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988

FinTech Story: Hits and Misses From 2013 to 2016 and the Way Forward

By Amit for LTP

We have watched 35+ FinTech segments through the ups and downs every single day in the last 3.5 years at LTP. We developed a lot of listening tools and an army of analysts to catch everything in FinTech like a radar. Somebody told us that we have one of the biggest team of FinTech market analysts and that could very well be true. In 2016, we developed MEDICI from the data that we collect, and that contains 6000+ FinTech startup profiles and research across segments. It’s my pleasure to share what we learned about FinTech shift by analyzing some of the data and also talking to hundreds of entrepreneurs and FIs in-person in the last couple of years.  (more…)

China, Cryptocurrencies, India, Mobile payments/banking, RegTech, Security

January 10, 2017

881

770

SpareBank 1 adds risk-based authentication to Nets 3D Secure programme

By Finextra

The SpareBank 1 Alliance has expanded its cooperation with Nets on 3D Secure to include Risk-Based Authentication (RBA). This solution enables quicker and easier online shopping for SpareBank 1’s personal customers without compromising on security.  (more…)

Banks, Fintech news, Security

January 9, 2017

780

Insurers tap cyber security ratings to limit liabilities

By  for Financial Times

New breed of start-ups aims to assess strength of companies’ defences against hackers. (more…)

Insurance, news, Security

January 8, 2017

843

South African Fintech Firm to Launch Blockchain-based Identity Verification in 2017

By Rebecca Campbell for CryptocoinsNews

South African fintech company ThisIsMe (TIM), which focuses on identity verification, has announced that it will be adding blockchain technology to boost its services and is expected to go live in 2017. (more…)

Blockchain, Fintech news, Security

December 27, 2016

761

Philippines Considers Bitcoin Regulation amid Remittance Increase

By Rebecca Campbell for CryptocoinsNews

he Philippines government is discussing whether to regulate digital currencies like bitcoin in the country to improve protection for its citizens as the number of Filipinos abroad using bitcoin to send money back home increases. (more…)

Blockchain, Cryptocurrencies, Fintech news, Government activities, Philippines, Remittances, Security

December 21, 2016

686

Account takeover is EMV’s ‘silent’ risk

By Chris Pinion for PaymentsSource

I don’t think anyone anticipated the amount of account takeover (ATO) and new account fraud (often referred to as application fraud) that would occur in the wake of the EMV changeover.

(more…)

Analytics, Marketing Report, POS/mPOS and online acquiring, Security

December 17, 2016

544

Swift says attacks are ‘here to stay’: Report

By Robert Barba for PaymentsSource

The payments messaging network Swift has told its client banks that the threat of cyberattacks “is very persistent, adaptive and sophisticated — and it is here to stay.” (more…)

Banks, Fintech news, Security

December 13, 2016

FinTech Startup Symend Closes $1M Seed Funding Round

symend

By FinSMEs

Symend Inc., a Calgary, AB, Canada-based fintech startup, raised $1m in seed funding.

Backers included unnamed business angels. (more…)

Deals, Fintech news, Security, SME

December 10, 2016

1234

Can a Unified Identity Become the Most Valuable and Dangerous Asset Ever Created?

By Elena Mesropyan for LTP

A fragmented individual

One’s identity is a centerpiece of every aspect of his/her life – financial and social standing, health, family welfare, employment, education, etc. Therefore, the recognition and authentication of an individual’s identity, together with associated rights, is becoming a priority for governments around the world. (more…)

Analytics, China, Global trends, Government activities, Security

December 9, 2016

680

Finance sector urged to ramp up cyber defences

By  for Financial Times

Most of the recent cyber attacks on the financial system could have been avoided relatively easily if the private sector and government institutions had taken basic security precautions, a senior US Treasury official has claimed. (more…)

Banks, Fintech news, Government activities, Security

December 9, 2016

918

Ring out the old, ring in the new

By Finextra

Sophie Guibaud, VP of European expansion at Fidor Bank looks back at the key banking tech trends of 2016 and what we can expect to rise to the top in the year ahead. (more…)

About, AI / Machine Learning / Big Data, Banks, Bots, Fintech news, Security, SME

December 9, 2016

543

Interview with Head of Digital Financial Services Solutions at Fujitsu and CEO/Founder of Trunomi

By LTP

Interview with Gary Fegan, Head of Digital Financial Services Solutions at Fujitsu

LTP: Tell us about Fujitsu in financial services? (more…)

About, Banks, Fintech news, Global trends, Interviews, Security

December 9, 2016

757

South Korea’s Online Banking System Is Stuck In 1996

By Elaine Ramirez for Forbes

“I can’t f***ing stand this s***. I almost threw my brand new computer across the room,” says Seoulite Jeonghyun Kwon, an avid online shopper, after another failed attempt to buy a sweater.

“[My bank’s] security apps slow my computer to a crawl so I have to uninstall them after every use, and then reinstall them when I want to buy something.” (more…)

About, Analytics, Banks, Government activities, Korea, Security

December 7, 2016

670

Alternative Data in Financial Services is a Double-Edged Sword

By Elena Mesropyan for LTP

Traditional methods of creditworthiness assessment can’t do much for the groups of the population that don’t fit the scheme. As a result, inclusive initiatives by financial institutions will always hit a wall of unstretchable rules and criteria. Meanwhile, a fairly large part of the global community struggles to access financial services – there are ~2 billionfinancially excluded people and ~1.5 billion of those who cannot prove their identity. (more…)

AI / Machine Learning / Big Data, Analytics, Banks, p2p/online lending, Security

December 7, 2016

580

Mastercard’s AI learns to avoid false security flags on the fly

By John Adams for Payments Source

Inaccurate rejections of legitimate transactions aren’t a new problem, and companies can’t always use past transaction data to spot future risk on a large scale. Artificial intelligence can change the game, but only if it is smart enough to adapt its expectations based on the conditions of each transaction, according to Ajay Bhalla, president of enterprise risk and security for Mastercard. (more…)

AI / Machine Learning / Big Data, Analytics, Fintech news, Global trends, Security

December 6, 2016

738

How blockchain can help fight cyberattacks

By  for TechCrunch

Imagine a computing platform that would have no single point of failure and would be resilient to the cyberattacks that are making the headlines these days. This is the promise behind blockchain, the distributed ledger that underlies cryptocurrencies like Bitcoin and Ethereum and challenges the traditional server/client paradigm. (more…)

About, Blockchain, news, Security

December 6, 2016

619

BOE asks Fintech firms to help warn banks about cyberattacks

By Rebecca Campbell for Hacked

The Bank of England is recruiting FinTech companies to help prevent cyberattacks targeting financial institutions, according to a report from The Telegraph. (more…)

Fintech news, Government activities, Security

December 4, 2016

550

Visa buying CardinalCommerce to further token security

By John Adams for PaymentsSource

Visa’s growth beyond plastic cards relies heavily on tokenization, a strategy that should get a major boost from its planned acquisition of CardinalCommerce. (more…)

Deals, Fintech news, Payment processors/providers/gateways, Security

December 4, 2016

578

Russian central bank loses $31 million in cyber attack

By Reuters

Hackers stole more than 2 billion rubles ($31 million) from correspondent accounts at the Russian central bank, the bank said on Friday, the latest example of an escalation of cyber attacks on financial institutions around the globe. (more…)

Banks, news, Security

December 4, 2016

808

MAS Unveils New Moves To Boost Fintech Sector in Singapore

By

The Monetary Authority of Singapore (MAS) has announced a series of moves to boost fintech development in the city-state and strengthen ties with other Asian countries. (more…)

Fintech news, Government activities, Insurance, Security, Singapore

December 2, 2016

691

Visa slams European plans for stronger online transaction authentication rules

By Finextra

Visa has lashed out at European Banking Authority (EBA) plans to toughen up authentication rules for online transactions over EUR10, claiming that they will lead to more declined transactions, complicated checkouts and abandoned purchases. (more…)

Fintech news, Government activities, Mobile payments/banking, POS/mPOS and online acquiring, Security, SME

November 22, 2016

554

Next-gen biometrics: using the force of habit

By Penny Crosman for PaymentsSource

National Westminster Bank in London is tracking every movement customers make on its website or mobile app, looking for behavior that doesn’t match past actions or clues that users are not who they purport to be.

(more…)

AI / Machine Learning / Big Data, Banks, Fintech news, Security

November 22, 2016

588

Hackers Program Bank ATMs to Spew Cash

By Robert Mcmillan for WSJ

After crimes in Taiwan and Thailand, the FBI warns of similar potential attacks in U.S. (more…)

Banks, Security

November 21, 2016

573

Quovo Launches Account Authentication API

By LTP

NEW YORK, NY – November 15, 2016 – Quovo, a leading provider of account aggregation and data analytics for finance, today announced the launch of its Account Authentication API. This RESTful API allows developers to instantly connect to financial accounts and verify key account data, helping to confirm account ownership, facilitate payments and cash transfers, and streamline the process of opening and funding new accounts. Together with Quovo’s flagship Aggregation API, the Quovo Authentication API provides users with an end-to-end data solution to support client onboarding and beyond. (more…)

Banks, Fintech news, Security

November 18, 2016

771

SocGen to offer customers cards with dynamic CVV screens

By Finextra

Societe Generale is to offer customers the opportunity to replace their current Visa cards with a Motion Code card from Oberthur that replaces the three-figure CVV code on the rear of a card with a small screen display that automatically changes periodically. (more…)

Banks, Cashless, Security

November 17, 2016

706

Paytm and Transmit Security win FT Fintech awards

By  for Financial Times

Winners were chosen from more than 200 entrants across the burgeoning sector (more…)

eWallets, Fintech news, India, Security

November 17, 2016

636

Launch of the Latest Security Report on Bank Apps in APAC at Singapore FinTech Festival

By LTP

The rapid digitization of consumers and enterprises will increase the cost of data breaches to USD 2.1 trillion globally by 2019 from USD 500 billion in 2015 – affecting mainly large banks, retailers and federal agencies as per Forbes Inc. One of the recent cyberattacks that happened at one of Australia’s largest banks in 2016 was done by a malware attack using an Android mobile application. The virus presented a fake version of the login screen and intercepted the username or account number and password. The sophistication of this malware enabled it to intercept the two-factor authentication code sent by banks. (more…)

Fintech news, Marketing Report, Mobile payments/banking, Mobile-first banks, Security, Singapore

November 16, 2016

642

Visa looks to kill passwords with multiple biometric authentication options

By Finextra

Visa is stepping up its efforts to kill off the password, teaming up with BioConnect to bring multiple biometric authentication options to a single app. (more…)

Fintech news, Mobile payments/banking, Security

November 15, 2016

724

Two of Russia’s Largest Banks Say They’ve Been Hacked

By 

At least five of the country’s largest banks were targeted. (more…)

Banks, news, Security

November 12, 2016