Calls for cross-sector cooperation to tackle authorised push payment fraud
UK Finance data shows APP fraud losses rose to £456m in 2019, partly driven by criminals abusing online platforms to scam victims.
Minimizing Fraud Procedures
Background
Corporate treasury departments need a fraud prevention strategy that not only keeps pace, but is one step ahead of the fraudsters. To be truly effective, systems and processes needs to be able to spot fraud as they are developing – not just identify them once they're active. It is essential…
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HSBC UK’s voice biometrics prevented £400m of attempted fraud
The bank says VoiceID registered twice as many attempted fraud hits in 2019.
Barclays research highlights lack of banking industry alignment on key issues.
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
A report from the firm finds trade misinvoicing is a significant obstacle to sustainable development.
ACA makes payment and fraud risk assessment service available
The service's consultants includes specialists in payment fraud, cybersecurity, and technology risk.
SWIFT publishes 2019 attestation rate for Customer Security Controls Framework
91% of customers, over 99% of SWIFT’s traffic, have attested to their compliance with CSCF v2019.
Half of all reported crime in UK is cyber crime or fraud
PIFMA's Financial Crime Conference found cyber crime and fraud figures are growing exponentially each year.
Cyber risk tops concerns for US financial professionals
The 2020 AFP Risk Survey also found that organisations are better prepared to assess risk.
Call for clarification on e-money definition and related fraud reporting requirements
Current definitions don't match the market reality for European payment instruments and products.
EU R&D project targets international cybersecurity certification standard
With €3m funding, CaixaBank is heading up the finance side of the project.
Moody’s report assesses credit impact of cyberattack on Travelex
The attack on its online business, forcing manual operations, is a credit negative.
QIIB selects IBM AI fraud prevention solution
The Qatari Islamic bank will use the tool to try to intercept fraudulent activities before they happen.
Integration remains largest hurdle to AI adoption in banking and payments
45% of AFP Conference attendees cite integration with existing systems the main AI issue, Bottomline finds.
Criminal investigations into Deutsche Bank employees in connection with ‘Regula’ closed
Deutsche Bank sold Regula in March 2018.
AFP survey finds 88% of organisations targeted by cybercrime in past 18 months
90% of corporate practitioners report that the emphasis on cybersecurity has increased in the past three years.
EastNets survey suggests over 4 in 5 banks have been targeted by cybercriminals on the SWIFT network
Only 20% of banks say that internal departments collaborate 'very strongly' to prevent fraud.
Standard Chartered launches mobile tokens for business banking, commercial and institutional clients
The tokens will soon be available to over 100,000 corporates.
DBS partners with Exiger to tackle evolving risks of financial crime
The bank plans to use an automated AI-powered solution to enhance customer screening processes.
Standard Chartered and Quantexa to tackle financial crime with contextual decision intelligence
The partnership provides the bank with a platform to conduct complex financial thematic investigations.
SWIFT Customer Security Programme wins cybersecurity award
The CSP was launched a couple of years ago to drive industry-wide collaboration in the battle against the cyber threats.
Mastercard launches Threat Scan to assess bank fraud exposure
The solution is designed to identify authorisation system vulnerabilities for issuers before exploitation and fraud loss can occur.
HSBC deploys advanced financial crime detection systems
The system is designed to tackle the money laundering opportunities that criminals see in the complex world of global trade.
Accuity data reveals increased complexity of sanctions compliance and implications for global trade
Sanctioned entities have increased 37% over the past five years.
Nets and KPMG partner to launch AI-powered payment fraud prevention solution
Nets Fraud Ensemble uses machine learning to reduce fraudulent transactions by up to 40%.