Criminals have deepened their focus on U.S. online transactions since the country’s October 2015 EMV liability shift, with card-not-present fraud expected to hit $6.4 billion in 2018, according to a new report from the U.S. Payments Forum. The expected total would represent a 23 percent increase from fraud losses in 2017, and a 68 percent increase from 2016.
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.
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.
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 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 […]
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!
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.
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!
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!
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 […]
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!
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 […]
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 […]
Oracle’s global network of 330,000 point-of-sale (POS) payment systems has been hacked by a Russian organised cybercrime group. The breach occurred on the network run by Micros Systems, which Oracle bought in 2014. The incident was first picked up by computer security expert Brian Krebs, who contacted Oracle for comment. The firm acknowledged it has […]
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Brexit threat to UK jobs at Visa Should I stay or should I go? Swift hackers steal $10m from Ukraine bank Massive attack. New challenger bank readies for launch in UK Atten-shun! UK military personnel, veterans and their […]
You are the weakest link. Goodbye. Banks with inadequate cyber defences could find themselves booted off Swift’s payment network, warns Swift CEO Gottfried Leibbrandt. The threat from Leibbrandt follows a spate of hacks. Investigators are looking at more potential computer breaches following three attacks – a $101 million cyber heist in Bangladesh – the biggest […]
Experian, the information services company, has launched its CrossCore platform for fraud and identity services. CrossCore has “plug-and-play” capability and lets companies connect any new or existing tools and systems in one place, whether they are Experian, internal or third-party partner solutions. Steve Platt, global EVP, fraud and identity, Experian, says: “New fraud threats, updates […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift hacks sees 12 more banks under attack A fast moving chain of events. High five for Apple Pay in Singapore Big banks onboard include OCBC and Standard Chartered. NYSE launches new trading tech platform, NYSE Pillar The […]
Investigators are looking at more potential computer breaches following the three hacking incidents on Swift’s payment network, according to Bloomberg. The three attacks comprised a $101 million cyber heist in Bangladesh – the biggest cyber heist in history; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 […]
Swift has unveiled a five-part plan to reinforce security across its network after three hacking incidents. The attacks comprised a $101 million cyber heist in Bangladesh; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 million. At the 14th annual European Financial Services Conference in Brussels, Swift […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Android Pay now in the UK; Australia and Singapore are next Coming to a country near you… possibly. Vietnam’s Tien Phong Bank stops attempted fraud through Swift system Stop! In the name of the law. Sydney Stock Exchange […]
Italy’s Banca Popolare di Sondrio and Helpline have implemented NICE’s Robotic Automation solutions for loan approvals and credit card fraud prevention. Banca Popolare di Sondrio, which has 350 branches across the country, decided to implement NICE Robotics to speed up its online loan and credit approvals process. As a result, NICE says average handle time […]
Swift has warned its customers about a newly identified malware found at a “commercial bank”, which it has declined to identify. This latest development follows yesterday’s (12 May) news where Swift rejected the allegations made by Bangladesh Bank and Bangladesh Police’s Criminal Investigation Department (CID) officials about the first cyber fraud scandal in February. Details […]
FICO, an analytics and decision management software provider, and tech consultancy firm Capgemini have teamed up to provide analytic solutions in financial services. The alliance will provide FICO’s risk and fraud management products through Capgemini’s consulting and integration services in North America. Anirban Bose, global head of banking and financial services, Capgemini, says “many of […]
NICE Actimize hopes to muscle into the mid-tier banking sector with the launch of AML Essentials, an anti-money laundering cloud-based platform. It will be delivered on the Amazon Web Services (AWS) cloud. The solution offers transaction monitoring, CDD (customer due diligence) and KYC (know your customer), and watch list filtering to reporting and SAR (suspicious […]
Payment companies need to collaborate, not compete, when it comes to dealing with the threat of card fraud. At this morning’s (5 April) session, “Innovations in card not present fraud” at Money 20/20 in Copenhagen, a panel discussed the issue in a lively and quick chat. Present were moderator Andrew Jamieson, head of innovations, UL; […]
A $101 million cyber heist has central bank officials from Bangladesh to New York quarrelling over what may be one of the biggest and boldest bank raids in history, according to CNBC. Hackers allegedly breached the Bangladesh central bank’s security system and then pretended to be Bangladeshi officials to send a series of requests for […]
Equiniti Group has completed the purchase of Risk Factor and KYCnet. The acquisitions are part of Equiniti’s strategy of buying specialist technology platforms to provide regulation driven services for its clients. Last year it bought Transglobal Payment Solutions, while back in 2012 it acquired investment system supplier Peterevans. It also purchased a UK-based lending software […]
As financial institutions across the board gear up for 2016, the year ahead poses some notably regulatory challenges. Not least among these is the impending Market Abuse Regulation (MAR) from the European Commission; there will also be further progress on MiFID II. On 3 July this year, an event will take place which will mark […]
Chainalysis, a New York-based cyber security start-up, has signed a memorandum of understanding (MoU) with Europol’s European Cybercrime Centre (EC3) on collaborating to fight online crime. Chainalysis aims to change “negative headlines where digital currencies have been connected to fraud and cybercrime” and is tracking digital identities on the blockchain. The start-up says its software […]
MasterCard has unveiled its MasterCard IQ series that uses real-time intelligence to tackle fraud and the increasing number of false declines. The plan is for cardholders and merchants to see a reduced number of transactions unnecessarily declined, while maintaining the “highest levels” of security. Javelin Strategy & Research estimates that one out of every six […]
