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US banks ordered to report cyber incidents within 36 hours

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US banks ordered to report cyber incidents within 36 hours

US regulators have approved a new rule that requires banks to report any "significant" computer security incident within 36 hours of discovering it.

DeFi fraud and theft losses reach $10.5 billion in 2021

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DeFi fraud and theft losses reach $10.5 billion in 2021

As regulators hone their focus on Decentralised Finance (DeFi), new data from Elliptic reveals that just over $12 billion in losses have been suffered over the past year by DeFi users and investors.

UK Government to legislate for mandatory reimbursement of APP fraud

/security

UK Government to legislate for mandatory reimbursement of APP fraud

The UK's banks will be required to publish data on their performance in relation to APP scams, on reimbursement levels for victims, and which banks and building societies’ accounts are being used to receive the fraudulent funds, under new rules proposed by the payment systems watchdog.

Rapid shift to digital is outpacing the ability of banks to respond to cyber threats

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Rapid shift to digital is outpacing the ability of banks to respond to cyber threats

The rapid shift to digital by established banks in Apac is outpacing their capacity to adequately protect themselves from emergent cyber threats, according to analysis by the Financial Services Information Sharing and Analysis Center (FS-Isac).

Plaid backs new fintech data security framework

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Plaid backs new fintech data security framework

A group of fintech and security compliance companies, including Plaid, MX and Flinks, are setting up a framework designed to strengthen how they protect consumer financial information.

Justt raises $70m to take on chargeback system

/security

Justt raises $70m to take on chargeback system

Justt, a startup using machine learning to help online merchants prevent false chargebacks, has come out of stealth with $70 million in funding.

SC Ventures launches letsbloom to help regulated organisation hop on the cloud

/security

SC Ventures launches letsbloom to help regulated organisation hop on the cloud

Standard Chartered's SV Ventures arm is launching a fintech that helps firms in regulated industries build run and deploy business applications in the cloud.

Three-in-four APP fraud cases rejected by banks overturned by Financial Ombudsman

/security

Three-in-four APP fraud cases rejected by banks overturned by Financial Ombudsman

Consumer complaints outfit Which? has accused banks of treating authorised fraud victims unfairly, with some firms getting decisions over scams and reimbursement wrong in nearly nine in 10 cases.

Digital ID firm Socure hits $4.5bn valuation

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Digital ID firm Socure hits $4.5bn valuation

Machine learning-based digital identity verification firm Socure has closed an oversubscribed $450 million funding round at a $4.5 billion valuation.

Daimler drivers will soon be able to pay with a finger

/security

Daimler drivers will soon be able to pay with a finger

Daimler drivers will soon be able to pay for goods and services with the touch of a fingeprint, under a new 'connected car' partnership with Visa.

Robinhood shares slip on data security breach

/security

Robinhood shares slip on data security breach

Shares in Robinhood have taken a dip after the retail stockbroking platform revealed that five million customer e-mail addresses were lifted from its servers during a social engineering hack.

E-commerce fraud attacks decline on 3DS revisions

/security

E-commerce fraud attacks decline on 3DS revisions

Revisions to the 3DS security protocol have helped drive down e-commerce fraud by 36% in the past 12 months, despite a significant uptick in online shopping, according to an analysis by LexiNexis Risk Solutions.

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