The top Democrat on the U.S. House Financial Services Committee wants to interview executives from Wells Fargo over a scandal about fake accounts its employees set up for customers. Last year, the CFPB announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine was the largest such penalty it has ever issued.
Synthesise holistic wisdom from core systems and not just from channel silos. From depth of analysis, ease of configuration/implementation and cross-channel fraud detection to insider fraud detection and real-time high availability, a synchronised enterprise fraud risk management approach delivers five compelling advantages over a delivery channel silos only approach.
An analysis of a real fraud situation shows that some barriers to fraud can potentially drive away valuable customers. Here’s what to do—and not to do—when criminals target your cards.
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted U.S. merchants. The company, which sells point-of-sale technology, says the Jan. 17 incident has not resulted in any misuse of data.
Hoping to put a dent in a method of fraud that costs US companies $10 billion annually, PSCU, a credit union service organisation that serves 850+ credit unions, will use technology from Pindrop.
Digitalisation plays a key role in the fight against payment fraud. Yet Commerzbank’s cybercrime specialists in cash services show that even in this technologically advanced environment, security threats persist. Companies must take steps to ensure that human beings – as well as computers – are protected against crime.
Jargon defeated. Unnecessary words deleted. A brief round-up. Featuring Adel, Bitfinex and crime. If something’s rotten in the state of Denmark, it’s going to get found out. Danish newspaper Berlingske has revealed that police stopped drug traffickers by tracing Bitcoin transactions. It’s not the first time great Danes have done good deeds. Last month, the […]
The ringleader of three highly organized, global cyberattacks on ATMs resulting in $55 million in losses was sentenced Feb. 10 to eight years in prison and ordered to pay more than $55 million in restitution.
The European Banking Authority (EBA) recently proposed new rules that would require payment card operators to enforce additional security measures, such as passwords or security tokens, for all online transactions over €10, aimed at fraud prevention. This is a clumsy solution to a problem that is already being addressed by far more sophisticated means, argues Nick Wallace, senior policy analyst at Centre for Data Innovation, and policymakers should reject the EBA’s proposal.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The U.K.’s Financial Conduct Authority has fined Deutsche Bank £163 million (US$204.7 million) for failing to maintain adequate anti-money laundering controls between Jan. 1, 2012, and Dec. 31, 2015, according to Paybefore sister publication Banking Technology.
Paybefore’s first-ever payments year-in-review report, sponsored by The Bancorp, is available now. Offering an in-depth look at key trends and the Top 10 payments stories from 2016 that will continue to shape the industry in 2017 and beyond, this must-have resource examines everything influencing the industry from the CFPB and Uber to Brexit and Trump and much more.
US-based internet security firm Cyren has discovered an outbreak of malware which is stealing passwords as well as Bitcoin from cryptocurrency wallets on PCs. Avi Turiel, director of threat research at Cyren, says in a blog post this “versatile” keylogger malware is being delivered as an attachment to phony bank transfer emails, which inform the […]
Mexico-based CIBanco has signed for a compliance services suite from Swift, which comprises compliance analytics and sanctions screening tools and KYC Registry.
Western Union has admitted turning a blind eye as criminals used its money transfer services to launder money and commit fraud. It has agreed to pay a $586 million fine to the US authorities.
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!
Nigeria-based Keystone Bank has selected the FraudGuardian solution from NetGuardians for protection from online banking fraud.
To kick off 2017, we asked industry leaders to tell us what happened in 2016 that will most affect their businesses and where they will be investing in 2017 and why.
The UK’s Payment Systems Regulator (PSR) has started a co-ordinated industry-wide effort to tackle payment scams. The regulator today (16 December) published its response to a super-complaint issued by consumer watchdog Which?, about protection for people making authorised “push” payments. In its response the PSR outlines an approach that “will see regulators and industry commit […]
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!
Customers of Valartis Bank in Liechtenstein are being held to ransom by hackers, according to German tabloid Bild. The blackmailers are demanding 10% of their account balances in Bitcoin or the customers face their personal details being sent to the media and financial watchdogs. An unusual threat but the hackers might feel the bank’s customers, […]
National Bank of Malawi is implementing the FraudGuardian platform from Swiss specialist vendor NetGuardians. The new solution will “protect customers’ data and prevent fraud,” the vendor says.
UK-based high street bank NatWest (part of the RBS group) has trialled the BioCatch behavioural biometrics technology for business customers and is planning to pilot the solution for retail clients next year.
Bangladesh’s central bank is hoping to get back $30 million more of the $81 million stolen from its account at the New York Federal Reserve in February, according to Reuters. As Banking Technology reported earlier this year, Bangladesh Bank said a total of $101 million was “wrongly transmitted”, of which $20 million went to a […]
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!
Tesco Bank has refunded £2.5 million to 9,000 customers who had money stolen from their accounts by fraudsters over the weekend. It has also resumed “normal services” following the temporary suspension of online transactions from current accounts .
Eight central banks in Latin America have adopted Swift’s financial crime compliance solutions to combat financial crime. The central banks of Belize, Bolivia, Costa Rica, Curacao, Dominican Republic, Ecuador, Haiti and Paraguay, have implemented the solutions, including Swift’s KYC registry and sanctions screening. Some of the banks have also endorsed the adoption of the KYC […]
Danish payment processor Nets has warned local banks of a possible data breach and advised them to block up to 100,000 credit cards.
European Association for Biometrics (EAB) has recently conducted a one-day seminar in London on what’s hot in the world of European banking biometrics. The seminar was supported by Banking Technology and hosted by Citi. It gathered a good haul of UK banks, including Lloyds, Santander, Virgin Money, Tesco Bank, Metro Bank and RBS and TSB.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Bank of Ireland in major tech revamp EXCLUSIVE. Accenture and Capgemini working on Project Omega. Trouble in the R3 paradise? Thinking about time and money. Millions at risk from India ATM hack Debit cards in danger due to […]
ATMs at some of India’s biggest banks have suffered a malware attack, with around 3.2 million debit cards now at risk. Most of the affected cards belong to HDFC Bank, ICICI Bank, State Bank of India (SBI) and Yes Bank. The malware potentially means unauthorised individuals can get access to the data on debit cards […]
Bitcoin wallet provider Blockchain.info has been the victim of a hack attack on its DNS servers. It experienced an outage for several hours while under attack, and Peter Smith, the CEO and co-founder, says its internal systems “alerted our infrastructure team who immediately began to assess the attack” but it “became clear the attackers gained […]
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 fraud prevention software) and the forces of evil (fraudsters). Based on real events and guaranteed to keep you on the edge of your seat!
Lloyds says it is set to become the “first” organisation in Europe to introduce new fraud prevention technology, helping protect its 30 million customers from telephone fraudsters. The patented “Phoneprinting”, developed by call centre fraud firm Pindrop, creates an “audio fingerprint” of each call by analysing 147 unique call features – such as location, background […]
Fake it until you make it… unless you get caught. Employees at Wells Fargo have been found guilty of creating millions of fake bank accounts and credit card numbers over the past five years, as an unsubtle attempt to boost sales figures. For this illegal activity, the bank has been fined $185 million, including a […]
There’s a cultural misconception that security equals lockdown in the financial sector; disclosure runs counter to that perception. Banks are less inclined to share intimate details of attacks because they don’t want to damage market confidence and that makes cyber security a major challenge for the sector. Swift has recently sent a letter out to customers […]
Current and former executives and managers of Swift, say for years the organisation suspected there were weak points in the way smaller banks used its messaging terminals – but did not address the issues, according to Reuters. In a lengthy investigation by Reuters, sources say that until February, “when hackers tried to steal nearly $1 […]
ACI Worldwide will integrate Ethoca’s service, Ethoca Alerts, into its UP eCommerce Payments solution, making it available to payment service providers (PSPs) worldwide. The integration gives PSPs, acquirers, processors and their merchant customers a means to “bolster” their fraud defences with card issuer-confirmed fraud and customer dispute data. Keith Briscoe, chief marketing officer, Ethoca, says […]
UK-based Route Trading is to unveil Money Router – a solution designed to tackle the problem of “illicit money transfers taking place” in London. Launching on 27 September, Route Trading says the new software enables banks to reduce the risks involved in home remittance. The firm says the solution can “strengthen the safety of global […]
Kyc.com is partnering with Dow Jones, Exiger and Regulatory DataCorp (RDC) to drive standardisation and compliance for Know Your Customer (KYC) processes. The alliance plans to deliver an end-to-end KYC process integrating compliance, onboarding, sanctions, screening, negative media searches and client risk assessment across regulatory regimes and multiple jurisdictions. Joel Lange, managing director of Dow […]
