Security news

Security headlines

Socure grows leadership team

18 h

Mitek appoints David Lyle as CFO

20 Dec

Fingerprints supports Thales’s fourth-generation biometric payment card

19 Dec

Cleafy revamps banking security to deal with pressing malware threats

19 Dec

AmEx upgrades to SafeKey 2.3 Protection for safer shopping on consoles and speakers

15 Dec

Visa bids to combat token fraud

14 Dec

Entersekt acquires Modirum 3-D Secure software business

12 Dec

Allianz develops machine-learning ‘Incognito’ tool to identify fraud claims

11 Dec

Bank of Khyber selects BPC to implement 3D Secure authentication

11 Dec

Block's self-custody bitcoin wallet launches globally

07 Dec

More /security announcements »

Finextra's year in review

With 2023 drawing to a close, we take a look back at our most popular news items, videos and community engagement activities over the course of the past year.

Continue reading »

EBL to launch 'world-first' biometric metal card

Concepts to commercialisation: Growing digital assets

PSR enforces "step-change" in reimbursement rules for APP fraud victims

APP fraud fighter Salv raises €3.9 million for launch into UK

CommBank and Vodafone share real-time intelligence on SMS scams

HSBC trials quantum protection for AI-powered FX trading

Ransomware attack on vendor causes outages at 60 credit unions

UK to bring tech firms to account under new Online Fraud Charter

Symphony and Google launch AI-based JV for phone calls

[New Event Report] Cloud innovation paves path to the future

[New Event Report] Cloud innovation paves path to the future

Security blogs

Digital Identity Management

The Horizon of Identity Verification: New Threats and Future Techniques

Robert O'Farrell

Robert O'Farrell - ID-Pal - Dublin

Artificial Intelligence and Financial Services

Maximizing Conversions While Minimizing Financial Fraud: The Benefits of Machine Learning Models

Priya Kumari

Priya Kumari - MSys Technologies - Pune

Digital Identity Management

Current Techniques in Identity Verification: Establishing a Chain of Trust (continued)

Robert O'Farrell

Robert O'Farrell - ID-Pal - Dublin

Card Not Present Transactions – Friend or Foe? – Transaction Volumes Are Soaring but so Is Fraud

Mike Kresse

Mike Kresse - FIS - Jacksonville

See all /security blogs »

Latest TV

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Concepts to commercialisation: Growing digital assets

In the lead up to Singapore Fintech Festival, Lee Zhu Kuang, Chief Digital, Data and Innovation Officer for Securities Services, HSBC, evaluates the transformative impact of tokenisation and the role of AI standardisation in enhancing scalability and interoperability. We discuss the impact of digital assets and the need to balance financial expertise, regulatory compliance, custody services, and investor security for sustainable industry growth.

Disrupting Financial Crime with RegTech

Costing up to $3.5 trillion annually, global financial crime demands an innovative response. By accelerating solution deployment and enhancing industry standards, Deborah Young, CEO of The RegTech Association, looks to education initiatives and collaboration to address the issue; setting the stage for the 'Regulatory Public Infrastructure' panel at this week’s Singapore FinTech Festival.

Advancing ESG practices through tech infrastructure & clearer regulations

Dr Darian McBain, Chief Executive Officer of Outsourced Chief Sustainability Officer Asia, explores the role of technology infrastructure and the need for clearer regulations to advance ESG practices. We evaluate the impact of payment rails and highlight how seamless cross-border transactions in countries like Singapore, India, and Thailand, contribute to social inclusion by addressing challenges faced by migrants. The discussion also touches on the upcoming ESG debate at this year’s Singapore Fintech Festival, where teams will weigh the possibility of the next trillion being green.

Regulatory challenges with AI require a collaborative response

Jo Ann Barefoot, Founder & Chief Executive Officer of Alliance for Innovative Regulation (AIR), discusses the challenges presented by rapidly evolving AI in the global banking landscape and examines the pace of regulatory response. In the lead up to Singapore Fintech Festival 2023, the discussion covers ethical AI innovation, the risks associated with fraud and bias, and the potential role of AI assistants in consumer protection. Jo emphasizes the importance of regulators adopting cloud technology and AI, highlighting the significance of collaborative efforts among stakeholders to navigate the intricacies of AI in banking.

The long read

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Simon West

How to fortify your business against cybersecurity attacks in 2024

Simon West - Director of Customer Engagement, Resilience

Discussion

PSR enforces "step-change" in reimbursement rules for APP fraud victims

Ketharaman Swaminathan

Ketharaman Swaminathan

@Finextra Member @ 10:37 +1. That's what Zelle has done in USA: Changed an otherwise irrevocable method of payment to revocable in the event of APP Scam. Makes sense. I see no reason why bank shareholders should pay the price for negligence of payors and / or populist Drunk Under Lamp Post regulation by government trying to curry favor with vote bank.

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PSR enforces "step-change" in reimbursement rules for APP fraud victims

Ketharaman Swaminathan

Ketharaman Swaminathan

Banks will thank regulators / PSR for giving them the chance to delay payments and earn float income under the pretense that they're "carrying out extra due diligence on the authenticity of the payment". PayPal, Visa and MasterCard will thank regulators / PSR for giving banks the opportunity to deflect ecommerce payments from A2A to PayPal and credit card modes under the pretense that PayPal and credit card provide greater scam / fraud protection, as Santander has already started doing (Source: Finextra). Like most Drunk Under Lamp Post regulation, this one is also likely to have unintended - but highly predictable - consequences that will vitiate the basic purpose of the regulation.

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PSR enforces "step-change" in reimbursement rules for APP fraud victims

A Finextra Member

A Finextra member

The rule should be that the "finality of payment" rule is revoked for APP fraud and monies are returned to payer. Why should the banks take the blow if the monies still are on fraudster´s or the goal-keeper´s accounts? Banks should take the compensation only if the monies cannot be charged back all the way. The practice that banks pay up incentivise fraudsters to keep up the game. It is like a burglar defending the action by that "the stolen goods are being compensated by the home insurance anyway and therefore no victims". Furthermore there needs to be a deductible.

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PSR enforces "step-change" in reimbursement rules for APP fraud victims

A Finextra Member

A Finextra member

Now taking bets on the multiple increase in APP fraud once this comes in. 🧐 The biggest winners will be the criminals that will exploit this new (ill thought out) rule. The sensible thing to do by all FI’s to ignore the whole concept of FP and delay all payments - great move PSR, you have demonstrated how out of touch you have become.

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Featured

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UK companies backsliding on sanctions screening

73% of FS execs expect GenAI to take their jobs

Mastercard and NEC team on in-store biometric payments

Contractor gets four-year jail term for defrauding bank of over £2 million

The long read

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Madhvi Mavadiya

How to avoid generative AI hallucinations

Madhvi Mavadiya - Finextra Research

Elsewhere...

The long read

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Madhvi Mavadiya

AI Safety Summit: What happened at Bletchley Park?

Madhvi Mavadiya - Finextra Research