Security - Long Reads, News, Articles & Research: Finextra

How to reduce payments risk by identifying sanctioned banks before transacting

Edward Metzger Vice President, Payments Efficiency at Lexis Nexis Risk Solutions

How to reduce payments risk by identifying sanctioned banks before transacting

The war in Ukraine unleashed unprecedented sanctions against Russia, pushing sanctions activity to new heights in the first half of 2022. Lists maintained by the four key regulators – the United Nations (UN), European Union (EU), Office of Foreign Assets Control (OFAC), and the Office of Financial Sanctions Implementation (OFSI - UK) changed const...

27 September 2023 /security

How payments fraud can be fought with trusted collaboration

Isabel Schmidt Co-Head of Payments Products at BNY Mellon

How payments fraud can be fought with trusted collaboration

Fraud remains a mainstay issue across the globe, with financial institutions (FIs) required to adapt to continually evolving tactics to evade detection systems and processes. In the case of payments, the cost of fraud is predicted to hit US$40.62 billion by 2027. With the payments landscape undergoing a radical shift as digital, real-time transact...

31 July 2023 /security

How can banks strike a balance between user experience and security demands?

Paige McNamee Senior Reporter at Finextra

How can banks strike a balance between user experience and security demands?

Financial institutions pay close attention to how they can improve their customer experience to gain a competitive advantage. However, operating in one of the most heavily regulated industries, these institutions face a complex web of security pressures and obligations that can affect their efforts to streamline and digitise the customer experienc...

29 June 2023 /security

How can digital trust be built amid global unrest and uncertainty in Europe?

Madhvi Mavadiya Head of Content at Finextra

How can digital trust be built amid global unrest and uncertainty in Europe?

This is an excerpt from The Future of Digital Banking in Europe 2023, a Money 20/20 special edition. After a few stagnant years, the world is certainly in motion and macrotrends are forcing organisations to drive change in financial services, disruption in fintech, expand usage of mobile devices and adopt emerging technologies. Digital banking tra...

02 June 2023 /security

Anna Roughley Head of Insight and Engagement at Lending Standards Board (LSB)

APP scams – are you protected?

Financial crime is on the rise, but the Lending Standing Board’s (LSB) CRM Code acts like Gotham’s bat-signal, calling banks, lenders, and building societies to protect consumers, and warning scammers that these firms are increasingly ready for the fight. In the last two years of pandemic upheaval, how people make payments has changed dramatically...

18 May 2023 /security

Lovelorn and conned: Don't give your heart to a fraudster this Valentine's

Sehrish Alikhan Reporter at Finextra

Lovelorn and conned: Don't give your heart to a fraudster this Valentine's

Valentine’s Day celebrates romance and gives couples an opportunity to showcase their love, but also exposes lonely souls to getting their hearts broken in more ways than one. Financial fraudsters are targeting the lovelorn as romance scams are set to surge on the fated day of love (and heart-shaped consumerism). Love statistics: How Valentine’s D...

14 February 2023 /security

The fintech sentiment: Data Privacy Day 2023 and the policies protecting financial services

Madhvi Mavadiya Head of Content at Finextra

The fintech sentiment: Data Privacy Day 2023 and the policies protecting financial services

Data Privacy Day – also referred to as Data Protection Day in Europe, is an international event that occurs every year on 28th January and promotes privacy best practices. This day also marks the anniversary of the Council of Europe’s Convention 108 in 1981, which was the first legally binding international instrument in the data protection field....

31 January 2023 /security

How the financial sector can get ahead of cyberattacks and regulators

Jonathan Reiber VP for Cybersecurity Strategy and Policy at AttackIQ

How the financial sector can get ahead of cyberattacks and regulators

Why do cybercriminals attack? Most of the time it’s to line their pockets, by blackmailing organisations through ransomware attacks or stealing and selling sensitive data. Criminals know that they can extort banking, financial services, and insurance (BFSI) organisations for more money, and so it’s no surprise that they go after them at a higher r...

30 January 2023 /security

12 Security measures you must take when using digital payments to avoid scams

Loretta Kilday Spokesperson at Debt Consolidation Care

12 Security measures you must take when using digital payments to avoid scams

Digital payments are a practical choice for many customers, ranging from credit cards to mobile wallets and everything in between. However, users must take additional security precautions to protect themselves when making digital payments, as online transactions are susceptible to data breaches and other security flaws. Here are a few preventive m...

12 January 2023 /security

What can compliance professionals learn from HM Treasury’s latest AML/CFT review?

Thomas Cattee Solicitor at Gherson

What can compliance professionals learn from HM Treasury’s latest AML/CFT review?

Background On 24 June 2022, HM Treasury published its “Review of the UK’s AML/CFT regulatory and supervisory regime” (the “Review”). This article will provide some initial observations from the Review, before delving into the some of the detail and extracting some points of interest and key learning points, with a particular focus on new technolog...

09 August 2022 /security

Differentiation in the digital economy: a new wave of risk management innovation

Madhvi Mavadiya Head of Content at Finextra

Differentiation in the digital economy: a new wave of risk management innovation

If banks fail to take advantage of the potential that innovative technology provides, financial ecosystems risk remaining fragmented, heterogeneous and gaps could form in the infrastructure for criminals to infiltrate. However, today, post-financial crisis and amid the Covid-19 pandemic, financial institutions are utilising a variety of applicatio...

06 January 2022 /security

Ransomware attacks: Should ransom payments to hackers be banned in the UK under legislation?

Elizabeth Meade Senior Associate at Cooke, Young & Keidan LLP

Ransomware attacks: Should ransom payments to hackers be banned in the UK under legislation?

Should the UK make payments in response to ransomware illegal? It is an idea that is currently being considered by some US states, and Ciaran Martin, the former chief executive of Britain’s National Cyber Security Centre, recently told the FT that legislation outlawing payments should be looked at. On the one hand, it would seem an obvious soluti...

06 August 2021 /security

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