Financial Crime & Fraud

Keeping file-based threats out of bank vaults

While mention of bank robberies will often conjure images of masked criminals and high-speed car chases, most modern instances of the crime are being conducted from behind computer screens. In addition to the lure of stealing cash, these criminals are going after banks for valuables such as the personal data of customers, details of mergers and acquisitions between companies and the private tax information of corporations, data is fast becoming an incredibly valuable commodity in its own right

Correspondent banking faces ‘existential crisis’ warns PwC

De-risking, motivated by short-term risk-reward calculations, should not be allowed to kill off one of the cornerstones of the global financial system. Rather than abandon correspondent banking relationships, banks should be thinking about investing in and automating their risk controls, according to a new whitepaper by PwC.

Lack of data in securities messages creates compliance issues

A lack of information in securities messages creates problems for financial institutions screening them for regulatory compliance. But if the audience in a session yesterday is representative, only around half of them are screening anyway.

The emerging threat of trade-based money laundering in trade finance

Money laundering is a global phenomenon, evident in many parts of the world. Techniques have ranged from simple bulk cash movements across borders to more sophisticated techniques hidden in trade transactions. As trade between the Middle East and the rest of the world continues to grow, the threat of trade based money laundering becomes more […]

Insurance and education should be weapons in fight against cyber-crime

The majority of businesses do not have cyber security insurance, with many not even aware such protection exists – and even those that do have insurance in place may find themselves at a loss if they don’t have the correct cover. The solution may be to mandate more data sharing and raise public awareness, according to speakers at a roundtable organised by software security company Kaspersky Lab.

Cyber attacks on the rise warns Gemalto

Data breaches are getting worse with 246 million records compromised by criminal activity in the first six months of 2015, according to new figures published by digital security company Gemalto. The numbers suggest cyber-crime will remain a top priority for banks for the foreseeable future.

ISSA sets out financial crime principles for securities

The International Securities Services Association adopted a set of compliance principles to address the “critical challenges” posed by financial crime. The new principles aim to establish “a clear global standard for the opening and maintenance of cross-border securities accounts”.

Android users most at risk of fraud warns survey

The rate of mobile fraud is highest on Android devices, according to new data from cyber security company Kount, with mobile fraud also outpacing that of online and in-store fraud for the first time this year. The data also shows that average transaction amounts on iOS mobile devices are greater than those made from Android devices.

Caught on the defensive: why the financial sector needs to reevaluate its approach to cyber risk

Contrary to popular belief, the financial sector is now far more aware and better prepared for cyber attacks. The Bank of England’s Financial Stability Report, issued 1 July, states that threat awareness has grown exponentially and the sector is leading efforts to combat cybercrime. Perhaps this isn’t surprising given 90% of large businesses across the sector had suffered a malicious attack over the past year. But what is worrying is that the financial sector is falling into a familiar trap: by focusing so much on defence, it has failed to make provisions for an effective recovery

‘Insidious’ client-side malware targets banks through customers

Banks are at risk from a new kind of ‘client side injected malware’ attack, in which attackers install malware on the customer’s device and use it as a base for injected ads, spyware scripts, unauthorised cookies and fake surveys designed to look like they are part of the bank’s website or app, but which actually steal a customer’s private information.

CBEST will help UK financial institutions lead in IT security

Banks will always be targeted by criminals and cyber attacks have become their most vulnerable attack surface. It isn’t simply about technology. It extends through people and process, and reaches from the central infrastructure all the way out to end users conducting online banking or financial transactions on laptops, tablets or smart phones. Because banks and financial firms have very large and sophisticated systems, this means that end-to-end security is notoriously difficult

Five common pitfalls of financial crime prevention

Financial services organisations can, and do, prevent many criminal acts through adequate controls, proper supervisory procedures, and sophisticated detection and incident management technology. However, there are a handful of shortcomings that derail the best preventive measures and result in negative news headlines and increased regulatory scrutiny for individual employees and entire institutions alike

The road towards a better bank

The financial sector is a slow mover in innovation, however no single industry is leading the way in the Digital Identities economy. Banking is one sector that can take advantage of Digital Identities to better develop customer experience given the nature of the engagement and relationship between Banks and their customers. Banks fulfil a very […]

Italian Financial Police round up money-laundering gang

Italian Financial Police round up money-laundering gang

The Italian Financial Police (Guardia di Finanza), supported by Europol, arrested 10 members of a transnational criminal group yesterday. The criminals, mainly Nigerian citizens, were involved in laundering the proceeds of online fraud, amounting to more than €2.5 million.

‘Hound of Hounslow’ highlights need for surveillance says Nasdaq

As greater convergence between asset classes and the unification of trading desks and trading strategies across multiple asset classes becomes more common, the opportunities for sophisticated market abuse may be on the rise. That may mean that the need for surveillance is greater than ever, according to Tony Sio, head of SmartsTrade Surveillance, exchange and regulators at Nasdaq.

Swift adds peer assessment to sanctions service

Swift has added peer assessment to its Sanctions Testing service. An optional service it will allow financial institutions to compare the performance of their sanctions filters against those of other participating institutions.

Don’t delegate cyber risk management responsibility

To counter cyber-crime, an organisation must have a person providing leadership and oversight in the strategic planning, execution, and assessment of security strategies, policies, procedures and guiding practices. Ensuring compliance with legal obligations in respect of information and information security is also a key responsibility. What many companies need is a chief information security officer

Europol takes down botnet in international action

In a joint international operation Europol’s European Cybercrime Centre seized servers said to have controlled the Ramnit botnet that had infected 3.2 million computers internationally. The operation involved investigators from Germany, Italy, the Netherlands, and the UK – which led the operation – along with partners from private industry.

February 2015: Banking in cyber-space

The cyber-attack on Sony Pictures at the end of last year highlighted something that IT and security people in financial services have known for some time – the modern networked environment is far less secure than most people are prepared to admit …

Sharing threat intelligence is challenging the industry, but it’s the only way forward

Protecting your banking infrastructure from cybercriminals is one of the toughest IT challenges in banking. It keeps getting harder, even though banks are working tirelessly to protect both customers and assets. Attacks are growing in size, and new developments such as the Internet of Things mean attack surfaces are growing, as well as the number of endpoints that can be used to launch attacks.

The critical 48 hours after a cyber attack

A range of social, political, cultural and economic factors drives cyber attacks. How well banking and financial institutions understand the drivers for an attack and how effectively they respond in the 48 hours following the discovery of an attack has a major effect on the resultant impact.

DTCC and FS-ISAC launch cyber threat “beacon” system

A platform for sharing cyber-security threat intelligence among financial services companies has been launched by US post-trade utility the DTCC and non-profit security organisation FS-ISAC. Called Soltra Edge, the platform gathers data about cyber-security threats and converts it into a standardised format for sharing.

Fines drive data to top of banks’ AML concerns

Market participants are worried about data and are deeply concerned about their ability to monitor transactions following a string of major fines to global financial institutions, according to a new report by NICE Actimize.

Banking and biometrics – a whirlwind romance?

As Bob Dylan, famously sang, The Times, They Are A-Changin’. Once, the tools required to carry out a bank raid usually comprised a shotgun, old stockings and a bag labelled “swag”. Today, it’s a laptop, computer programming skills and patience. And the nature of the crime is changing too – previously, the goal was often to get away with a few thousand pounds, before lying low for a while. Now, the “prize” sought may be the theft of millions or the personal details of thousands, to be then sold on.

Banking on a holistic approach to combating financial crime

Fraud and financial crime are growing substantially in their nature and complexity as we continue to evolve into an ever more connected world. New technologies, particularly the spread of mobile devices, have opened up different avenues of attack for technically sophisticated and well organised gangs of fraudsters and criminals. The social and economic costs of organised crime in the UK alone are estimated to be £24bn, of which £8.9bn are associated with fraud.

Cyber-security top issue for systemic risk says DTCC

Greater information sharing and closer collaboration between the public and private sectors are needed to combat cyber-attacks, which are now the principal concern of the financial services industry, according to the DTCC. A top priority should be the creation of global industry working groups to engage with national regulators on the development of cyber-security regulations that address the real-time and evolving nature of cyber-threats.

How to fight cyber crime

The recent nomination of the British Banker’s Association as an intelligence node and source of benchmarks and practices in the UK’s financial infrastructure, via CBEST, has pushed the role of the banking sector in detecting and remediating breaches into the spotlight. So what can banks do to ensure their cyber defences are up to the task?

Money laundering: rapid development is creating new risks

The internet has opened the door to purchase almost anything from any part of the world through electronic payments. As globalisation continues to flourish – especially in the banking industry – it’s now possible to transfer money across different countries with ease and speed. While this has increased the opportunity for businesses to extend their reach globally, it also creates an appealing opportunity for criminals.

… and financial warfare is unleashed

… and financial warfare is unleashed

The threat of banks de-risking and exiting regions and businesses in fear of sanctions-related fines is upon us, said Juan Zarate, the ex-deputy national security advisor for combating terrorism to US President George W Bush. Zarate was speaking at a Standard Chartered session yesterday morning about his new book, Treasury Wars: The Unleashing of a New Era of Financial Warfare.

‘Pernicious disease’ of cyber war escalates

‘Pernicious disease’ of cyber war escalates

While the average bank heist averages $6000, a cyber-thief can make off with millions. Last year 552 million identities were breached, while every call about a compromised credit card costs a bank $4.

1 … 14 15 16 17

Top stories

Media Packs

Webinars

view all

Fintech Jobs

White Papers

view all

Magazine

view all

Upcoming events

Podcasts

view all

Videos

view all

Content Hubs

view all

Techwire

view all