American Banker

DECEMBER 14, 2020

It has been 15 years since the federal banking agencies issued guidance on an institution’s obligation to inform its regulator about a cyberattack. A proposal to be unveiled this week could establish a more specific notification deadline.

Regulation 69

Regulation Report Data Cyber Security 69

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 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

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.

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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.

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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. Even more troubling, however, is the cloud security company’s finding that most SMBs estimate the cost of a data breach to be just $10,000. . $3

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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.

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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 70

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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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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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PYMNTS

SEPTEMBER 26, 2017

Securities and Exchange Commission (SEC) announced it is launching two enforcement initiatives to boost efforts to address cyber threats and protect retail investors. Equifax has come under fire for how long it took the company to make the breach public, as well as failing to report a separate cybersecurity incident in March.

Cyber Security 115

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CFPB Monitor

MARCH 8, 2019

The Safeguards Rule requires financial institutions to have a comprehensive information security program. The proposed rule amendment will more clearly define the requirements for such information security programs. Requiring periodic reports submitted to the boards of directors to ensure compliance.

Cyber Security 68

Cyber Security Guidelines Security Compliance 68

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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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.

Cyber Security 40

Cyber Security Fraud Security Online 40

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.

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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.

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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

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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

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.

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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.

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American Banker

MAY 19, 2022

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Report 101

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Cisco

OCTOBER 4, 2022

In June 2021, following large cyber attacks on the United States and the resulting Executive order on Cyber security, the FFIEC released the largest update in guidance in over a decade to help financial auditors assess financial institutions. Security and privacy. Availability and resilience. Scalability. Flexibility.

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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. That's the best way to deal with cyber insecurity.

Cyber Security 40

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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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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.

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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.

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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

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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Celent Banking

OCTOBER 12, 2016

Cyber risk is typically treated in parallel with other technology risks; the IT department is motivated to focus on securing the vulnerabilities of individual system components and proffers a micro view of security concerns. Establish a long-term commitment to drive a top-down, risk-based approach to cybersecurity.

Risk Management 100

Risk Management Operations Management Security 100

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.

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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

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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

American Banker

DECEMBER 12, 2016

The payments messaging network Swift has told its client banks that the threat of cyberattacks "is very persistent, adaptive and sophisticated — and it is here to stay.".

Report 28

Report Payments Cyber Security Regional 28

American Banker

NOVEMBER 18, 2021

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Report 34

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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? According to Bank Info Security , quoting U.K.-based 21 to Sept. citizens, the U.K.-based

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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.

Fraud 138

Fraud Cyber Security Cards Report 138

Cisco

JUNE 7, 2019

While the days of the good ol’ “stickup” bank robbery, cybersecurity threats are rapidly growing in number and complexity, and even the most advanced security teams scramble to keep up. Banks can no longer distinguish hacker from customer, and just like that, traditional perimeter security is rendered useless. billion in 2017 to $6.4

Fraud 63

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