FloQast

APRIL 30, 2024

At their core, compliance programs are tasked with identifying and mitigating risks that could cripple organizations, from financial irregularities to data breaches. Reactive Risk Assessment Processes : Good reaction times can make you a lot of money. You’re probably seething reading the above (I know I am).

Compliance 100

Compliance Addressing Audit Risk 100

Fintech Finance

OCTOBER 24, 2024

Set to go live in early 2025, this premiere payments solution will integrate Plaid’s instant account verification (IAV) and network-powered risk assessment capabilities into Dwolla’s pay by bank platform.

Risk Assessment 90

Risk Assessment Payment APIs and Integration Verification Assessments 90

Fintech News

MAY 29, 2024

Singapore has released an Environmental Crimes Money Laundering National Risk Assessment (NRA), highlighting the primary threats and vulnerabilities associated with it. Singapore’s law enforcement and supervisory agencies will remain vigilant and implement appropriate measures to mitigate these risks.

Money Laundering 89

Money Laundering Crime Risk Law Enforcement 89

VISTA InfoSec

APRIL 28, 2024

offers essential guidelines and a framework to safeguard cardholders’ data and mitigate any potential data breaches that may occur in banks. Creating and maintaining a policy that addresses information security for all personnel. The Payment Card Industry Data Security Standard (PCI DSS) compliance 4.0 5/5 - (2 votes)

PCI DSS 130

PCI DSS Compliance Assessments Data Breach 130

VISTA InfoSec

JUNE 19, 2024

Therefore, this article explores the common cyber threats in video communication and provides strategies to mitigate them. Best Practices for Securing Video Communication Choose the Right Platform When evaluating different platforms, assess their security features comprehensively.

Risk 277

Risk Ransomware Phishing MFA 277

VISTA InfoSec

OCTOBER 21, 2024

This article explores the most common cyber security threats targeting SMEs, practical measures to mitigate risks, and essential steps to take in the event of an attack. Establishing reliable backup protocols can mitigate the impact of ransomware and ensure business continuity in times of crisis. Let’s get started.

Security 130

Security Phishing Ransomware Risk Assessment 130

Fintech News

JUNE 23, 2024

Singapore has released its updated Money Laundering (ML) National Risk Assessment (NRA) , highlighting increased risks in the digital payment token (DPT) services sector. The updated assessment highlights increased risks due to economic and geopolitical shifts, as well as the rise in technology-enabled transactions.

Money Laundering 92

Money Laundering Risk Crime Law Enforcement 92

VISTA InfoSec

OCTOBER 21, 2024

Hence, it’s essential to assess the following factors when deciding: Customization: The platform should allow for tailored solutions that meet the unique needs of your business. Change Management: Develop a change management strategy to address any resistance or concerns from your team.

Cybersecurity 130

Cybersecurity CRM Disaster Recovery Encryption 130

VISTA InfoSec

FEBRUARY 13, 2024

Vulnerability assessments involve scanning systems for known weaknesses, while penetration testing (or pen testing) takes a more aggressive approach by simulating cyberattacks to evaluate the effectiveness of current security measures. This makes cybersecurity education a crucial component of any comprehensive cyber defence strategy.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

Fintech News

MARCH 21, 2024

SEON’s multi-layered fraud prevention solution employs machine learning and artificial intelligence to safeguard PayLabo users with transaction monitoring, device fingerprinting, and comprehensive assessments to mitigate unauthorised use. The PayLabo platform has been able to offer this to its users since its launch.

Payment Service Provider (PSP) 93

Payment Service Provider (PSP) Fraud Prevention Cybersecurity Mitigation 93

VISTA InfoSec

OCTOBER 21, 2024

Advising on Data Protection Obligations DPO is required to provide advice to the organization on how they should handle data in line with legal obligations, especially for processing activities and data protection impact assessments (DPIAs). 3.Data Key Responsibilities of a Data Protection Officer 1.Monitoring

CCPA 130

CCPA Privacy Laws Data Breach 130

The Fintech Times

JULY 31, 2024

As natural catastrophes, including wildfires and convective storms, become more frequent and severe, insurers are looking for new ways to accurately predict and proactively address the growing threat of climate risk. Recognising this, ZestyAI provides property-specific data to help insurers determine the true risk for each property.

Risk 59

Risk AI Risk Assessment Assessments 59

Innovative Payments Association

AUGUST 29, 2024

Conduct a Risk Assessment Before building a compliance program, businesses should conduct a thorough risk assessment to identify potential compliance risks. This includes assessing the risk of money laundering, financial crime, and regulatory violations.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

Fintech News

FEBRUARY 21, 2024

In response, the National Institute of Standards and Technology (NIST) has initiated a global effort to standardise post-quantum cryptography (PQC), which includes identifying quantum-resistant cryptographic algorithms compatible with existing communication protocols to safeguard against CRQC threats.

Third Party Vendors 95

Third Party Vendors Cybersecurity Mitigation Encryption 95

VISTA InfoSec

AUGUST 22, 2023

As technology advances and the use of biometric data becomes more prevalent, it is crucial to address the privacy concerns and regulatory compliance associated with this sensitive data. By addressing these issues, organizations can strike a balance between reaping the benefits of biometric technology and protecting individuals’ privacy.

Privacy 130

Privacy Compliance Legal Best Practices 130

Fintech News

MARCH 31, 2024

This balance ensures the protection of legitimate customers’ interests while empowering FIs to effectively assess and mitigate risks associated with financial crimes. It complements the industry’s existing close collaboration with MAS and law enforcement authorities to combat financial crime.

Financial Crimes 86

Financial Crimes Crime Money Laundering Law Enforcement 86

Neopay

JULY 29, 2024

Without these defined outcomes, it is challenging to assess performance accurately. Unclear management information: Firms often struggle with identifying or accessing the necessary management information or data required for their assessments. This will provide a clear benchmark for your assessments.

Consumer 52

Consumer Assessments Compliance Best Practices 52

Fintech Review

JUNE 12, 2024

We explore the innovations in personalised insurance products, the role of IoT devices in data collection and risk assessment, and the challenges faced by established insurance companies integrating new technologies. Enhanced Risk Assessment IoT data provides insurers with a more accurate understanding of risk profiles.

Risk Assessment 96

Risk Assessment Regulatory Compliance Assessments Risk Management 96

Neopay

MAY 31, 2024

Additionally, the FCA implemented the Modular Assessment Proactive Programme (MAPP) and Focused Supervisory Interventions (FSI) to conduct targeted reviews and engagements with firms. Contact us today to learn how our comprehensive compliance solutions can help you bolster your financial crime prevention efforts.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

Fintech Review

MAY 7, 2024

Machine learning is particularly transformative in various fintech applications, such as personalised financial advice and risk assessment, marking a transformative shift in financial methodologies towards more advanced, data-driven approaches. It is essential to mitigate these risks to prevent potentially devastating impacts.

AI 98

AI FinTech Risk Assessment Fraud Detection 98

Seon

MARCH 20, 2024

trillion annually, reflecting a 56% increase over the past decade, the urgency to address digital fraud has never been more acute. Digital footprint monitoring plays a crucial role in identifying and mitigating such schemes, enabling a proactive approach to fraud prevention. for financial service firms and banks.

Fraud Prevention 98

Fraud Prevention Assessments Phishing Mitigation 98

VISTA InfoSec

OCTOBER 20, 2023

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. While entities can choose their methods for HIPAA disaster recovery planning, HIPAA mandates basic requirements in section 164.308(a)(7)(ii) , requiring organizations to address certain aspects.

Disaster Recovery 130

Disaster Recovery Regulatory Compliance Procedures Duplicate 130

Fintech News

JUNE 12, 2024

The complex nature of climate change, its global impact, and varying mitigation strategies across jurisdictions make monitoring and analysing climate-related financial risks particularly challenging. In response, BIS and MAS launched Project Viridis to explore the development of a climate risk platform.

Authorization 86

Authorization Risk Assessments Central Bank 86

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Understanding, addressing, and managing them is crucial for maintaining business operations while ensuring safe payment processing for clients. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

FICO

DECEMBER 19, 2022

Assessing Digital Identity — You Need to Ask “Who?” That seismic change continues to create inherent risks that banks must address in complex and creative ways. With this framework, FIs can effectively take false positives and assess for authorized fraud/scam exposure. AND “Why?”. FICO Admin. Thu, 08/22/2019 - 12:37.

Assessments 52

Assessments Scams Authentication Authorization 52

Clearly Payments

JANUARY 8, 2024

Identifying and Assessing Risks Understanding the lay of the land is the first step in effective risk management. Conducting a thorough risk assessment tailored to the specific nature of the business is essential. Conducting a thorough risk assessment tailored to the specific nature of the business is essential.

Risk Management 66

Risk Management Risk PCI DSS Process 66

Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. It is imperative for these firms to promptly address any identified shortcomings to align with regulatory expectations. These must be addressed.”

AML 52

AML Financial Crimes Crime Risk Assessment 52

Fintech News

OCTOBER 8, 2024

Under this proposal, DTSPs must apply for a license, and MAS will assess various aspects of the applicant’s business model, financial sustainability, and adherence to international regulatory standards. The aim is to mitigate the risks associated with such businesses.

Service Provider 71

Service Provider Due Diligence AML Money Laundering 71

Fintech Review

FEBRUARY 13, 2024

Consumer protection in the digital age isn’t just about enforcing rules; it’s about understanding the evolving risks and being proactive in mitigating them. Regulatory Frameworks Developing adaptable regulatory frameworks is essential in addressing the rapid pace of fintech innovation while ensuring consumer protection.

Consumer Protection 105

Consumer Protection Innovation Consumer FinTech 105

EBizCharge

NOVEMBER 12, 2024

Merchant underwriting requires a thorough assessment of a business’s potential financial risks to ensure safe and secure transactions. Risk assessment: After gathering the necessary information, a risk assessment is conducted to evaluate a business’s risk profile.

Underwriting 52

Underwriting ISOs Risk Assessment Assessments 52

VISTA InfoSec

SEPTEMBER 26, 2023

Assessing Penalties for Non-Compliance In the process of determining the monetary penalty to be imposed under Section 33 (1) , the Board takes into consideration several key factors. Mitigation Efforts: The Board will consider the data fiduciary’s mitigation efforts, including their timeliness and effectiveness.

Compliance 130

Compliance Breach Privacy Mitigation 130

Innovative Payments Association

SEPTEMBER 5, 2024

To mitigate these risks and ensure proper oversight of third-party relationships, it is crucial for organizations to go beyond traditional due diligence and establish a comprehensive third-party oversight framework. While these relationships can bring numerous benefits, they also come with inherent risks.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

Stax

JANUARY 8, 2024

Common risk management strategies for PayFacs include proper merchant vetting and onboarding, transaction monitoring and fraud prevention, chargeback mitigation, KYC/AML compliance, and data breach prevention. You should also have contingency plans or initiatives in place to mitigate the impact of a risk.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Fintech News

JUNE 5, 2024

In the IEOM award-winning paper titled “Reimagining the Management of Outsourcing Life Cycles in the Fintech Era for Financial Services,” Dr Thng, together with SMU Doctor of Engineering candidate, Tristan Lim, introduced a novel outsourcing life cycle management model tailored to address the unique nuances of financial services more effectively.

FinTech 93

FinTech Mitigation Risk On-Demand 93

Neopay

MARCH 4, 2024

Therefore, prioritising compliance, risk management, and ethical conduct is essential to mitigate the risk of regulatory scrutiny. Through proactive compliance management and diligent risk mitigation measures, firms can safeguard their reputation, protect consumer interests, and avoid being named and shamed in enforcement actions.

Compliance 52

Compliance Mitigation Risk Mitigation Regulatory Compliance 52

Segpay

MAY 1, 2024

The Act aims to ensure digital services’ continuity, security, and stability, particularly in critical sectors such as finance, by addressing various operational risks, such as cyber threats, system failures, and operational disruptions. A risk-based testing approach is required to detect and address potential ICT disruptions.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

The Payments Association

OCTOBER 21, 2024

Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks. Many will also use this as an opportunity to re-assess the investment required and make improvements that meet the ever-changing threat of economic crime.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88