4169 Results from /regulation
Nikhil Mittal Financial Crimes Consultant at Wells Fargo
My first few days of stay in one of the worlds most developed economies USA, has made me think in a lot of different directions related to the methodical ways of doing things here. It feels like a CMM Level 5 country with so many processes / methods to do things and everything well organised and recorded in all facets of day to day life, not to me...
27 June 2011 /regulation Innovation in Financial Services
Retired Member
Earlier this month the Financial Times reported that UK market regulators fined a commodities broker for “market abuse” for the first time—a sign that the Financial Services Authority is cracking down on price manipulation. (http://on.ft.com/iuSz1S) In the US, the banking industry has been captivated by last month’s prosecution of Raj Rajaratnam of...
25 June 2011 /regulation Financial Services Regulation
I have just been reading the new guidance provided by the PCI SSC on Virtualisation. This document has been long anticipated, having been pre - announced at the PCI SSC User Forum back in October 2010. The document includes advice for local virtualised servers and environments as well as advice for those merchants considering a wholesale switch t...
23 June 2011 /security /regulation Information Security
There’s no doubt that cyber criminals are becoming increasingly proficient in bypassing traditional fraud prevention tools. Recently the Financial Times reported on the attack on Citigroup – which compromised the account names and numbers of 200,000 Citi card customers – and a survey carried out by Unisys in the first quarter of 2011 reported a...
23 June 2011 /security /regulation
At Thomson Reuters we are constantly talking to financial institutions to feel the pulse of market trends and their impact on application technology for the capital markets. One theme in particular has been repeatedly coming across over the past few months, spanning a variety of market participants, geographies and segments. Namely, that in the po...
23 June 2011 /regulation
Change is in the air for banks, and it could take the form of mandated increases in capital requirements, as well as new surcharges. Unlike 2008, financial institutions classically deemed “too big to fail” would have the means on hand to bail out themselves -- or at least subsidize taxpayers’ efforts to clean up the mess. For instance, , accordi...
20 June 2011 /regulation
Robert Siciliano Security Analyst at Safr.me
In a perfect world there would be no sickness, nothing would ever break, everyone would get along, yummy food wouldn’t make you fat, and there’d be no crime. However, there are forces over which you and I have no control and we have to struggle simply to maintain balance. In a perfect world, a bank wouldn’t need you or me to help detect fraud. Acc...
17 June 2011 /security /regulation
The data breach at Citi demonstrates the ever increasing sophistication of security attacks and the volume of highly personal data that banks hold. With fraudulent techniques continually evolving, banks, just like any other organisation that needs to be trusted, must put themselves under constant scrutiny from both internally led teams and indepen...
Duncan Ash Director of FS Market Development EMEA at Qliktech
Big data is big news. George Osborne's announcement of the London ‘smart cities' project and the recent McKinsey report have thrust big data into the limelight. While certain sectors have only just begun to address the issue, the financial services industry has been analysing massive datasets for years. However, while financial institutions have ar...
17 June 2011 /regulation
While the debate rages on as to whether the recent attack on the IMF (International Monetary Fund) was indeed a state-sponsored attack, the security industry should focus its efforts on thinking about how to prevent these types of attacks in the first place. It seems that the IMF has fallen victim to spear-phishing whereby specific people within t...
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