Latest Security News: Finextra Research

FTX turns to Stripe for payments and ID verification

Crypto giant FTX and its US subsidiary have chosen Stripe to build an onboarding and identity verification flow for users joining the exchange, and to power payments for people adding funds to their accounts.

11 March 2022

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UK Government acts on online advert scams

The UK Government has confirmed that a new legal duty will be added to the Online Safety Bill requiring the largest and most popular social media platforms and search engines to prevent paid-for fraudulent adverts appearing on their services.

09 March 2022

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Fraud victims lose £28K to bank transfer scams every hour

Victims are losing more to bank transfer scams every hour than the average UK worker earns a year, Which? research reveals, as the consumer champion calls on the government to urgently act on its commitment to legislate for mandatory reimbursement of victims.

09 March 2022

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UK merchants warned to get ready for imminent SCA

With the UK finally set to officially enforce Strong Customer Authentication (SCA) rules, vendor Forter is warning merchants that issuing banks are already issuing soft declines on transactions which have not been sent to 3DS and are not flagged as either exempt or out of scope.

04 March 2022

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Danske Bank tests quantum communication for data transfer

Danish researchers are claiming a breakthrough in IT security after using quantum communication to transfer data between computers at Danske Bank.

01 March 2022

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JPMorgan research uses quantum network to protect blockchains

Researchers from JPMorgan Chase, Toshiba and Ciena say they have built a quantum key distribution (QKD) network that can secure blockchain applications against quantum attacks

18 February 2022

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OCBC rolls out account kill switch following spate of phishing scams

Following a wave of SMS phishing attacks, OCBC Bank has rolled out a kill switch that enables customers to immediately freeze all their current and savings accounts in an emergency.

17 February 2022

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Sardine raises $19.5m to help fintechs fight fraud

Sardine, a behaviour-based fraud and compliance platform for fintechs developed by Coinbase, Revolut and PayPal veterans, has raised $19.5 million in a Series A funding round.

11 February 2022

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Fed releases toolkit to help banks combat synthetic identity fraud

US banks racked up $20 billion in losses to synthetic identity fraudsters in 2020, according to new data from the Federal Reserve.

09 February 2022

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ECB warns banks of possible Russian cyberattack

With the Ukraine crisis brewing, the European Central Bank is talking to financial institutions about a possible Russian-sponsored cyberattack, according to Reuters.

09 February 2022

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PayPal reveals 4.5 million accounts were ‘illegitimate’, shares plummet

Discussing Q4 earnings with analysts, PayPal CFO John Rainey disclosed that 4.5 million accounts had been shut down after “bad actors” took advantage of incentives and rewards programmes, resulting in shares falling by 25%, according to Bloomberg.

03 February 2022

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Alarmed by 'fraud epidemic', UK MPs push for legislative change

UK MPs are calling on the Government to legislate on mandatory reimbursement by banks to victims of authorised push payment fraud and new rules to bring Big Tech to heel over social media scams.

02 February 2022

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