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Tag: cybersecurity


Capital and Risk, Insurance

Majority of Underwriters Predict Cyber Risks Grow ‘Greatly’ in 2024: Survey

January 18, 2024

Via: Insurance Journal

Underwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer’s annual survey of cyber insurance carriers found all underwriters surveyed believe cyber risk will increase in […]


Regulations

Non-bank financial institutions must report data security breaches: FTC

November 1, 2023

Via: Payments Dive

The Federal Trade Commission will require non-banking financial institutions to report data breaches and other events related to cybersecurity, the agency announced Friday. The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions like mortgage brokers, motor vehicle […]


Capital and Risk, Operational

GenAI: friend or foe in fraud risk management?

October 2, 2023

Via: FinTech Futures

The technology’s ability to generate human-like conversations and impressive original content is being extolled by experts and common users alike across industries. From students to researchers, consultants, software developers, artists, media content creators, businesses, consumers of various services – the […]


Capital and Risk, Operational

How can banks protect the new breed of fraud victims?

August 1, 2022

Via: FinTech Futures

Long gone are the days of going into a branch for our everyday banking needs, with everything from online banking and buy now, pay later (BNPL) services to cashless and contactless payments soaring in popularity. Last year alone, 93% of […]


Capital and Risk, Operational

Finding illicit financial transactions by ignoring them

February 9, 2022

Via: FinTech Futures

While analysing past behaviour might be successful in catching certain serial offenders, criminals that want to launder money anticipate this way of working and typically will not stick to a pattern. Still, anti-money laundering (AML) and fraud systems are designed […]


Capital and Risk, Operational

Sberbank deputy chair: “We’re the number one target for hackers around the globe”

September 20, 2021

Via: FinTech Futures

Research by Accenture predicts that between 2019 and 2023, the banking sector is at risk of losing $347 billion as a result of direct and indirect cyberattacks. The issue has further been exacerbated by the COVID-19 pandemic. Bank of America’s […]


Capital and Risk, Operational

How identity fraud is costing fintechs millions each year

September 15, 2021

Via: FinTech Futures

While this sounds great on the surface – who doesn’t want access to more sophisticated knowledge, after all? – it presents serious challenges as well. One of these challenges comes in the form of identity verification. Public access to media […]


Capital and Risk, Operational

Fintechs will be at the heart of the next wave of security wars

July 27, 2021

Via: FinTech Futures

Today, UK fintechs make up 10% of global market share, are collectively worth more than £11 billion in annual revenue, and earned more investment than the next five biggest European countries combined. Seeking to capitalise on this staggering growth, the […]


Capital and Risk, Operational

Bank of America CTO: Cyberattacks on banks “surged” during pandemic

May 5, 2021

Via: FinTech Futures

The bank’s global information-security unit spends the majority of this budget on staff and technology. Bessant added in a briefing on Monday, as reported by American Banker, that cyberattacks have surged “dramatically” during the pandemic. “Criminals are by definition very […]


Capital and Risk, Operational

Financial organisations require a new cybersecurity “playbook” for the post-pandemic era

September 29, 2020

Via: FinTech Futures

In its report, Verizon reveals that the financial sector ranks fourth among all sectors (1,509 incidents), and at second overall just behind healthcare (448 breaches) in its analysis of more than 32,000 security incidents and 3,950 breaches. In addition, these […]


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

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 […]


Capital and Risk, Operational

Volkswagen Bank choose OneSpan for cybersecurity

September 3, 2019

Via: Banking Technology

The partnership will see Volkswagen use OneSpan’s mobile application security to protect its financial transactions and secure compliance with the Second Payments Services Directive (PSD2). OneSpan, which works with half of the top 100 global banks, has created a bespoke […]


Activity, Channels, Corporate Banking

UniCredit on edge of tomorrow with new innovation team

January 17, 2019

Via: Banking Technology

It will be a mixture of internal and external specialists. Unicredit says this follows on from the recent appointment of Finja Kütz as group chief transformation officer. Kütz says it is an “exciting initiative which aims to actively deliver tangible […]


Capital and Risk, Operational

Professional cybercriminals put the heat on fintech

December 3, 2018

Via: Banking Technology

In the European Payments Council’s (EPC) “2018 Payment Threats and Fraud Trends Report”, it provides a bleak and very lengthy overview of the most important threats in the payments landscape. There is a lot to mention, but the EPC raised […]


Capital and Risk, Operational

Effective Cybersecurity Demands Involvement From Everyone at Your Bank

July 10, 2018

Via: Bank Director

Cybersecurity is one of the most discussed risks facing financial services companies today, but many organizations are taking too narrow an approach to combating cybercrime. These organizations make the mistake of placing responsibility for defending against the risks solely on […]


Capital and Risk, Operational

Cybersecurity & Regtech: Defending The Bank

May 15, 2018

Via: Bank Director

How can financial institutions proactively combat the risks facing the industry today? The 2018 Risk Survey—presented by Bank Director and Moss Adams LLP—compiled the insights of directors, chief executive officers and senior executives of U.S. banks with more than $250 […]


Retail Banking

TD Online Banking Was Down for Over a Week, And Customers Are Not Happy

February 23, 2018

Via: Bank Innovation

EXCLUSIVE— Online banking service for U.S. customers of TD Bank was down for over a week after the bank updated to its digital services, prompting multiple customers to flock to social media to express outrage, frustration, or calls to leave […]


Capital and Risk, Credit, Operational

Equifax’s Credit Locking App is Glitching

February 1, 2018

Via: Bank Innovation

Credit reporting service Equifax launched a consumer mobile app yesterday, an app that would allow users to lock credit access via mobile — that is – if it would stop freezing and glitching in the middle of processing such requests. […]


Capital and Risk, Operational

Swift calling time on cybercrime with new payment controls

April 12, 2017

Via: Banking Technology

Swift has unveiled a new real-time payment controls service to add to its customers’ existing fraud controls. The new fraud and cybercrime prevention service will enable its customers to screen their payment messages according to their own chosen parameters, “enabling […]