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623

Monzo says it wasn’t storing ‘some’ customer PINs correctly, but has now fixed the bug

via TechCrunch

Monzo, the fast-growing U.K. challenger bank that recently soft-launched in the U.S., is disclosing a potential, albeit relatively limited, security oversight that saw customer PINs stored incorrectly within the company’s internal systems. (more…)

Banks, Mobile-first banks, Security

August 5, 2019

696

Why N26 Is Keeping Fraud Top Of Mind In The US Market

via PYMNTS

Meeting a consumer’s banking needs requires FIs to think locally — but when it comes to fighting fraud, it pays to think globally. That’s why FIs need to stay ahead of fraud trends both domestically and internationally, says Nicolas Kopp, U.S. CEO for German challenger bank N26. In the latest Digital Fraud Tracker, Kopp discusses how N26 is using customer data from 24 countries to better protect users against fraud attacks as it enters the U.S. market. (more…)

AI / Machine Learning / Big Data, Banks, Security

July 26, 2019

662

Why Anti-Money Laundering Should Be a Top Priority for Financial Institutions

via Visual Capitalist

The to-do list for any financial executive is surely daunting. From navigating technology changes to managing talent effectively, there’s many initiatives competing for attention.

One issue that’s been in the headlines for many years is anti-money laundering (AML). When criminals are able to successfully hide the illicit origins of their cash, both the financial institution and society suffer. So, what makes AML more important now than it has been in the past? (more…)

AI / Machine Learning / Big Data, Security

July 26, 2019

1599

AML/KYC’s Data Confidence Crisis

via PYMNTS

The last thing anyone wants to hear from a financial organization is that the people tasked with risk management are feeling less than confident about their ability to do the job — because they aren’t sure if their data is good. If the risk experts aren’t feeling confident, it is difficult to know how anyone else in an organization will.

However, in flipping through the latest edition of the PYMNTS AML/KYC Tracker, a collaboration with Trulioo, there is a lot of data to suggest that this is the situation in many organizations.

About 29 percent of banks have not implemented know your customer (KYC) tools or external data providers across the customer life cycle. In addition, 69 percent of crypto exchanges lack “complete and transparent” KYC and customer due diligence processes, and 71 percent of trade providers have cited compliance limitations and inadequate KYC practices as key factors in driving trade finance rejection rates. Perhaps most worryingly, 63 percent of anti-money laundering (AML) compliance professionals said they lack confidence in their data. (more…)

Banks, Security

June 20, 2019

835

Identity platform provider Auth0 raises $103 million at a valuation of $1 billion

via Venture Beat 

Online data breaches are on the rise, and it’s no great mystery why. In a recent survey conducted by LastPass, 59% of respondents said they reused passwords across multiple accounts and more than half said they hadn’t changed their password in the past year. About 95% of cybersecurity breaches are attributable to human errors like these, in fact, and malicious hackers are taking full advantage: It’s estimated that there’s a cyberattack every 39 seconds on average.

Bellevue, Washington-based identity-as-a-service startup Auth0 intends to reverse the trend, and it’s raising capital as it acts on its plans. The six-year-old company today announced that it has secured $103 million in series E financing led by Sapphire Ventures, with participation from existing investors Bessemer Venture Partners, K9 Ventures, Trinity Ventures, Meritech Capital, Telstra Ventures, and World Innovation Lab. The cash infusion values Auth0 at $1 billion, and it brings its total capital raised to about $210 million. (more…)

Deals, Fintech news, Security

May 20, 2019

1749

FrankieFinancial signs Australian neo banks to RegTech platform

via Finextra

RegTech startup FrankieFinancial has signed Australian neo banks Xinja and Novatti Group to its financial systems aggregator platform, which provides a single point of access to ID verification, KYC, AML, fraud and credit tools from 114 vendors and data sources. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, RegTech, Security

May 15, 2019

1207

N26 to open security-focused tech centre in Vienna

via Finextra

N26 is opening a technology and innovation centre in Vienna that will focus on using AI to detect fraudulent transactions – which have reportedly been a problem for the digital bank, prompting a probe by German regulators. (more…)

AI / Machine Learning / Big Data, Banks, Mobile-first banks, Security

April 23, 2019

1305

How technology is the only answer to tackling financial crime

via Telegraph.co.uk

Key to stopping financial crime is using the latest technology to truly understand a customer. That’s where you need Encompass, which gathers and analyses a wealth of information to build a picture of a company or individual in minutes, transforming the know-your-customer process. 


(more…)

AI / Machine Learning / Big Data, Security

April 18, 2019

849

3 in 4 APAC Banks Believe Fraud Will Increase This Year

via Fintechnews Singapore

Almost three in four banks in Asia Pacific anticipate that fraud in their country will increase in 2019, according to a recent poll by FICO.

Two of the main areas of concern are card-not-present fraud and application fraud. Card-not-present payments are concerns are fueled largely by the fact that over 50% global online retail sales came from Asia Pacific in 2018.

Dan McConaghy, President of FICO in Asia Pacific shared that it is precisely due to such reasons that banks need to use AI and machine learning to combat the increased fraud risk. (more…)

AI / Machine Learning / Big Data, Banks, InspirAsia, Security

April 16, 2019

1079

Crypto Exchange Binance Enhances Global KYC/AML Measures With Tools From IdentityMind

via Forbes 

Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, is implementing stronger know-your-customer (KYC) and anti-money laundering (AML) regulations to ensure data security and compliance across their global operations.

Following the launch of Bitcoin Lite in Australia, Binance announced today a new partnership with Medici Ventures portfolio firm, IdentityMind. This collaboration is part of a joint mission to help raise the blockchain industry’s standards by improving existing data protection and compliance measures. (more…)

Blockchain, Cryptocurrencies, Financial Markets / Trading

March 26, 2019

1091

Fixing The KYC And AML ‘Horse-and-Buggy’ Model

via PYMNTS

Only 1 percent of proceeds from financial crimes are intercepted, which means the bad guys are getting away with hundreds of billions of dollars, even trillions. Trulioo General Manager Zac Cohen tells Karen Webster that AML and KYC efforts can be enhanced if FIs think of compliance as a revenue generator, and seek partnerships with tech-nimble firms in a sandbox environment.

(more…)

Security

March 25, 2019

1763

Apple Card will make credit card fraud a lot more difficult

via TechCrunch

Apple’s new credit card has a curious security feature that will make it much more difficult to carry out credit card fraud.

The aptly named Apple Card is a new credit card, built into your iPhone Wallet app, which the company says will help customers live a “healthier” financial lifestyle. The card is designed to replace your traditional credit card and give you perks, such as daily cash. Chief among the benefits is a range of security and privacy features, which Apple says — unlike traditional credit card providers — the company doesn’t know where a customer shopped, what they bought or how much they paid. (more…)

Credit/Debit/Prepaid cards, Hotnews, Security

March 25, 2019

Deals: Network Security Company Observable Networks Raises $2M

Company: Observable Networks

Amount invested: $2 million (more…)

Deals, Fintech news, news

May 3, 2016

1574

Yale Lecturer Highlights Blockchain Transparency after Panama Papers

By Joseph Bradley for CCN.LA

With the recent release of the “Panama Papers,” the activity of the law firm Mossack Fonseca came into the public view in a bold way. In a recent PBS Op-Ed Yale University lecturer Vikram Mansharamani discusses the Papers and the what the future of privacy may look like. (more…)

Blockchain, Cryptocurrencies, Global trends

April 25, 2016

1351

Bangladesh Bank robbers can’t spell, but it sounds like they can hack financial software

by  for the Next Web

The hackers involved in last month’s cyber heist of Bangladesh Bank, in which they managed to steal only $81 million of a planned $951 million haul because of a spelling error, might actually be smarter than they were initially made out to be. (more…)

Banks, Global trends, India, InspirAsia

April 25, 2016

1410

Embedding security in a digital economy

by Mohd Ujaley for the Financial Express

Digital India can be successful only when a proper security framework to protect the critical infrastructure is in place (more…)

Cashless, Fintech news, Global trends, Government activities

April 18, 2016

1946

Mobile Payments Fraud: 10 Things Merchants Need To Know

(more…)

Cashless, Global trends, p2p-payments

April 15, 2016

3199

Nearly 75% US companies targets of payment fraud in 2015, says AFP survey

By Sarah Gill for Paymenteye

The threat of payments fraud is on the rise and while continued reliance on cheques makes businesses vulnerable to attack, business emails are getting increasingly popular for fraudsters.

(more…)

Cashless, Fintech news, Global trends

March 30, 2016

5131

Gartner’s Top 10 Internet Of Things Technologies For 2017 & 2018

By Louis Columbus for Forbes

  • Gartner predicts that low-power short-range networks will dominate wireless IoT connectivity through 2025, far outnumbering connections using wide-area IoT networks.
  • For enterprises to adopt and gain the full value of these technologies, significantly higher investments in training are needed.
  • Gartner’s Top 10 IoT technologies provide a glimpse into what their clients are most interested in today.

(more…)

Analytics, Fintech news, Global trends

February 29, 2016

3848

Big Industries Where Blockchain Could Be Used

Blockchain is widely known for its usage within Bitcoin, and now, people  and enterprises are starting to understand the blockchain as a phenomenon different from Bitcoin specifically and other digital currencies in general. Banking and payments are not the only sectors that could be disrupted by blockchain tech, moreover, the promising sectors include Music, Voting and NGOs.  (more…)

Blockchain, Fintech news, Global trends

February 22, 2016

1804

Why Wall Street Is Embracing the Blockchain?

By Cade Metz, writer at Wired.com 

Just before Christmas, Overstock.com and its free-thinking CEO, Patrick Byrne, announced that the Securities and Exchange Commission had approved its plan to issue stock over the blockchain, the vast online ledger that drives the bitcoin digital currency.

(more…)

Analytics, Banks, Blockchain, Fintech news, Global trends, news

February 17, 2016

2020

ShoCard Raises $1.5M For Its Digital Identity Card On The Blockchain

TechCrunch: What if you could get rid of your driver’s license? We’re not there yet, but ShoCard just raised $1.5M from Morado Ventures Partners, AME Cloud Ventures, Enspire Capital and Digital Currency Group to do just that. As a reminder, ShoCard certifies and stores ID documents into the Blockchain, so that you can securely retrieve them later and prove your identity whenever you need to. Its first use case is for bank and credit card identification processes. (more…)

Cryptocurrencies, Deals, Fintech news, news

July 17, 2015

1585

Hackers Steal Money From Starbucks Mobile Customers Using Linked Credit Cards

GeekWire:  The 16 million Starbucks customers who use the company’s mobile payment service may want to strengthen their log-in credentials and reconsider using the auto-load feature. Independent journalist and best-selling author Bob Sullivan reported on Monday that hackers recently stole money from several Starbucks customers by gaining access to their credit card information through the Starbucks app and using the auto-load function. (more…)

Fintech news, Mobile payments/banking, news

May 11, 2015