19 October 2017
visit www.avoka.com

Swift's Perez-Tasso warns of defining cybersecurity moment

16 June 2016  |  8775 views  |  0 fintech bubble

As Swift grapples with the fallout from a spate of recent attacks on bank websites, the messaging network's chief executive of the Americas and UK, Javier Perez-Tasso, has warned that the financial services industry is facing a defining moment in the fight for cybersecurity.

In the wake of the $81 million Bangladesh Bank hack details of more attacks on bank websites have emerged, with crooks attempting to steal huge sums of money through the Swift network.

Speaking at the Payments Panorama conference in Calgary, Perez-Tasso was at pains to emphasise that the Swift network itself has not been breached but was clear that the industry as a whole must act, talking up his organisation's hastily put together five-point security plan for members.

Perez-Tasso did not expand on the implications of the security programme for Swift's future business plans, although it is expected that the Brussels-based banking co-operative will pull back from its past expansionist strategy and adopt a more conservative outlook in the years ahead.

Elsewhere, the conference focused on the new wave of fintech innovation, with organiser the Canadian Payments Association getting in on the act by unveiling its new, pithier name, Payments Canada - although the bid to rebrand as a tech-savvy innovator was slightly undermined when the group's website fell over under the weight of interested visitors.

Daniel Eberhard, founder of Koho, a neobank entering private beta, was keen to stress that he came in peace, telling his audience of bankers that he is not in the game of trying to disrupt them and is only attempting to win over a very specific and fairly small part of the population.

Meanwhile, Interac CEO Mark O’Connell was in uncompromising mood. Noting Calgary's proximity to dinosaur-rich Drumheller, the debit network's chief insisted that the old financial giants are not about to go extinct, likening them to the sharks and crocodiles that have kept their place near the top of the food chain for many millions of years through gradual adaption.

At the other end of the evolutionary spectrum, five startups competed in the Fintech Cup, duking it out in four minute presentations for cash prizes. Taking the cup and C$20,000 was ZayZoon, a lending app which advances money to people and then automatically deducts funds from their accounts on their next payday. Runner up was Katipult, which provides crowdfunding software for private capital markets.

In the final session of the day, things got a little philosophical as panellists clashed on what role exactly a bank should play in their customers' lives. When the subject of money management and savings raised its head, Dave Mowat, CEO of ATB, floated the idea that a customer could ask a bank to not let them access money that was being put away for a specific goal.

This paternal concept of the bank, using its technology and data to guide and even force customers to act in their own interests, drew scorn from Equitable Bank's Andrew Moor, who questioned whether banks should interfere in how people spend their money. Even if that were desirable, Moor was clear that banks do not act in customers' best interests anyway, accusing them of mis-selling and other crooked behaviour.

The third member of the panel, Doug Steiner of Evree Corp offered a similar perspective, arguing that "there's no such thing as a good bank. If you're a perfectly good bank you'll not make any money".

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Walmart Canada to refuse Visa credit cards as interchange row heats up

Walmart Canada to refuse Visa credit cards as interchange row heats up

13 June 2016  |  9193 views  |  2 comments | 9 tweets | 12 linkedin
Swift to review strategy in wake of cyber attacks

Swift to review strategy in wake of cyber attacks

03 June 2016  |  12642 views  |  4 comments | 19 tweets | 24 linkedin
Swift outlines new security protocols as crisis escalates

Swift outlines new security protocols as crisis escalates

24 May 2016  |  9795 views  |  5 comments | 11 tweets | 30 linkedin
Canada's Competition Bureau sets sights on fintech

Canada's Competition Bureau sets sights on fintech

20 May 2016  |  9387 views  |  0 comments | 16 tweets | 15 linkedin
Canadian banks sign on for Apple Pay

Canadian banks sign on for Apple Pay

10 May 2016  |  9882 views  |  0 comments | 15 tweets | 7 linkedin
Swift warns banks of malware threat

Swift warns banks of malware threat

25 April 2016  |  9666 views  |  0 comments | 16 tweets | 12 linkedin
Canada to overhaul national payments infrastructure

Canada to overhaul national payments infrastructure

11 August 2015  |  9687 views  |  2 comments | 18 tweets | 12 linkedin

Related company news

 
visit www.capgemini.comvisit www.innotribe.comvisit www.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15852 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8976 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8082 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7163 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6303 views comments | 6 tweets | 3 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job