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News and resources on cyber and physical threats to banks and fintechs worldwide.

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NextGen Nordics 2024: A closer look at Confirmation of Payee

NextGen Nordics 2024: A closer look at Confirmation of Payee

Moderating her last panel of the day, Finextra’s head of content Madhvi Mavadiya discussed Confirmation of Payee (COP) with Christina Fransson, senior payment product specialist of FIS in EMEA, Greg Huguet, European regional director at iPiD, Paulina Kudlacik, Confirmation of Payee scheme manager at the Nordic Payments Council, and Richard Ross, global payment market infrastructure expert at Swift.

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Mastercard harnesses AI to take on scammers

Mastercard harnesses AI to take on scammers

Pivotal trends for sustainable growth in financial services

Pivotal trends for sustainable growth in financial services

NextGen Nordics 2024: How will incoming regulation shape payments infrastructure?

NextGen Nordics 2024: How will incoming regulation shape payments infrastructure?

Police bust cybercrime phishing subscription network

Police bust cybercrime phishing subscription network

TokenEx and Ixopay to merge

TokenEx and Ixopay to merge

Barclays reports large spike in investment scams

Barclays reports large spike in investment scams

BoE forecasting held back by out-of-date tech - Bernanke

BoE forecasting held back by out-of-date tech - Bernanke

Lloyds Bank cuts risk dept headcount

Lloyds Bank cuts risk dept headcount

Insurers target crypto market

Insurers target crypto market

Cyber attacks cost financial firms $12bn says IMF

Cyber attacks cost financial firms $12bn says IMF

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[Webinar] Cross Border Payments: Hitting G20 targets for speed, cost, and transparency[Webinar] Cross Border Payments: Hitting G20 targets for speed, cost, and transparency
Security blogs
Fintech  

How innovation in encryption is helping secure the credit card approval process

Ghazi Ben Amor

Ghazi Ben Amor - Zama - Paris

Operational Risk Management  

DORA – Navigating the EU’s Operational Resilience Landscape

Antony Fung

Antony Fung - CJC - London

Fintech  

The importance of risk management in trading

Kate Leaman

Kate Leaman - AvaTrade - London

Digital Identity Management  

Navigating the digital identity landscape: A blueprint for financial services competitiveness

Adam Preis

Adam Preis - Ping Identity - London

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Latest TV
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Pivotal trends for sustainable growth in financial services

Pivotal trends for sustainable growth in financial services

Amidst the evolving financial services landscape, three pivotal trends have emerged: operational resilience, generative artificial intelligence, and modernisation. As institutions navigate the complexities of digital transformation, the importance of building resilient systems, harnessing the power of gen AI responsibly, and modernising tech stacks becomes increasingly evident. In a conversation with Monica Sasso, Global Financial Services Digital Transformation Lead at Red Hat, we delve into these trends, exploring their implications and the strategies needed for sustainable growth.
“Ubiquitech” The five key pillars for digital transformation

“Ubiquitech” The five key pillars for digital transformation

In this episode of Unplugged, Ruth Wandhofer, Chair of the Ubiquitech Group, discusses the UK’s transition from Fintech to “Ubiquitech”, the era of ubiquitous technology, and the road map to ensuring a sustainable, inclusive, and accessible digital economy. We review strategic recommendations for cyber security, digital systems in trade, and the digital skills education needed to support the UK’s digital economy.
Unveiling Fintech's Future: The innovations and regulations making change

Unveiling Fintech's Future: The innovations and regulations making change

During UK FinTech Week at IFGS 2024, Gurdeep Singh Kohli of Standard Chartered Ventures, discusses the impact of digital disruptors on UK FinTech, citing regulatory support and funding as key drivers. He highlights Challenger banks' success in improving client experiences and addressing SME needs. We look at approaches to innovation, emphasizing experimentation and the importance of security in emerging technologies like digital assets and artificial intelligence.
Fintech & Beyond: The wider industry impact

Fintech & Beyond: The wider industry impact

Kicking off UK Fintech week at the 10th year of IFGS, Janine Hirt, CEO of Innovate Finance, speaks to FinextraTV about the impact of Fintech across non-financial industries and the importance of collaboration between Fintechs, government, industry and regulators in shaping the economy, addressing inequality, and strengthening social justice and peace. We hear about how the consumer will benefit from Embedded Finance and Open Data and the role AI, regulation and push payment fraud will play in helping drive sustainable finance over the next 10 years.
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Dominique Dierks

5 common types of data breaches in the financial sector

Dominique Dierks - Content Manager - Finextra
Discussion
Hacker for hire a rising Trend
Wes Barts

Wes Barts

  ( whats app:: +-1 /863/60/68/347 )( Mail; muyerntrusted[at] mail-me [dot] c o m ) I can still recall the unsuspecting exchange with my friend that was the gateway to a devastating scam orchestrated by hackers. Little did I know, his account had been compromised, and I was unwittingly drawn into their web of deceit. Over two days, the conversation turned sinister as I was roped into promoting Bitcoin mining and creating promotional videos for a dubious company under my friend's endorsement. In the blink of an eye, my account became a tool for perpetrating fraud, as the hackers exploited my credibility to scam my friends on Instagram. The losses were staggering, with $300,000 worth of Bitcoin and cash vanishing into thin air, leaving a trail of devastation in its wake. As accusations flew and fingers pointed, I was cast as the unwitting villain in a nightmare of my own. Turning to the online abyss for answers, I stumbled upon the Muyern Trust Hacker team, a beacon of hope in my darkest hour. The Muyern Trust Hacker team unraveled the intricate web of deception spun by the hackers, exposing the truth and clearing my name of any wrongdoing. With their help, I could reclaim my stolen assets and rebuild the bridges burned in the firestorm of deceit. In the end, justice prevailed, and I emerged stronger and wiser from the crucible of adversity. Thanks to the Muyern Trust Hacker team, I was able to reclaim my reputation and regain the trust of my friends, proving that even in the face of betrayal, redemption is possible with the right support of Muyern Trust Hacker.

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Police bust cybercrime phishing subscription network
Jamie French

Jamie French

  Love to see it! Well done to the Met, and an even bigger well done to whoever made the call to colaborate with Chainalysis, Intel 471, Microsoft, The Shadowserver Foundation and Trend Micro. That was smart!

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Are fintechs destined to become banks?
Scott Hamilton

Scott Hamilton

  Very thorough analysis, and thank you Vladimir Krasik, for sharing it. I'm sure there are a few more questions still to be answered in this discussion. I am particularly wondering about the impact of the apparent dissolution of the Goldman/Apple partnership. I know it's just one example, and maybe not the best one, but will other high-flying fintech/banking partnerships grab such headlines, or scrutiny, as it has? And how will they be more fruitful for both parties? Supposedly, the bad blood is due to the link-up's reported unprofitability for Goldman and perhaps also to Apple's own discontent with the arrangement. What's next for Apple, a link with a larger, more established player in cards or retail banking? Also, I think a continuing question for many fintechs is how they get paid, i.e., if they provide 'free' services to customers, where is the revenue coming from to do so? In traditional banking models, it's from the spread between deposit and lending rates, fees for services, and in the case of credit card issuers, from interchange and related fees on purchases. You outline well how Wise and others decided that accounts and lending (cards especially) were an excellent opportunity for growth beyond their initial product offerings. For a fintech becoming a bank - and especially for its present and future investors - this may be looked at as a more stable opportunity for growing revenue as opposed to building volumes on a potentially 'teetering' or vulnerable source of income, like credit card interchange (under significant attack recently in the courts), subscription fees, advertising revenue, or sale of customer data to others.

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Lloyds Bank cuts risk dept headcount
Ketharaman Swaminathan

Ketharaman Swaminathan

  Kudos to Lloyds Bank. I don't recall any other bank anywhere in the world taking such a public and explicit stance on what has always been well known in business: Mitigating risk does not pay the bills. Screening for risk is okay in loan approval, credit card authorization, and other transactional areas but too much risk sensitivity blocks strategic transformation. Most often, risk professionals lack the competence to analyze risk in the TO-BE transformed state in a rigorous manner, so they lean towards blocking the transformation as CYA strategy. Too much risk sensitivity is one big reason why banks have lagged fintechs in product and UX. I'm not saying banks should mimic fintechs' products and UX but, if that's what they want to do, downsizing risk department headcount is the way to go.

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Worldcoin banned in Portugal over privacy concerns

Worldcoin banned in Portugal over privacy concerns

Russia-linked fintechs hit with US sanctions

Russia-linked fintechs hit with US sanctions

Swift selected to build national confirmation of payee service in Australia

Swift selected to build national confirmation of payee service in Australia

JPMorgan plans major roll out of biometric payments

JPMorgan plans major roll out of biometric payments

The long read
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Andersen Cheng

Why financial institutions must move quicker on quantum

Andersen Cheng - Chairman, Post Quantum
Elsewhere...

  1. The Guardian

    Sim-swap fraud: How your bank account can be emptied by phone

  2. BBC

    Identity theft: Belfast man speaks of stress after scam

  3. BBC

    Crypto scam: Man scammed out of six-figure sum gets money back

  4. The Independent

    Fraudsters use deepfake technology to trick employee into paying millions

  5. This is Money

    Thirteen banks back our campaign to force tech giants to crack down on fraud

The long read
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Scott Hamilton

Why don’t Canadians trust data providers?

Scott Hamilton - Contributing Editor, Finextra