Swift has created a dedicated Financial Compliance Services unit to manage a growing number of service offerings. The new unit will focus initially on the development of a Know Your Customer Registry planned for launch later this year as well as the integration and development of existing services.
2014 looks to be a good year for fraudsters as government and law enforcement struggle to come to terms with the issues and the continuing spread of mobile continues to offer them poorly-protected targets.
Bitcoin is more traceable but less regulated, less expensive but more volatile, and more decentralised but less accountable, than a regular currency. Feeling confused? That’s not the half of it, according to Ernst & Young.
Financial crime specialist Fiserv has just launched its Financial Crime Risk Management platform, which aims to help financial institutions to ward off financial crime and slash their risk.
The UK High Court has ruled against Barclays in a case brought by remittance provider Dahabshiil, granting an injunction preventing the bank from closing Dahabshiil’s account.
Cybersecurity and cyber espionage have been in the headlines the past few years as leaked stories relating to government-sponsored activities have appeared and sabre rattling between aggrieved nations has moved to the public domain. At the same time an increased volume of distributed denial of service attacks (DDoS) on banks and other institutions carried out […]
As financial regulation on mobile phone recording grows ever tighter in Europe, a significant proportion of financial institutions still haven’t put in place any technology to handle it. They could be missing out, according to Steve Haworth, chief executive at computer telephony specialist TeleWare.
The US leads the world in card fraud, at least in part because it has lagged in the adoption of the EMV (Europay, MasterCard and Visa) Chip & PIN standard, and continues to use signatures for verification. One result, said Carolyn Balfany, group head for US product delivery at MasterCard Worldwide, during Money2020 in Las […]
Russia’s BCS Financial Group has chosen to install market abuse surveillance, insider dealing and compliance tools from specialist firm b-next, as the firm prepares to enter the UK market.
Authentication, risk management, transaction integrity and cardholder verification, are the four features that define the EMV standard, specified by EMVCo, the organisation that manages the EMV standards and associated compliance processes. These are designed to protect merchants, acquirers and cardholders from fraudulent transactions. However, closing the loop on fraud altogether will be almost impossible without […]
Banks should report all cases of fraud to law enforcement agencies and punishments should be substantially increased, according to a committee of MPs.
Nationwide Building Society has brought in a new tool from ATM maker NCR designed to protect its customers against card-skimming, a type of fraud in which criminals steal customer data from ATMs.
Credit and store cards have returned to the top of the list of fraud targets, with a 28% increase in the first four months of the year – at a time when overall fraud levels fell by 16.5%.
Brazilian exchange BM&F Bovespa has installed a new market surveillance system from Nasdaq OMX, which it says will help ensure the safety of all market participants on the Brazilian market.
As a rule of thumb, the fastest adopters of new technology are pornographers and criminals (two sets that often overlap). So it should come as no surprise that the latest thing to worry security specialists is 3-D printing. You’ll have seen the stories in the papers about how you can create real working guns with […]
Indonesian bank PT Bank Central Asia Tbk has adopted an anti-money laundering toolkit from specialist security firm Nice Actimize, to help the bank monitor for suspicious market activity and ensure regulatory compliance.
Information company Experian has improved its Hunter anti-fraud software to help banks and other financial services firms keep track of fraud.
In the history of bank robberies, the £30 million stolen by the Eurograbber attack in 2012 ranks as one of the all-time biggest, globally. And when you consider that this sum was stolen from more than 30,000 accounts across 30 banks in four European countries, using malware that affected both PCs and bank customers’ mobile […]
A 400% increase in malware for mobile devices masks a security scene where many of the threats are much as they have been for several years – but where the volume of attacks means that firms should think in terms of when they will be attacked rather than if they will be.
FircoSoft has signed a partnership with Indian IT services specialist iSolve to resell its watch list filtering products to financial institutions in India, where anti-money regulations are tightening. iSolve already sells compliance solutions to financial institutions in India, making the addition of FircoSoft’s filtering solutions to iSolve’s portfolio a logical step. It will be mainly targeting […]
The latest bi-annual Fraud Barometer from KPMG has shown a rise in individuals committing more traditional swindles such as Ponzi schemes, cheque fraud and procurement fraud. The findings are in broad agreement with figures from CIFAS, the UK fraud monitoring service, published last week
Banks worldwide have been struggling in the battle against financial crime. Recent high-profile examples demonstrate that the rate of anti-money laundering compliance enforcement is continuing to rise.
Identity theft soared during 2012, accounting for half of all financial fraud in the UK. This drove the level of account takeover frauds up by 53% during the year, according to CIFAS, the UK Fraud Prevention Service.
While the internet has provided inumerable benefits, it has also been the field for new types of fraud and rights infringements. If the financing used by people who illegally upload or otherwise exploit content were cut off, might it be possible to combat the spread of their activities?
