rates, and it could become challenging to get out of debt. Here are your best options to avoid this mistake. Francis suggests creating a buffer fund with an accessible stash that can save you from spiralling into debt when life throws unexpected curveballs at you. This emergency fund could reduce your reliance on credit cards. The goal is to do your best to start building this account immediately. You already know that you should pay your credit card balance in full monthly, but you may be overwhelmed with expenses. In this situation, you may want to look into a debt consolidation loan to help you tackle your credit card balances so that it doesn't feel like an impossible struggle. Knowing that resources and tools are available so you don't have to feel alone, is important. Huang concluded, 'Taking small steps, like slowly paying off debt or reviewing your spending, can begin to shift the anxiety into action. Building financial confidence isn't about having all the answers. It's about knowing where to start, who to turn to, and being kind to yourself.' More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines Prosper, 'Financial Wellness Survey 2024' James Francis, Paradigm Asset Management, This article originally appeared on Money Stress Is Causing You To Make These 3 Mistakes: How To Avoid Them
