Latest long reads: Finextra Research

6 social media scams to look out for

Social media firms have been under increased pressure to improve fraud monitoring due to scams originating on the platforms. This comes after Authorised Push Payment (APP) victim reimbursement scheme came into effect on 7 October. Payment Service Providers are required to reimburse victims of APP fraud up to £85,000, but some are arguing social me...

15 October 2024 /crime

US Election 2024: What will Vice President Kamala Harris bring to fintech?

Madhvi Sonia Head of Content at Finextra

US Election 2024: What will Vice President Kamala Harris bring to fintech?

This week, Vice President Harris pledged to provide Black male entrepreneurs with one million forgivable loans of up to $20,000 to help them get their businesses off the ground in collaboration with the Small Business Adminstration, bolstering their potential and removing barriers for this group. According to the Massachusetts Institute of Techno...

15 October 2024 /Sibos

Hamish Monk Senior Reporter at Finextra

How to build a mobile banking app

Mobile banking’s fledging iteration in the 1990’s was conducted via handsets’ Short Message Service (SMS). The offering was limited and inflexible – customers could check their balance or request to be warned if they were about to become overdrawn. By 1999, the world’s first Wireless Application Protocol (WAP) enabled mobile banking services in No...

14 October 2024 /payments

Making embedded cross-border payments in Africa work

Hamish Monk Senior Reporter at Finextra

Making embedded cross-border payments in Africa work

This is an excerpt from the Future of Embedded Finance in Africa 2025 report. Africa continues to pursue new technologies and innovations to facilitate cross-border payments. Embedded finance and remittances in this arena could be the next steps to streamline the process for end-users – as well as boost financial inclusion and trade. Country he...

14 October 2024 /Sibos

The UK’s legislative approach: Substance over style

Chris Holmes Peer at House of Lords

The UK’s legislative approach: Substance over style

The UK’s recent regulatory moves on digital assets and stablecoins have been fairly solid on substance but could benefit from a bit more style. By substance I’m thinking of the Electronic Trade Documents Act, the recently introduced Property (Digital Assets etc) Bill and just launched Digital Securities Sandbox (DSS). This ‘substance over style’...

11 October 2024 /regulation

Hurricane Milton: How to avoid natural disaster scams and fraud

Madhvi Sonia Head of Content at Finextra

Hurricane Milton: How to avoid natural disaster scams and fraud

As Hurricane Milton gradually tracks away from Florida, leaving deadly storm surges, flooding rain and high winds in its path, it is an unfortunate reality that fraudsters will try and capitalise on the misfortune and vulnerability of those affected. This week, the US Justice Department, the Federal Trade Commission (FTC) and the Consumer Financi...

10 October 2024 /crime

What will it take to grow and scale embedded finance in Africa?

Dickson Nsofor Chief Executive Officer at Kora

What will it take to grow and scale embedded finance in Africa?

This is an excerpt from the Future of Embedded Finance in Africa 2025 report. Embedded finance is changing the payment landscape in Africa. With it, non-financial businesses are offering specialised services to consumers across the continent. Now, there are BNPL platforms with virtual accounts customers can fund to pay for products and services. R...

10 October 2024 /markets

DORA takes effect: Digital resilience and cybersecurity in the EU

Renate Prinz Partner at McDermott Will & Emery LLP

DORA takes effect: Digital resilience and cybersecurity in the EU

European financial supervision has a clear enemy that needs to be mitigated: cyber risks. The idea that a major banking or payment system could be hacked triggers fear of major economic crises, depending on the scale of such a hack. Thus, there is a clear focus on IT security in the banking system to ensure the stability of the financial market, e...

09 October 2024 /Sibos

Hamish Monk Senior Reporter at Finextra

What is digital identity?

Digital identity is the sum of online information on an individual. This can be any form of data associated with a person’s name – be it date of birth, address, email, or even social media posts and interactions. As such, digital identity can be thought of as an online avatar, representing the spheres of one’s personal and professional life. The c...

08 October 2024 /identity

What you need to know about APP reimbursement

Níamh Curran

What you need to know about APP reimbursement

Authorised Push Payment (APP) victim reimbursement scheme comes into effect today under rules from the Payment Systems Regulator (PSR). Payment service providers (PSPs) are now required to reimburse victims of APP fraud, up to £85,000, split evenly between the sending and receiving PSP. Reimbursement is likely great news for many consumers, howeve...

07 October 2024 /crime

What is B Corp certification and how does it work?

Sehrish Alikhan Reporter at Finextra

What is B Corp certification and how does it work?

B Corporation certification has taken off in the sustainability sector, with more and more companies working on getting B Corp certified to establish themselves as environmentally-focused and socially ethical. Currently, there are a lot of businesses that have become B Corp certified, such as The Body Shop, Ben & Jerry’s, Aesop, Illy Caffe, Co...

03 October 2024 /sustainable

Richard Ellis Partner at Charles Russell Speechlys LLP

Do fintechs need to be FCA-authorised?

When asked why they founded their fintech business, few entrepreneurs would reply “Because I really wanted to engage with the intricacies of financial services regulation”. At first glance, fintech and financial regulation may not appear to be a match made in heaven. The former often moves more quickly than the latter. Given this, regulation can s...

02 October 2024 /regulation

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