Wirecard’s UK subsidiary WCS confirms Railsbank deal
Update 10/09/2020: An asset purchase agreement with Railsbank subsidiary PayrNet Limited has been signed.
Financial Crime & Fraud
Regulators’ “fast and furious” AML fines don’t tell the whole compliance story
FinTech Futures speaks to Fenergo’s Rachel Woolley about the rise in penalties.
HMRC reveals £3.5bn in furlough payments sent in error
Around 5-10% of the scheme’s payouts have been made in error, says government body.
UK Finance scheme stops £19m of fraud in 2020
The Banking Protocol teams up police and bank staff to stop fraudsters in branches.
Chile’s BancoEstado falls victim to ransomware attack
The hackers are believed to be criminal cybergang REvil.
UK crime agency criticised for inaction over alleged bank forgery
“You can’t ‘assess’ for 15 months.”
Modulr is first non-bank to launch Confirmation of Payee
The second product launch by the fintech since its £10m grant.
How government and businesses can protect minors online in a post-pandemic world
Any organisation that profits from selling age-restricted products and services should be held accountable.
YOU are the first line of your own defense for fraud prevention
Be vigilant online! You are your first line of defense against fraud.
How banks can balance UX and security amid a pandemic
How face-based biometrics and AI can deliver smooth digital onboarding and stamp out fraud.
Video: Top fintech stories this week – 28 August 2020
FinTech Futures’ weekly news round-up.
Wirecard lets 730 employees go, more than half its workforce
The Munich court opened insolvency proceedings on 25 August.
FCA accused of rushing consultation to minimise own failings
The complaints commissioner criticises the timing and lack of promotion.
Belgium investigates Credit Suisse over hidden accounts
It follows allegations that the bank helped 2,650 Belgians hide their accounts from tax authorities.
2020 PayTech Awards hosted online by Zoe Lyons
Join our celebrity host Zoe Lyons for PayTech Awards 2020! Free broadcast on 10 September – everyone is welcome.
Scotiabank pays over $127m for commodities price manipulation
It also faced charges of compliance and supervision failures.
White paper: Enhancing trust with AI-driven biometrics
Learn how to improve every aspect of the identity lifecycle with intelligent ID.
Live webinar: The role of digital identity in a physically distanced world
Novel approaches to digital identity verification to securely onboard and engage with consumers – and at a distance.
Banks with IT-savvy board are hit less by cyberattacks and downtime
IT outsourcing expenditure increased by 10% in 2018 compared to 2017.
Wirecard business partner reported dead in Philippines
Bauer’s company made up €291.4m of Wirecard’s 2018 profits.
N26 outed for 2019 data breach, employees ask for works council
Around 300 of N26’s 1,500 employees should have access to unencrypted data.
EPA critiques FCA approach to Wirecard suspension
The EPA says the FCA should have reached out to it.
Four lessons we can learn from the biggest financial technology scandals
From Wirecard and Enron to Bernie Madoff and Parmalat.
ComplyAdvantage raises $50m in Series C funding
The new capital will be put towards international expansion.
Bank of Ireland fined €1.66m for regulatory breaches
The bank failed to report a security breach back in 2014.
ACI Worldwide partners with Arvato Financial Solutions
ACI set to offer Arvato solutions to its merchant customers.
BaFin gets “sovereign powers” after Wirecard scandal
The plan will also strengthen APAS, the body that oversees auditing firms in Germany.
Former Wirecard CEO Markus Braun arrested again
Jan Marsalek, the former COO, is wanted under an international arrest warrant.
Disposable card issuer Privacy.com lands $10.2m
The start-up has issued around five million virtual card numbers.
Twitter shares slide 4% in wake of unprecedented bitcoin promo hack
The hacked accounts have tens of millions of users.
Deutsche Bank faces $150m fine for Jeffrey Epstein ties
“The bank’s failure to recognise this risk constitutes a major compliance failure.”
UK Finance lands two new managing directors
Both new appointees will join the trade body in the autumn.
Crypto trading platform GPay shut by UK High Court
On 23 June, the court “wound up” GPay “in the public interest”.
Wirecard’s UK subsidiary WCS: missed red flags
Red flags include late 2018 financials and a €156,000 lost lawsuit.
Curve gets services back online over weekend
The fintech is still working on third party digital wallet usage and refunds.
Wirecard files for insolvency amid accounting scandal
The paytech owes creditors almost $4 billion after disclosing a gaping hole in its books.
Wirecard’s former CEO Markus Braun arrested
Munich police say a criminal investigation into Wirecard has been launched.
Bank of England apologises for role of former governors linked to slave trade
British taxpayers have been paying off slave owners from 1833 to 2015.
FCA appoints LSE chief Nkihil Rathi as new CEO
Chancellor Rishi Sunak called Rathi “the outstanding candidate”.
Postbank replaces 12m cards after employees steal master key
The employees stole the bank’s master key back in December 2018.
