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.
Minimizing Payment Fraud
Background
One of the biggest sources of fraud in most organisations is payment fraud. Typically the biggest sources of payment fraud are from: cheques particularly in accounts payable and disbursement accounts.…
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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.
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.
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.
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.
ACA makes payment and fraud risk assessment service available
by Ben Poole
The service's consultants includes specialists in payment fraud, cybersecurity, and technology risk.
Kyriba launches payments network for global CFOs
by Ben Poole
The network is designed to combat payments fraud, centralise payments, and unlock organisational efficiency.
SWIFT publishes 2019 attestation rate for Customer Security Controls Framework
by Ben Poole
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
by Ben Poole
PIFMA's Financial Crime Conference found cyber crime and fraud figures are growing exponentially each year.
Cyber risk tops concerns for US financial professionals
by Ben Poole
The 2020 AFP Risk Survey also found that organisations are better prepared to assess risk.
Mastercard opens global Intelligence and Cyber Centre in Vancouver
by Ben Poole
The new centre is designed to accelerate innovation in digital and cyber security, AI and IoT.
Call for clarification on e-money definition and related fraud reporting requirements
by Ben Poole
Current definitions don't match the market reality for European payment instruments and products.
CTMcast - 9 January: Weekly review
by Jack Large
Review of the key items and posts covered in the last six days.
QIIB selects IBM AI fraud prevention solution
by Ben Poole
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
by Ben Poole
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
by Ben Poole
Deutsche Bank sold Regula in March 2018.
AFP survey finds 88% of organisations targeted by cybercrime in past 18 months
by Ben Poole
90% of corporate practitioners report that the emphasis on cybersecurity has increased in the past three years.
SWIFT CSO highlights the importance of intelligence sharing
by Ben Poole
The chief security officer says that intelligence sharing, human judgement and investing in people is key to strong cyber defences.
EastNets survey suggests over 4 in 5 banks have been targeted by cybercriminals on the SWIFT network
by Ben Poole
Only 20% of banks say that internal departments collaborate 'very strongly' to prevent fraud.
FIS integrates IBM fraud detection solution in the US
by Ben Poole
Through the integration, FIS uses AI and machine learning to monitor and detect fraudulent transactions.
Standard Chartered and Quantexa to tackle financial crime with contextual decision intelligence
by Ben Poole
The partnership provides the bank with a platform to conduct complex financial thematic investigations.