FICO

APRIL 3, 2020

The importance of Third-Party Risk Management is growing, and by association cybersecurity risk assessment. Doug Clare, Vice President of Fraud, Compliance and Security Solutions, at FICO discusses the challenge in a recent conversation with Chris Wallace, Director of Cyber Risk, at T-Mobile. . by FICO.

Best Practices 52

Best Practices Risk Management Risk Risk Assessment 52

Segpay

JUNE 13, 2024

This shows that as businesses and customers continue to rely on online payment systems the risk of falling prey to cyber security threats increases too. But it’s not just big companies who face this risk. In this post, we’ll discuss the best practices for businesses and customers to secure online payment against cyber attacks.

Best Practices 40

Best Practices Processors Transactions Security 40

Seon

JUNE 24, 2024

The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity risk management and monitoring. Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

FICO

APRIL 3, 2020

The importance of Third-Party Risk Management is growing, and by association cybersecurity risk assessment. Doug Clare, Vice President of Fraud, Compliance and Security Solutions, at FICO discusses the challenge in a recent conversation with Chris Wallace, Director of Cyber Risk, at T-Mobile. . by FICO.

Best Practices 52

Best Practices Risk Management Risk Risk Assessment 52

VISTA InfoSec

MARCH 6, 2024

assessment, understanding these changes to Requirement 10 will help you strategize your implementation approach. Other Logs Review "periodically" based on the company's risk assessment Periodic review is still required but now explicitly mentioned in Requirement 10.4.2 Maintains the risk assessment step.

PCI DSS 130

PCI DSS Procedures Best Practices Risk Assessment 130

Stax

JANUARY 8, 2024

However, several complex types of risks come along with this. As such, PayFacs need to equip themselves with an effective risk management strategy that helps them continuously monitor risks and employ appropriate risk responses if needed. could also be classified as operational risks. Let’s get started.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Seon

SEPTEMBER 20, 2024

SEON recently brought together industry leaders from the online lending space to discuss the evolving landscape of fraud prevention and risk management. Lenders are now focusing on alternative data signals to mitigate risk without excluding valuable customers.

Risk 52

Risk Fraud Prevention Deepfake Risk Management 52

FICO

JANUARY 6, 2022

For example, access to customer-level and non-traditional data such as consumer utility payment history provides risk assessments lacking in a thin credit file population. In the chart below, enhanced precision in risk detection observed by leveraging customer-level data. Source: FICO. .

Best Practices 52

Best Practices Origination Authentication Process 52

VISTA InfoSec

MARCH 5, 2024

Reflects the higher risk visitors can pose. Media Inventory Requires periodic inventories of all media Inventory specifically for electronic media with cardholder data Focus on where the highest risk data resides. To define the frequency of periodic POI device inspections based on the entity’s targeted risk analysis. PCI DSS v4.0

PCI DSS 147

PCI DSS Procedures Assessments Checks 147

FICO

MARCH 11, 2020

Subscription fraud is sinister as it is difficult to predict consumers who plan to intentionally defraud the service provider in their own name When non-payment occurs, is it because the consumer credit score did not effectively predict risk? Here are 4 best practices to fight subscription fraud. Was it intentional fraud?

Best Practices 52

Best Practices Identity Theft Risk Rules 52

VISTA InfoSec

AUGUST 22, 2023

This handling of biometric data poses substantial risks to personal freedoms and rights, leading to a general prohibition, as outlined in GDPR’s Article 9 (1) , against its use for uniquely identifying individuals. Voiceprint: Assessment of vocal attributes such as tone, pitch, and enunciation.

Privacy 130

Privacy Compliance Legal Best Practices 130

The Fintech Times

JUNE 26, 2024

For instance, machine learning models excel in processing vast amounts of data, enabling more accurate credit assessments and risk evaluations. However, with these benefits come new risks. The BIS highlights the need for robust cybersecurity measures and vigilant risk management practices to mitigate these threats.

Central Bank 59

Central Bank Risk AI Money Laundering 59

Seon

APRIL 23, 2024

As an umbrella term, fraud risk management encompasses the systematic processes of identifying, assessing and responding to an organization’s fraud risk. In the digital age, leveraging technology in fraud risk management is beneficial and essential in protecting an organization to ensure its long-term viability and success.

Risk Management 40

Risk Management Risk Technology Fraud Detection 40

The Fintech Times

JANUARY 25, 2024

This is especially true for financial services organisations, which need to balance the potential risks of dealing with PEPs, as well as protecting the right to access banking service. Given the high public profile of PEPs, there are also significant reputational risks if a customer feels mistreated.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

Fintech News

AUGUST 6, 2024

The MAS assessment emphasized the regulator’s role in promoting a sound financial sector, focusing on insurer risk management and long-term policy protection. When assessing a change in substantial shareholder, criteria like track record, financial soundness, and fitness are considered. billion (EUR 1.5

Consumer Protection 105

Consumer Protection Consumer Risk Management Best Practices 105

The Payments Association

OCTOBER 22, 2024

It represents a major regulatory shift, requiring firms to enhance governance, fair value assessments, and customer support, with significant compliance challenges. According to the FCA, every firm is expected to assess the risks their products and services carry to consumers and act accordingly to prevent potential harm.

88

88

VISTA InfoSec

FEBRUARY 16, 2024

a: Verify that software-development processes align with industry standards/best practices. - The software should be developed based on industry standards and/or best practices for secure development. - High-Risk Vulnerabilities: - Fix serious weaknesses ASAP that attackers could use to harm your system.

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

Neopay

JULY 4, 2024

These reports are critical for assessing and evidencing how firms have provided good outcomes for consumers under the Duty. Importance of board reports According to the Financial Conduct Authority (FCA), “Board reports are key to assess and evidence how firms have provided good outcomes for consumers under the Duty.”

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

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

VISTA InfoSec

FEBRUARY 21, 2024

We will also delve into the potential risks associated with unauthorized individuals gaining access due to ineffective access control rules and definitions. Requirement 7.2.5: Limit access for application and system accounts to reduce security risks. Note: These requirements do not apply to consumers (cardholders) 7.1:

PCI DSS 130

PCI DSS Database Best Practices Procedures 130

Fintech News

JANUARY 25, 2024

ServiceNow Gen AI to help EY risk management The alliance with EY involves ServiceNow offering solutions in generative AI (Gen AI) for compliance, governance, and risk management. These collaborations mark another noteworthy step in the integration of advanced AI technologies in compliance and financial services.

AI 115

AI Disputes Risk Management Risk Assessment 115

VISTA InfoSec

FEBRUARY 13, 2024

This proactive stance enhances Singapore’s resilience against cyber threats and also serves as a model for global best practices in cybersecurity. By sharing threat intelligence and best practices, organizations can gain insights into emerging threats and learn from the experiences of others.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

Fintech Review

JUNE 18, 2024

Best Practices for Hedge Fund Operations Implement strong governance and oversight. Standardize portfolio management procedures and segregate duties to minimize operational risk. Assess operational risk regularly. Avoid costly errors and regularly lapses. Invest in leading-edge fund management software.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

Fintech News

SEPTEMBER 17, 2024

DBS said that it will adhere to industry best practices for safeguarding clients’ digital assets, using institutional-grade cold wallets separate from DDEx for custody. The value of assets traded on DDEx has nearly tripled.

Cryptocurrency 59

Cryptocurrency Accreditation Best Practices Assessments 59

Stax

DECEMBER 4, 2023

An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff. With AML legislation, financial institutions are required to follow strict protocols for money laundering risk management.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

FICO

APRIL 10, 2019

It can be a wake-up call for an organization to obtain its cyber risk score and learn it is not as prepared for a data breach as it thought it was. for example, the Chamber of Commerce and FICO have launched a quarterly Assessment of Business Cyber Risk that looks at whole industries, through a roll-up of the FICO® Cyber Risk Score.

Risk Management 40

Risk Management Risk Best Practices Compromise 40

Fintech News

APRIL 7, 2024

Their comprehensive discussion sheds light on the significance of advanced AI and fraud detection technologies, and the importance of collaborative efforts to mitigate these risks. Incorporating passive risk signals during onboarding offers another layer of assurance.

Deepfake 132

Deepfake Scams Fraud Detection Verification 132

Neopay

OCTOBER 3, 2024

Outdated or inadequate processes can quickly become a liability, exposing the company to financial crime risks and regulatory action. Despite this mandate, Starling opened over 54,000 accounts for 49,000 high-risk customers over a two-year period. Training and continuous support : Compliance is an ongoing process.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Innovative Payments Association

SEPTEMBER 5, 2024

While these relationships can bring numerous benefits, they also come with inherent risks. 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.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

Fintech Review

FEBRUARY 13, 2024

As services transition online, consumers face new risks, including data breaches, online fraud, and exposure to unfair practices. 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.

Consumer Protection 105

Consumer Protection Innovation Consumer FinTech 105

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. Understanding risk management is also a crucial part of the training.

Compliance 52

Compliance Procedures Audit Risk Management 52

Stax

DECEMBER 20, 2023

TL;DR Merchant underwriting is the risk level assessment process an acquiring bank carries out on every new merchant before they grant them a merchant account. The bank assumes the risk on behalf of the business and needs to make sure that they screen new businesses before handing out merchant accounts. Let’s explore them below.

Underwriting 88

Underwriting Process Payment APIs and Integration Enrollments 88

The Fintech Times

SEPTEMBER 24, 2024

“By automating risk assessments and ensuring encryption and secure data management, regtech not only reduces the chances of human error but also enables continuous monitoring for data breaches, thereby safeguarding privacy in an increasingly complex digital landscape.

Privacy 107

Privacy Compliance PCI DSS Rules 107

Basis Theory

OCTOBER 1, 2024

On the other hand, organizations with Levels 2, 3, or 4 use Self-Assessment Questionnaires (SAQs) to audit their compliance program. and assessments, significantly eliminating prep efforts and reducing audit timelines (to as little as 21 days.) Return to Top Who needs to be PCI compliant?

PCI DSS 88

PCI DSS Compliance Encryption Assessments 88

EBizCharge

APRIL 26, 2024

AR management also helps minimize the risk of bad debt by implementing timely invoicing and diligent follow-up procedures, safeguarding profitability and financial stability. By implementing these best practices, you can ensure smoother operations and better financial outcomes for your business.

Accounts 52

Accounts Best Practices Disputes Procedures 52

FloQast

APRIL 8, 2024

In this article, we define what a SOX material weakness is and provide actionable strategies and best practices to avoid it. Significant deficiencies, while concerning, do not carry the same level of risk but should still be addressed to strengthen internal controls and prevent escalation into material weaknesses.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Fintech News

FEBRUARY 7, 2024

By analysing runtime permission requests such as RECEIVE_SMS and READ_SMS, Google Play Protect will automatically block installations from internet-sideloaded sources that pose a risk. Developers are also encouraged to review their apps’ permissions and adhere to best practices to avoid potential blocks by Play Protect.

Blocks 106

Blocks Scams Best Practices Adjustments 106