Tag: cybersecurity

August 1, 2022

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 […]

February 9, 2022

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 […]

September 20, 2021

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 […]

September 15, 2021

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 […]

July 27, 2021

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 […]

May 5, 2021

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 […]

September 29, 2020

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 […]

July 27, 2020

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 […]

April 27, 2020

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 […]

September 3, 2019

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 […]

January 17, 2019

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 […]

December 3, 2018

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 […]

July 10, 2018

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 […]

May 15, 2018

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 […]

February 23, 2018

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 […]

February 1, 2018

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. […]

April 12, 2017

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 […]

April 10, 2017

Fintechs are becoming more entrenched into the financial ecosystem, with the majority of banks now firmly on the side of collaboration, rather than conflict. More than 80% of financial incumbents anticipate developing more partnerships with fintechs in the next five […]

March 21, 2017

Deutsche Bank has opened an innovation lab in New York, its fourth globally. The lab is part of its five-year plan for €1 billion investment in digital initiatives. It is sited in Lower Manhattan’s Fulton Center and will explore new […]

February 21, 2017

Customer authentication processes at banks have evolved from mere security questions and “date-of-birth” kind of passwords. Biometrics and behavioral analytics are taking over banking apps for good, and U.S. Bank, recognizing that, has set a target: removing passwords “altogether” from […]