Fintech News

FEBRUARY 14, 2024

The trade finance industry has been aspiring for greater digitalisation, striving to tap into potential benefits such as improved transparency, efficiency, risk mitigation and support for small and medium-sized enterprises (SMEs). Finally, efforts to digitalize trade have been held back by the lack of clear direction.

Finance 122

Finance Distributed Ledger Technology (DLT) Payment APIs and Integration Legal Framework 122

VISTA InfoSec

JANUARY 9, 2024

Below, we present a meticulously curated list that highlights the transformations in requirements and test procedures from PCI DSS v3.2.1 This change accommodates a broader spectrum of technologies that meet the security objectives traditionally addressed by firewalls. Defined Approach Requirements and Testing Procedures 1.1.1

PCI DSS 113

PCI DSS Procedures Authorization Security 113

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. The potential impact of failed or inadequate internal systems, processes, procedures, etc.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

VISTA InfoSec

FEBRUARY 16, 2024

These measures help mitigate vulnerabilities that hackers could exploit. The requirement mandates that software development procedures must be documented and examined to ensure that all security considerations are integrated into every stage of the development process. PCI DSS v3.2.1 PCI DSS v4.0 Requirement 6.3 PCI DSS v3.2.1

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

PYMNTS

SEPTEMBER 29, 2017

One of the most crucial areas for banks’ treasuries is risk mitigation , which, according to Beaulande, has become more complex as it relates to other areas of treasury management. Managing Risk. Sixty percent said that internal regulatory examinations include an assessment of risk management practices.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

PYMNTS

JULY 1, 2020

A strategy that is “multi-layered” that makes use of manual and digital information analysis provides the best odds of organizations discovering and alleviating fraud caused by synthetics, according to the Fed’s “Mitigating Synthetic Identity Fraud In The U.S. Payment System” report. . percent and 0.6

Fed 76

Fed Federal Reserve Mitigation AI 76

PYMNTS

SEPTEMBER 21, 2020

It said the letter addresses the use of stablecoins supported by one fiat currency on “a one-to-one basis where the bank verifies at least daily that reserve account balances meet or exceed the number of the issuer's outstanding stablecoins.”.

Office of the Comptroller of the Currency 68

Office of the Comptroller of the Currency Stablecoins Fraud Prevention OCC 68

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

The Payments Association

DECEMBER 2, 2024

From safeguarding consumers against fraud to accelerating innovation in digital payments, regulators across the globe have introduced sweeping reforms aimed at addressing the challenges and opportunities of an increasingly digital and interconnected economy. Additionally, the MiCA regulation could create new challenges. at the time. .’

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

PYMNTS

MARCH 30, 2018

“However, in some cases, complaints go unresolved to the satisfaction of the customer or cannot be dealt with by this internal procedure.”. Reports said the group aims to develop alternative solutions to dispute resolution and to address the needs of both banks and small businesses when mitigating. Earlier this month, U.K.

Small Business 66

Small Business Disputes Procedures Addressing 66

Fintech News

JULY 24, 2024

Addressing these factors requires a holistic approach encompassing technology, processes, and people to construct resilient financial infrastructures. The Step phase involves implementing solutions and procedures for seamless upgrades, migrations, and reconstructions.

Finance 115

Finance Risk Mitigation Automation AI 115

VISTA InfoSec

JULY 31, 2023

It is then up to the business to engage a consultant or take other appropriate measures to address the areas of non-compliance. Create a Formal Procedure : Establish a standardized process for restricting network access by configuring rules and criteria for your firewalls and routers. and prepare your organization for any changes.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

The Payments Association

DECEMBER 16, 2024

In addition to navigating multi-country operations and handling diverse currencies for payments and receipts, they must also address foreign exchange (FX) riskor exchange rate risk. While external factors are harder to control, businesses can mitigate their impact through effective strategies. process inefficiencies).

International Payments 88

International Payments Risk Payments Strategy Multi-Currency 88

Fintech News

DECEMBER 13, 2023

As this digital revolution continues to reshape the financial landscape, it is crucial to examine the future of the monetary system and address the challenges the crypto industry faces. This may involve regular reviews and updates to internal policies, procedures, and technology systems.

Financial Crimes 115

Financial Crimes Money Laundering Crime Risk 115

The Payments Association

DECEMBER 9, 2024

Generative AI also addresses training challenges for AI models. Moreover, synthetic data can address issues of data bias, as generative AI can create more balanced datasets that reflect a broader range of scenarios. Likewise, AI-generated speech samples enhance voice recognition, distinguishing genuine users from impersonators.

Privacy 88

Privacy AI Payment Security Security 88

Fintech Finance

OCTOBER 8, 2024

Confusion around billing descriptions makes it that much harder for customers to recognise valid descriptions and by mistaking them for fraud, it can lead to unwarranted disputes and chargebacks for merchants, costing them money, resources and reputational damage, if not addressed.

Disputes 98

Disputes Consumer Transactions Cross-Border 98

PYMNTS

MARCH 2, 2020

So as we looked for areas to focus on in healthcare, we recognized that fraud, waste and abuse could benefit from our experience and competencies, given our leadership in fraud mitigation and security,” Griffin said, noting Mastercard’s 2017 acquisition of AI firm Brighterion.

AI 86

AI Visa Payer Law Enforcement 86

Fi911

DECEMBER 3, 2024

By setting a cap on the number of transactions a user can initiate within a specific period, velocity checks aid in reducing the incidence of fraud, thereby mitigating potential losses to merchants. For instance, the Address Verification Service, CVV verification, geolocation, proxy piercing, biometrics, and more.

Checks 52

Checks Fraud Prevention Account Takeovers Fraud Detection 52

Fi911

MAY 22, 2024

Different types of payment reversals exist, each with distinct procedures and implications. Address customer complaints and inquiries promptly to resolve potential issues before they escalate. Also, implement fraud detection systems to identify and mitigate suspicious transactions. Why Do Payment Reversals Happen?

Payer 88

Payer Address Verification System (AVS) Disputes Payee 88

PYMNTS

DECEMBER 4, 2018

With the Red Flags Rule , financial firms and some creditors have to implement a written identity theft prevention program aimed at detecting red flags of identity theft during the course of normal operations, take steps to prevent it and mitigate damage as a result of it.

Identity Theft 64

Identity Theft FTC Rules Card Issuer 64

PYMNTS

DECEMBER 17, 2018

The FinCEN said UBSFS didn’t develop and use an appropriate anti-money laundering (AML) system to address the risks in accounts from both traditional brokerage and banking services. Broker-dealers providing banking-like services must properly mitigate the AML risks associated with this kind of service.

Fincen 55

Fincen AML Money Laundering BSA 55

Innovative Payments Association

AUGUST 29, 2024

By understanding these risks, businesses can develop appropriate controls to mitigate them. Develop Written Policies and Procedures Clear and comprehensive written policies and procedures are essential for a strong compliance program.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

Nanonets

MAY 31, 2023

AI can help mitigate these issues. Technologies such as machine learning and natural language processing have revolutionized the finance function by automating and streamlining various financial procedures. Communicate the benefits of AI adoption to your finance team and address any concerns or resistance well ahead of the integration.

AI 122

AI Finance Fraud Detection Mitigation 122

PYMNTS

JANUARY 1, 2021

The Office of Foreign Assets Control stated in announcing the deal: "As a result of deficiencies related to BitGo’s sanctions compliance procedures, BitGo failed to prevent persons apparently located in the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria from using its non-custodial secure digital wallet management service.

Bitcoin 80

Bitcoin Cryptocurrency OFAC Treasury 80

Nanonets

MAY 22, 2023

Financial controls are the procedures, policies, and means by which an organization monitors and manages its revenues, costs, budgets, cash flow, and other financial aspects. Anomalies might suggest errors or issues that need to be addressed. What are financial controls, and why are they important?

Automation 98

Automation Procedures Audit Process 98

Neopay

AUGUST 5, 2024

Effective safeguarding training covers the policies, procedures, and regulations that must be adhered to in order to minimise risks and maintain compliance with regulatory standards. This involves identifying and mitigating risks associated with safeguarding and understanding potential threats and vulnerabilities to client assets and data.

Compliance 52

Compliance Procedures Audit Risk Management 52

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

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.

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52

VISTA InfoSec

SEPTEMBER 28, 2023

The DPIA manages risk to these rights and addresses other related matters. Define Data Breach Policies and Procedures: We underscore the importance of Clause 8(6) of the DPDP Act. Choosing us as your partner mitigates non-compliance risks and shows your commitment to data privacy. 5 - (3 votes)

Privacy 130

Privacy Audit Data Breach Breach 130

Clearly Payments

JANUARY 8, 2024

By identifying potential vulnerabilities, merchants can take targeted actions to mitigate risks before they escalate. Implementing effective chargeback management practices is essential to minimize their occurrence and address disputes promptly. Chargebacks are generally the biggest concern that most merchants have.

Risk Management 67

Risk Management Risk PCI DSS Process 67

Neopay

JANUARY 25, 2024

The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

PYMNTS

JUNE 17, 2020

A Commerzbank spokesman could not immediately be reached for comment, but Britain’s Guardian newspaper quoted an unnamed bank spokeswoman as saying: “Commerzbank has cooperated fully with the Financial Conduct Authority to mitigate any potential compliance risks promptly and appropriately.

AML 52

AML Due Diligence Money Laundering Authorization 52

Global Fintech & Digital Assets

MARCH 5, 2024

Banks are expected to apply the follow guidance in connection with their digital asset custodial services: Governance and risk management : Prior to launching digital asset custodial services, banks are expected to undertake a comprehensive risk assessment and to implement appropriate policies and procedures to mitigate identified risks.

Authorization 59

Authorization Product Due Diligence Procedures 59

The Payments Association

JANUARY 3, 2025

A roundtable discussion among merchants addressing the evolving challenges of fraud in their operations across various sectors. On 19 November 2024, merchants from across sectors gathered in London as part of The Payments Associations Financial Crime 360 (FC360) series to address the ever-evolving challenge of fraud in their operations.

Fraud Detection 88

Fraud Detection Fraud Prevention Participant Financial Crimes 88

PYMNTS

MAY 4, 2020

“We’re living in the wealthiest country in human history, and the fact that these issues still exist, it’s very disappointing, and it feels like something that technology should be able to address.”. It’s why, he noted, Menlo has invested in Rivet Health and why he sits on their board.

Innovation 91

Innovation Payer Procedures Addressing 91

PYMNTS

DECEMBER 23, 2020

Finding payment solutions that can address freelancers’ unique cross-border payments challenges is the next step for the businesses that employ them. Many firms utilize internal payment processes involving at least some manual procedures, relying on employees to wade through invoices and other documents to finalize transactions.

Cross-Border Payments 108

Cross-Border Payments Cross-Border Wire Transfer Wire 108

Stax

AUGUST 22, 2024

Understanding, addressing, and managing them is crucial for maintaining business operations while ensuring safe payment processing for clients. To mitigate some of the financial risks, you can look into retaining a portion of the funds and creating reverse accounts. Let’s dive deeper into risk management practices for PayFacs.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88