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Proposed new cyber security regulations will be a huge undertaking for financial institutions

Celent Banking

New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase. The timing will undoubtedly put pressure on regulators to push through strong regulation.

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Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

Perficient

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. These technologies are also used to better target marketing in retail and customize trade recommendations in wealth management. Credit Decisions. Cybersecurity.

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Finance Ministry: India Retailers With $7M+ Sales Must Accept Debit Cards

PYMNTS

The finance ministry in India passed a new regulation saying that companies with sales of more than ?50 The new regulation went into effect on Jan. 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. .

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Modern Bank Robbery: Addressing Cyber Fraud in Retail Financial Services

Cisco

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. After decades of battling credit card fraud, retail banks face a new challenge: fraudulent account takeover. billion in 2018.

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UK Police Investigate Travelex Ransomware Attack, Ransom Demand

PYMNTS

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. Sodinokibi contacted the BBC on Tuesday (Jan. 7), claiming responsibility for the attack that caused Travelex to shut down last week.

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Modern Bank Robbery: Addressing Cyber Fraud in Retail Financial Services

Cisco

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. After decades of battling credit card fraud, retail banks face a new challenge: fraudulent account takeover. billion in 2018.

Fraud 48
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U.S. Senate Asks SEC To Update Cyberattack Protocols

PYMNTS

Securities and Exchange Commission (SEC) announced it is launching two enforcement initiatives to boost efforts to address cyber threats and protect retail investors. The move comes in the wake of the massive Equaifax hack, which exposed the personal data of 143 million Americans.