PYMNTS

OCTOBER 17, 2016

The extent of cybersecurity attacks on financial institutions is much greater than reports show, especially in the U.K. Shlomo Touboul, Chief Executive of Israeli-based cyber security firm Illusive Networks believes that banks are under constant attack. banks are not required to report every event, banks in the U.S.

Cyber Security 100

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PYMNTS

JANUARY 2, 2020

The finance ministry in India passed a new regulation saying that companies with sales of more than ?50 50 crores (about $7 million) will have to offer customers electronic payment modes like debit cards, powered by RuPay, according to a report by LiveMint. . The new regulation went into effect on Jan.

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PYMNTS

JANUARY 7, 2020

The alleged perpetrators of a cyberattack on Travelex , the “world’s largest retail currency dealer,” was Sodinokibi, a cyber gang demanding ransom, according to reports. Those banks “have been unable to process customers’ requests,” reports said. Sodinokibi contacted the BBC on Tuesday (Jan.

Cyber Security 130

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PYMNTS

JANUARY 29, 2018

A new report released in the U.K. finds companies are unprepared for the upcoming General Data Protection Regulation (GDPR). For the businesses that are aware, a bit more than a quarter said they’ve made changes to their operations in order to comply with the new rules aimed at data privacy and security.

Cyber Security 112

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PYMNTS

JULY 29, 2019

Business E-mail Compromise (BEC) fraud has been gaining ground and growing in terms of number of incidences, according to a recent report. As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016. billion.

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PYMNTS

DECEMBER 3, 2018

According to a report in the Wall Street Journal citing cyber security specialists, the breach in which the personal information of as many as 500 million customers was exposed began in 2014, going undetected until September of 2018. The hack could hurt Marriott’s reputation at a time when it’s fighting off the likes of Airbnb.

Cyber Security 122

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Qudos Bank

FEBRUARY 15, 2024

With online scams leading to millions of dollars in financial losses [2] annually it may be worth paying attention to how well a bank invests in their security and fraud protection, including security practices, privacy measures, and their process for treating fraudulent and unauthorised banking activity. link] Moneysmart.gov.au.

Cyber Security 52

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PYMNTS

SEPTEMBER 21, 2019

It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. 3 million in grant money will be used by IBM to develop a threat intelligence sharing platform, according to GovTech reports last week. Stronger passwords.

Data 202

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American Banker

DECEMBER 15, 2020

Federal banking agencies want to give the industry a hard deadline for notifying their regulators about serious security breaches and failed system upgrades.

Report 67

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PYMNTS

DECEMBER 20, 2017

The company announced this week that it deployed a “blockchain-inspired” technology to manage collateral in its ledger and facilitate the sending of cash and securities. That data includes company names, share counts and corporate activity like mergers and acquisitions (M&A), reports said. Governments’ Blockchain Moves.

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FICO

JANUARY 18, 2023

The third annual State of Responsible AI in Financial Services report released today, alerting the industry to come together and self-regulate its use of AI. More than ever, I believe this year’s report sounds the alarm bell for financial services firms, signaling that the industry must come together to self-regulate its use of AI.

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PYMNTS

AUGUST 30, 2016

. “It would also give MAS the flexibility to address emerging risks such as cyber security, interoperability, technology, and money laundering and terrorism financing. It is envisioned that activity-based regulation of payment service providers would build public confidence and encourage the use of electronic payments.”

Fintech 101

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American Banker

NOVEMBER 7, 2023

The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.

New York 54

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PYMNTS

SEPTEMBER 24, 2018

In the wake of the news earlier this month that British Airways had found, and reported, a data breach within the 72 hours mandated by the General Data Protection Regulation , the question remains: How much is it going to cost, if anything? In the ICO investigations that followed, the regulator said that when it came to data of U.K.

Data 152

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CFPB Monitor

MARCH 8, 2019

Requiring periodic reports submitted to the boards of directors to ensure compliance. The proposed amendments to the Safeguards Rule will better align the rule with prevailing cyber security standards, such as the NY DFS cybersecurity regulations and the NIST framework.

Cyber Security 68

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PYMNTS

SEPTEMBER 26, 2017

The news comes on the same day Reuters reported that a group of senators sent a request to the SEC, asking it to review and possibly update its rules governing when public companies should disclose cyber breaches.

Cyber Security 115

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PYMNTS

DECEMBER 18, 2018

According to the full 5G report from those three organizations — a report that goes into deep technical and mathematical detail — those gaps could facilitate cyberattacks, along with 5G mobile phone consumers being charged for use of that technology by other people or organizations. 5G Security Products. Government Role?

Security 143

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FICO

JANUARY 5, 2023

Open banking, BNPL, cybersecurity and AI will all be under the microscope for regulators and policymakers, but not all areas will see major action in 2023. regulators take a major step in addressing the emerging open banking landscape. Several groups have also called for comprehensive industry regulation. Four 2023 U.S.

Policies 52

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Qudos Bank

MAY 11, 2023

With online scams leading to millions of dollars in financial losses [2] annually it may be worth paying attention to how well a bank invests in their security and fraud protection, including security practices, privacy measures, and their process for treating fraudulent and unauthorised banking activity. link] Moneysmart.gov.au.

Cyber Security 40

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Jack Henry

JULY 2, 2014

As an example, the governor of New York State recently directed his Department of Financial Services to conduct targeted cyber security preparedness assessments for all state-chartered banks and other banks “based” in the state.

Cyber Security 102

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Cisco

JUNE 7, 2019

The Javelin 2019 Identity Fraud Report notes that, “While existing card fraud losses dropped from $8.1 How can banks effectively combat account takeover, new account fraud, and other modern cyber security threats? Learn more about Duo Security for Financial Services. Damage control is all that remains. billion in 2018.

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Banking 2020

NOVEMBER 8, 2015

Open APIs are a key part of wider transformation in the banking industry and will become much more common as regulation forces banks to open up their systems. In Europe, this is being enshrined into national law as part of the PSD2 regulation, which comes into force in 2016. A big perceived threat around these changes is security.

Cyber Security 40

Cyber Security Payments Security Regulation 40

American Banker

MAY 19, 2022

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Report 101

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FICO

OCTOBER 26, 2022

The AI Bill of Rights is the first step toward similar regulation of AI and machine learning algorithms. A first step toward AI regulation. The march toward AI regulation in the United States, now kicked off with the AI Bill of Rights, is a familiar pattern. America’s AI Bill of Rights is the Right Idea – and It’s About Time.

Handbook 52

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PYMNTS

JULY 15, 2016

That puts these products under the rubric of Regulation Z, which Fauss says was never meant to handle deposit accounts. Regulation Z governs credit products, forcing full credit underwriting when credit is extended. And, Fauss notes, that is not industry’s unique opinion – the CFPB said as much in their report.

Cards 100

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Cisco

JUNE 7, 2019

The Javelin 2019 Identity Fraud Report notes that, “While existing card fraud losses dropped from $8.1 How can banks effectively combat account takeover, new account fraud, and other modern cyber security threats? Learn more about Duo Security for Financial Services. Damage control is all that remains. billion in 2018.

Fraud 48

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PYMNTS

NOVEMBER 13, 2017

According to reports, a bug in the Parity wallet is serious enough that it could potentially cause the contents of the wallets to be erased. I think that in the regulated area … we ought to be looking at the implications of the growth of FinTech … I think we ought to be looking at cyber[security], obviously.”.

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PYMNTS

SEPTEMBER 22, 2017

According to a report in Reuters , the National Bank of Canada said Thursday (Sept. Reuters reported people may have been able to see other customers’ data when filling out an electronic form on the bank’s website. News of Equifax’s data breach has resulted in outcry from consumers, lawmakers and regulators.

National 123

National Security Data Software 123

FICO

AUGUST 8, 2022

This notion is gaining serious traction as the regulation of AI is becoming increasingly emboldened. In fact, some EU policymakers believe it is a critical goal of the AIA to set a worldwide standard, so much so that some refer to a race to regulate AI.”. AI Playbook : A Step-by-Step Guide for Achieving Responsible AI.

Data 96

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FICO

DECEMBER 21, 2018

Thus, a couple of weeks from now we’ll ring in 2019, the Year of Cyber Insecurity: 52 weeks in which companies of all sizes and industries will experience a new level of fear – and in some cases panic – in realizing their vulnerability to data breaches, hacking and other cybercrimes. Get a Reality Check, Continuously.

Cyber Security 40

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American Banker

DECEMBER 23, 2016

A 2010 cyberattack targeting the Federal Deposit Insurance Corp. — — believed to have originated in China — is reportedly the subject of an FBI investigation.

FDIC 28

FDIC Report Cyber Security Data 28

NCR

JUNE 7, 2017

With regulations such as PSD2 likely to create both risk and opportunities for banks, being able to work in close collaboration with fintechs will be vital to success. Fintechs are more agile, higher risk tolerant and closer to what consumers want. Fintechs are more agile, higher risk tolerant and closer to what consumers want.

Fintech 80

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FICO

DECEMBER 1, 2022

We will see improvement in model monitoring, bias detection, interpretability and real-time model issue reporting. I believe my AI predictions will allow the Corpus AI to strengthen and flourish during, and far beyond, the Great Correction – in a mature, standardized, auditable and regulation-ready way. Scott received his Ph.D.

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PYMNTS

JUNE 20, 2017

Putting it bluntly,” the report notes, “if you wait until a liquidity crisis hits to cobble together an analysis based on an array of spreadsheets, it is probably too late.”. Changing regulations, he said, make it more important for real-time and active data analysis to play a part in treasurers’ risk mitigation strategies.

Big Data 119

Big Data Data Risk Management Compliance 119

FICO

JUNE 9, 2022

However , t he adoption of AI and ML in money laundering detection has been slow due to mandated regulator scenarios that put at odds proof of compliance and, necessarily, an effective program. Scott is most recently focused on the applications of streaming self-learning analytics for real-time detection of cyber security attacks.

Analytics 52

Analytics San Diego Cyber Security Data 52

PYMNTS

AUGUST 12, 2016

A couple of weeks back, Australia’s three biggest banks complained to the Australian regulator that the only way that they could have a digital wallet presence on Apple’s phone is to become a provisioned card in the Apple Pay app and pay 15 basis points on each transaction. Online lender OnDeck also reported a mixed bag of earnings on Monday.

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FICO

OCTOBER 10, 2016

This is the antithesis of the future seen in the Spielberg movie Minority Report , where seers expose “PreCrimes.” In today’s security world, we’re less likely to find something about to happen, or even something happening now, and more likely to find something that happened long ago. The crime has already taken place.

Cyber Security 40

Cyber Security Security National Data 40