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Category: Operational


Capital and Risk, Operational

Fraudsters rake in £58m during COVID-19 by impersonating banks

September 16, 2020

Via: Banking Technology

According to UK Finance, its members reported 15,000 cases between January and June 2020. Criminals raked in more than £58 million using the technique. Impersonation scams occur when a victim pays a criminal claiming to be from a trusted organisation. […]


Capital and Risk, Operational

Four US digital trading apps experienced technical issues this week

September 3, 2020

Via: Banking Technology

Some reports have speculated that Apple and Tesla’s stock splits, which came into effect on 31 August, had something to do with the trading apps’ problems. The digital brokers have since resolved the issues they were having on Monday. What […]


Capital and Risk, Operational

The banking sector must adapt to thrive in the post-COVID-19 world

August 13, 2020

Via: Finextra

Banks have had to adapt quickly to function during COVID-19. For many, digitisation was the preserve of a few operational processes, and the industry is still way to reliant on paper to operate effectively in a virtual environment. The pandemic […]


Capital and Risk, Operational

Capital One fined $80m for 2019 data breach

August 10, 2020

Via: Banking Technology

The fine relates to a July 2019 data breach which exposed the records of more than 100 million customers. A hacker accessed American and Canadian Capital One customers’ data hosted on Amazon Web Services (AWS). The breach exposed names, addresses, […]


Capital and Risk, Operational

Morgan Stanley blocks remote network access for China interns

July 27, 2020

Via: Banking Technology

The FT reports that the news comes “as foreign companies become increasingly concerned about Beijing’s tough cybersecurity rules”, despite China’s cybersecurity laws covering similar regulations to the EU’s General Data Protection Act (GDPR) or the EU Cybersecurity Act. The Wall […]


Capital and Risk, Operational, Regulations

ECB to focus attention on bank outsourcing, legacy tech and IT board representation

July 24, 2020

Via: Finextra

An analysis of self-assessment reports provided by banks to supervisory authorites found that for some IT risk areas banks remain “too optimistic”, particularly in the filed of data quality management and IT risk management. The probe found that data integrity […]


Activity, Capital and Risk, Insurance, Operational

Half of Insurance Agencies Lack a Digital Strategy, Applied Systems Survey Finds

July 23, 2020

Via: Insurance Journal

A little more than half (51%) of independent insurance agencies and brokerages say they have some sort of digital strategy in place, with larger firms more likely than smaller to have one. That’s according to insurance technology company Applied Systems […]


Capital and Risk, Operational

Visa unveils AI-based credit application fraud prevention tool

June 22, 2020

Via: Finextra

The Advanced Identity Score combines AI and predictive machine learning capabilities with application and identity-related data to generate a risk score for new account applications. This, says the payments giant, helps reduce fraud, prevent hits to brand loyalty and trust, […]


Capital and Risk, Operational

Creating data trust as the basis of open banking innovation

June 5, 2020

Via: Finextra

More than ever before, banks need to stay relevant, as traditional financial services companies are competing with far nimbler challenger brands that are changing traditional service models and product mixes. We’ve seen this accelerate, as the world continues to be […]


Capital and Risk, Operational

FSB consults on effective practices for cyber incident response and recovery

April 27, 2020

Via: Banking Technology

The toolkit of effective practices aims to assist financial institutions in their cyber incident response and recovery activities. Cyber incidents pose a threat to the stability of the global financial system. In recent years, there have been a number of […]