Cybersecurity coming of age
by Ben Poole
PwC research finds 96% of executives have shifted their cybersecurity strategy due to COVID-19 and 40% are accelerating digitisation.
Fraud Prevention
Background
Fraud is wrongful deception for financial gain. The global levels of fraud are huge and growing: according to the Association of Certified Fraud Examiners (AFCE) in the USA, a typical business loses 5…
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Banks stepping up to help protect corporates from fraud
by Ben Poole
Both JPMorgan Chase and NAB have recently announced moves to help protect businesses from fraud while managing their cash flow.
COVID-19 forces a historic surge in corporate tech investment
by Ben Poole
Companies spent around US$15bn extra a week on technology during the pandemic’s first wave, but the huge surge in IT spend isn’t sustainable.
SWIFT announces a strategy for instant, frictionless payments and securities processing
by Ben Poole
It aims to enable seamless transactions from one account to another anywhere in the world with end-to-end transparency and predictability.
Dutch banks take aim at money launderers
by Ben Poole
Transaction Monitoring Netherlands is a collaborative effort that aims to crack down on money laundering and terrorism financing.
BNY Mellon to deliver real-time account validation services to corporates and banks
by Ben Poole
The bank is adding to its digital services through a collaboration with Early Warning Services.
Cloud security remains challenged by complexity and shadow IT
by Ben Poole
New data from IBM pinpoints the top security risks for companies, with tips on how to improve cybersecurity.
Banks and police team up to fight financial crime in Sweden
by Ben Poole
The SAMLIT effort will be piloted this year, with the goal of launching in 2021.
Standing up to the cyber criminals
by Ben Poole
A public-private partnership and the use of biometrics provide examples of cyber security in action.
European Commission ramps up fight against money laundering and terrorist financing
by Ben Poole
Its six pillar Action Plan aims to ensure that EU rules are more harmonised and more effective.
Industry roundup: 4 May 2020
by Ben Poole
News in brief covering a spike in corporate ransomware payments, the new EU-Mexico trade agreement, and more.
Rise in cybercrime as fraudsters exploit COVID-19
by Ben Poole
Microsoft and Temenos are the latest to try and address the spike in financial crime.
COVID-19 cyber and ESG implications for corporates
by Ben Poole
The employee factor looms large for companies in the fallout from the pandemic crisis.
Tackling cyber threats through technology and education
by Ben Poole
IBM and Fernergo partnering on software solutions to financial crime, as Mastercard and Oxford University offer cyber skills programme.
Industry roundup: 15 April 2020
by Ben Poole
News in brief for Pega, IOSCO, EPA, Kyckr and Citi.
AFP survey finds business email compromise the most prevalent fraud tactic
by Ben Poole
The 2020 AFP Payments Fraud and Control Survey revealed 81% of organisations were targets of payments fraud in 2019.
EBA seeking to mitigate financial crime risks during COVID-19
by Ben Poole
The European Banking Authority has outlined AML/CFT efforts that competent authorities should be promoting to financial institutions.
Businesses abandoning banking services over slow due diligence processes
by Ben Poole
Could blockchain offer an answer?
Swedbank money laundering case: Bank accepts Clifford Chance report
by Ben Poole
The law firm was retained in 2019 to investigate the bank's AML work.
Calls for cross-sector cooperation to tackle authorised push payment fraud
by Ben Poole
UK Finance data shows APP fraud losses rose to £456m in 2019, partly driven by criminals abusing online platforms to scam victims.
HSBC UK’s voice biometrics prevented £400m of attempted fraud
by Ben Poole
The bank says VoiceID registered twice as many attempted fraud hits in 2019.
Barclays research highlights lack of banking industry alignment on key issues.
by Ben Poole
More than two-thirds of businesses identify collaborating and partnering with fintechs as the preferred approach for traditional banks
GFI identifies US$8.8 trillion gap in global reported trade
by Ben Poole
A report from the firm finds trade misinvoicing is a significant obstacle to sustainable development.
Major European financial infrastructures join forces against cyber threats
by Ben Poole
Active exchange of information planned between financial infrastructures, Europol and Europe's cybersecurity agency.