FICO

MARCH 7, 2023

Home Blog FICO Responsible AI: Are European Firms Ready for the Regulators? There are significant changes coming in Europe, which highlight getting a handle on responsible AI use, with the banking and financial services sector among those that will be most impacted by increasing regulation.

Regulation 52

Regulation America Compliance Fraud 52

PYMNTS

APRIL 30, 2020

The COVID-19 pandemic has caused an impact on open banking developments worldwide as regulators, financial institutions (FIs) and businesses set their sights on helping their current customers rather than future innovations. where regulators have been workshopping potential rules for several years. Seventy percent of U.S.

Regulation 188

Regulation Regional Data United States 188

PYMNTS

MAY 20, 2020

Making cross-border payments in the EU therefore requires interconnectivity between the regions’ various real-time payments rails. SCT Inst was developed in 2017 to establish operational guidelines by which all real-time payment rails in the EU are required to comply. Official guidelines and regulations can only go so far, however.

Payments 210

Payments Guidelines Regional Strategy 210

PYMNTS

JANUARY 30, 2019

They face the challenge of offering customers a smooth onboarding process while also remaining rigorous in know your customer (KYC) efforts, taking care to remain compliant with local anti-money laundering (AML) regulations that aim to keep criminals from using legitimate operations to move money illegally. In the U.K.,

How To 170

How To blockchain Compliance Regional 170

PYMNTS

AUGUST 3, 2020

It is unclear whether the bank knew its services were being used to skirt anti-money laundering regulations, the paper reported. ‘Ndrangheta operates from the Calabria region in Southern Italy. .” The FT added: “Since then, more than 30 people have been sentenced for mafia-related crimes linked to the case.”

Regional 362

Regional Online Fintech Regulation 362

FICO

DECEMBER 14, 2021

But European fraud and financial crime have continued to evolve. In the UK, Action Fraud reported several hundreds of cases of people receiving emails claiming to be from the NHS, offering them a vaccine passport, prompting them to click on a link and input their personal and financial details. Related scams have also been on the rise.

Fraud 52

Fraud Management Data Trends 52

PYMNTS

JULY 16, 2020

will face a potential disruption of their operations. Companies will have to choose between whether to move personal data to servers in Europe or stop doing business in the region. As a result of the court’s decision, thousands of global companies who do business in Europe and the U.S., including Facebook Inc., Alphabet Inc.’s

Data 212

Data US Regional Resources 212

PYMNTS

JULY 16, 2019

Additionally, other companies are still working to change their platforms to comply with General Data Protection Regulation (GDPR) as that regulation continues to sweep across Europe. Both banks and regulators are re-examining how exactly SCA will affect the financial ecosystem. Around the PSD2 and GDPR Worlds.

Strategy 188

Strategy social media Regulation Retail 188

PYMNTS

MARCH 3, 2020

Digital-first transformations can improve personalization and operating efficiencies, but they also bring challenges, including adoption-related costs and new avenues for fraud. Alabama-based Regions Bank deployed advanced ATMs as part of its digital push, replacing human tellers at many of its drive-thrus. million.

ATM 151

ATM Fraud Study Regional 151

PYMNTS

APRIL 18, 2019

The PSD2 -related regulation counts itself among a raft of those set to become law across the continent, focusing on boosting online commerce security by requiring cardholders to provide two forms of identification to verify their identities when transacting. A September to Remember.

Fraud 148

Fraud Regulation Compliance Online 148

PYMNTS

MARCH 25, 2019

The Netherlands, for instance, only recently implemented it because it needed to make sure that consumers’ personal data will remain protected, as payments in the region are mostly digital. The country was unenthused, she said, adding that the new PSD2 law is viewed as “a way of regulating activity that is in the market already.”.

Regional 108

Regional Regulation Data Payments 108

FICO

JUNE 12, 2020

In comparison to others in the Asia Pacific region, regulation has evolved due to last year’s Royal Commission, updates to the privacy act as well as changes enacted by global bodies such as the FATF (Financial Action Task Force). Like other advanced financial sectors, Australia has a complex and evolving regulatory environment.

Fraud 52

Fraud Compliance Regional System 52

PYMNTS

MAY 23, 2018

A February 2018 study from the Federal Reserve Bank of Minneapolis found that 75 percent of American financial institutions incurred losses due to fraud last year. Governments and regulators around the world are also stepping into the fight against fraud. DPAs Prepare for Looming GDPR Deadline .

Trends 125

Trends Strategy Minneapolis Fraud 125

PYMNTS

NOVEMBER 8, 2020

Authorities in the Philippines are probing a law office and tour operator for potential connections to Wirecard , the payments provider disgraced after a global scandal, and Jan Marsalek , its former chief operating officer who has been on the run for the past several months, according to the Financial Times (FT).

Regional 233

Regional Operations National Payments 233

PYMNTS

MAY 25, 2018

So it is perhaps with a bit of irony that the eCommerce behemoth known as Amazon , via its Web Services division (AWS), has positioned itself as offering a way for local and regional financial services providers to craft new products, enter new markets and meet the regulatory requirements necessary for worldwide competition.

Regional 109

Regional Regulation Meeting Security 109

PYMNTS

OCTOBER 24, 2018

Fraud is a huge consideration for us,” Bonkowski said. From an operational standpoint, a big part of it was about trying to drill down on the cost.”. Many countries have their own know-your-customer (KYC) and anti-money laundering (AML) regulations, and there was no consistent formula for regulatory and commercial success.

Fraud 166

Fraud Cards Online Data 166

PYMNTS

OCTOBER 8, 2019

Furthermore, according to the latest edition of PYMNTS’ PSD2 Tracker , only 40 percent of merchants operating in the European Union that are aware of SCA reported being ready as of that date. Many regulators, added Bayliss, have not yet come forward with a timeline or migration plan.

Compliance 156

Compliance Security Industry Regulation 156

PYMNTS

OCTOBER 22, 2018

And New England isn’t the only place enjoying the autumn chill as it sets in — although we are perhaps enjoying it more colorfully with the region’s famed foliage. The report excluded data on shop-at-home purchases and includes information about frauds reportedly directly to the FTC between January and September of this year.

Data 134

Data Fraud Cards Regulation 134

PYMNTS

FEBRUARY 21, 2018

A regional government in Russia is now working with state-backed VEB, reports in CoinDesk said this week, as authorities explore how to use blockchain “to improve the quality of management decisions.”. As regulators begin to consider blockchain regulations, many have signaled a desire not to hamper innovation while doing so.

blockchain 130

blockchain Los Angeles Regulation Oregon 130

FICO

FEBRUARY 9, 2023

As the PSR’s response to authorized push payment fraud moves towards becoming law, what will the results be? million stolen through fraud in the UK last year, payment scams (or authorised push payment fraud or APP scams) accounted for 41%. The Regulator Is Stepping In - What Will It Mean for Banks? And what can banks do?

Fraud 52

Fraud social media Examples Regulation 52

PYMNTS

SEPTEMBER 6, 2018

The age of technology is, of course, well upon us, with Software-as-a-Service (SaaS) a key conduit to making sure that at least some business operations — once the province of spreadsheets and reams of paper — can be streamlined. Automating that compliance is now a “need to have.”. However, in some ways, we are in uncharted territory.

Compliance 133

Compliance Fintech Regulation Knowledge Base 133

PYMNTS

FEBRUARY 19, 2019

and Estonia, over more than $226 billion in payments from the Russian region, through the Estonian branch. The bank originally planned to simply scale back its operations in the country, but not close completely. Danske is being investigated in numerous countries, including Britain, Denmark, the U.S.

Regulation 109

Regulation Regional Operations Report 109

PYMNTS

NOVEMBER 15, 2019

regulators that it still has ongoing problems processing high-value payments despite more than three years of remediation efforts. Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. Deutsche Bank told U.K.

Google 139

Google Payments Apple cryptocurrency 139

PYMNTS

FEBRUARY 14, 2020

The creation of digital IDs also has the beneficial effect of helping governments and companies combat financial fraud and money laundering activities. directive has its challenges in a world where, so far, there are no global or even regional standards as to what data can be collected to create, maintain or verify identities.

How To 205

How To National Fraud Data 205

PYMNTS

AUGUST 8, 2018

All industries have their cheaters, and trucking is no different, with some drivers determined to keep their trucks in operation more than laws and regulations allow, among other infractions. (It The smart tachograph technology aims to “eliminate driver fraud,” Provenzano said. Toll Booth Checks. So, what’s next?

Industry 104

Industry Data Technology Regulation 104

Gonzobanker

DECEMBER 14, 2023

Not the financial industry’s “Troublemakers ” – those regional and community banks, credit unions and supporting fintech entrepreneurs who continue to engage customers and communities and find niches that keep the grassroots of our country’s financial system alive and kicking. billion bank in the Mid-Atlantic region.

Fintech 195

Fintech Community Regional Technology 195

PYMNTS

APRIL 25, 2019

This is especially true in areas like the European Union, where the General Data Protection Regulation ( GDPR ) is changing how customers and corporates approach data sharing. According to Monteiro, the company has added “an additional layer” of security to protect users from fraud while also providing a seamless mobile experience.

Security 100

Security Data Regulation Mobile 100

PYMNTS

OCTOBER 11, 2016

Treasury has reportedly dubbed international payments processor PacNet, which operates Counting House, a “criminal organization,” and reports said the move could cause trouble for FX brokers. ” PacNet has operations in Canada, the U.K. ” PacNet has operations in Canada, the U.K.

United States 100

United States Operations Regional Report 100

PYMNTS

JULY 10, 2020

For several years, while state-level legalization has expanded, access to traditional banks remains an issue thanks to their status as federally regulated entities. Today, however, the banking challenge has largely been solved. But current legacy rails can make this difficult.

Innovation 210

Innovation Payments Tools Compliance 210

PYMNTS

MAY 29, 2018

companies has said millions of dollars will have to be spent in the region in order to get local data centers up and running. sources also stated efforts to cut down on fraud would be stymied and that they should be allowed to maintain backups of that aforementioned data — located outside India. That trio of U.S.

Data 101

Data United States Compliance Cards 101

PYMNTS

OCTOBER 21, 2019

Furthermore, according to the latest edition of PYMNTS’ PSD2 Tracker , only 40 percent of merchants operating in the European Union that are aware of SCA reported being ready by that date. The goal is for merchants to think about how they will manage the SCA transition, and to develop a fraud and exemption strategy. 14, 2019 deadline.

Strategy 100

Strategy Compliance Fraud Payments 100

Independent Banker

JULY 31, 2022

Regulators made no bones about the fact that a number of additional rate hikes are likely to happen this year. Banks that lack proper controls are liable, contends Ghiglieri, to internal and external fraud losses—as well as litigation expenses and regulatory penalties. Recruiting is easier in some regions than others.

Strategy 135

Strategy Community Bank Louisville Community 135

PYMNTS

MARCH 4, 2019

Nordea, the biggest bank in the Nordic region, is being accused of handling millions of dollars in suspicious transactions for several years. The report noted that back in October Nordic financial regulators said they were handed documents from Hermitage Capital that accused Nordea of breaking the rules under anti-money laundering laws.

Virgin Islands 116

Virgin Islands Taxes Regulation Regional 116

PYMNTS

JANUARY 31, 2019

These bad actors often make off with investment funds for personal benefit or funnel them into illegal operations. They’re on the hook with regulators should something go wrong, after all. Such consistency can be difficult to achieve, though, especially for smaller operations.

Tennessee 108

Tennessee social media Fraud Guidelines 108

PYMNTS

DECEMBER 8, 2016

Not so for other parts of the world: Government mandates are looking to reduce corruption and fraud and enhance reporting capabilities through eInvoicing requirements. company looking to do work abroad, it means you can’t ignore these various regulations, either. And if you’re a U.S. companies to go digital.

Compliance 100

Compliance Regulation Taxes Fraud 100

PYMNTS

APRIL 2, 2018

According to a press release issued by the SEC, the regulator contends Liberty engaged in a scam to trick hundreds of investors into funding his shell companies instead of Mozido. Unscrupulous operators make it difficult for ordinary investors to assess such ‘investment opportunities.’”.

Boston 126

Boston Security Fintech Maine 126

PYMNTS

OCTOBER 7, 2020

This means individual transactions are unlikely to pop up on regulators’ or tax officials’ radar, thus keeping the operations under wraps. How Payment Providers Stop Money Laundering.

Payments 171

Payments Analytics Online Retail 171