FICO

MAY 29, 2020

In the UK alone, it is estimated that more than 80 million affordability assessments are completed each year, most of which are done manually over the telephone. It has taken a long time, but the capabilities are now available to make affordability assessment quick, safe, forward-looking, and intelligent.

Assessments 52

Assessments Mitigation Adjustments Risk 52

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 101

Money Laundering Risk Crime Law Enforcement 101

The Fintech Times

JULY 31, 2024

“One of the most meaningful ways we protect our customers and their homes is to work with them to understand and mitigate risk,” said Rebecca L. ” With ZestyAI models, carriers are able to move from territory-based segmentation to a property-by-property risk assessment. Stolte , assistant vice president at Amica.

Risk 59

Risk AI Risk Assessment Assessments 59

Fintech News

AUGUST 20, 2024

Dian highlighted that while digitalisation offers significant efficiency benefits, it also introduces challenges and risks that must be mitigated to ensure banking stability. “This requires a resilient banking system because it can affect the continuity of bank operations and businesses.

AI 106

AI Mitigation Assessments Risk 106

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 104

Third Party Vendors Cybersecurity Mitigation Encryption 104

Fintech News

DECEMBER 12, 2023

Credit rating agency S&P Global Ratings has unveiled its new stablecoin stability assessment service, designed to evaluate their capability in maintaining a stable value in comparison to traditional fiat currencies. The assessment methodology employed by S&P Global Ratings is thorough and multifaceted.

Stablecoins 110

Stablecoins Assessments Risk Assessment Risk 110

Fintech News

APRIL 28, 2024

The accreditation was granted following a meticulous evaluation process conducted by SFA, with an independent assessment by Price Waterhouse Coopers (PwC). Introduced in October 2022, the BNPL Code of Conduct aims to mitigate risks of consumer over-indebtedness and ensure fair practices within the sector.

BNPL 105

BNPL Compliance Accreditation Consumer Protection 105

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. The post COSMIC Platform Goes Live in Singapore to Combat Financial Crime appeared first on Fintech Singapore.

Financial Crimes 95

Financial Crimes Crime Money Laundering Law Enforcement 95

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

VISTA InfoSec

SEPTEMBER 26, 2023

We’ve delved into this new act in our series of blog posts. If you’re new to our site or have just come across our website, we highly recommend perusing our earlier posts, especially “ Understanding the Basics of the DPDP Act , ” for a thorough grasp of the DPDP Act. So, without further ado, let’s dive in!

Compliance 130

Compliance Breach Privacy Mitigation 130

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. The post FCA Supervisory Activity Infographic appeared first on Neopay.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

Finovate

AUGUST 30, 2024

Risk mitigation and compliance solution provider ValidiFI announced this week that Community Bank & Trust selected its technology to help verify bank account ownership and possession for potential borrowers. . ValidiFI was acquired by alternative bank and payment data firm Ribbit last June. Greg Rable is CEO.

Community Banks 52

Community Banks Tax Refunds Accounts Risk Mitigation 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

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 96

Authorization Risk Assessments Central Bank 96

Seon

MARCH 20, 2024

Digital footprint monitoring plays a crucial role in identifying and mitigating such schemes, enabling a proactive approach to fraud prevention. Digital Footprinting as a Critical Assessment Tool As businesses bleed five percent of their annual revenues to fraud, the imperative to reassess and fortify their fraud prevention strategies mounts.

Fraud Prevention 98

Fraud Prevention Assessments Phishing Mitigation 98

Finovate

OCTOBER 8, 2024

. “Plaid provides both market-leading authentication through online banking and traditional account and routing number validation in the background,” the company explained in a blog post. Plaid’s risk assessment results in fewer returns for recurring payments. The second benefit is lower risk.

Non-Bank 59

Non-Bank Risk Assessment Processors Returns 59

Finovate

SEPTEMBER 4, 2024

With Venminder, firms can manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and more.

Risk Management 59

Risk Management Risk Acquirers Due Diligence 59

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 78

Service Provider Due Diligence AML Money Laundering 78

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

Fintech News

JANUARY 10, 2024

Lawrence Wong Wong’s statement said, “MAS will continue to work with financial institutions to assess additional measures for higher risk transactions, including those relating to transfers to overseas payees and access of bank accounts from overseas locations.

Accounts 103

Accounts Scams Phishing Payee 103

Finovate

MARCH 13, 2024

Therefore, banks using AI systems must assess and reduce risks, maintain use logs, be transparent and accurate, and ensure human oversight. Photo by Tara Winstead The post 4 Things Banks Need to Know about the EU AI Act Passed Today appeared first on Finovate.

AI 111

AI Laws Fraud Detection Assessments 111

The Fintech Times

AUGUST 21, 2024

” Automation and risk mitigation Automation in property management is helping to cut costs and enhance efficiency, but it’s also playing a vital role in risk mitigation. “Tools that assess and mitigate risks… can transform historical cost centres into revenue streams,” McCormick adds.

Risk Mitigation 72

Risk Mitigation Payment APIs and Integration Mitigation Automation 72

VISTA InfoSec

OCTOBER 20, 2023

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. Perform ePHI Risk Assessment: Potential Threats: Identify threats to ePHI assets, including natural disasters, technical issues, and security threats. Hot sites: Have facilities for immediate takeover post-disaster.

Disaster Recovery 130

Disaster Recovery Regulatory Compliance Procedures Duplicate 130

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. Featured image credit: Edited from Freepik The post Unmasking the Threat of Deepfake Scams in the Financial Sector of Asia appeared first on Fintech Singapore.

Deepfake 123

Deepfake Scams Fraud Detection Verification 123

FICO

JANUARY 10, 2023

Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. Here are the five most-viewed posts from 2022 on the FICO Blog related to fraud. Read the full post. Matt recommended that lenders: Mitigate the risks now. Read the full post. FICO Admin. Tue, 07/02/2019 - 02:45. expand_less Back To Top.

Scams 52

Scams Posting Push-to-Card Compromise 52

Finovate

FEBRUARY 15, 2024

Features Offers precision-tailored LLM specializing in financial data Delivers transparent data sourcing with detailed audit trails Provides advanced data security measures, mitigating breaches and compliance violations Who’s it for? The post FinovateEurope 2024 Sneak Peek Series: Part 6 appeared first on Finovate.

Due Diligence 59

Due Diligence Risk Assessment CRM AI 59

Fintech Finance

AUGUST 27, 2024

EURI will be available on the Ethereum and BNB Smart Chain blockchains and subject to transaction monitoring and risk assessments for fraud identification and general risk mitigation. The post Banking Circle Launches the First Bank-Backed MiCA-Compliant Stablecoin, EURI appeared first on FF News | Fintech Finance.

Stablecoins 113

Stablecoins Multi-Currency Regulations Risk Mitigation 113

EBizCharge

JULY 22, 2024

Risk Management: Businesses can also proactively assess and manage financial risks associated with marketing campaigns to avoid high-risk investments and ensure financial transparency and accountability, so expenditures align with company objectives. Assessing and managing these risks quickly is paramount in maintaining financial stability.

Risk Assessment 52

Risk Assessment Assessments Risk Finance 52

Neopay

OCTOBER 10, 2024

These controls should be applied during both the onboarding of customers and through continuous transaction monitoring to mitigate fraud risks. Systems and controls Optimisation : Our team can help you review and optimise your fraud prevention mechanisms, ensuring that they are aligned with FCA expectations and effective in mitigating risks.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

The Fintech Times

APRIL 3, 2024

It also aims to identify and mitigate potential risks associated with criminal activities. The post Singapore Introduces COSMIC Platform to Combat Financial Crimes appeared first on The Fintech Times. “It complements the industry’s existing close collaboration with MAS and law enforcement authorities to combat financial crime.

Financial Crimes 59

Financial Crimes Crime Money Laundering Law Enforcement 59

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. Regulators play a key role in assessing and mitigating the systemic risks posed by fintech innovations.

Consumer Protection 105

Consumer Protection Innovation Consumer FinTech 105

Neopay

AUGUST 5, 2024

This involves identifying and mitigating risks associated with safeguarding and understanding potential threats and vulnerabilities to client assets and data. They should be equipped to challenge and assess new data, policies, or frameworks for compliance. Understanding risk management is also a crucial part of the training.

Compliance 52

Compliance Procedures Audit Risk Management 52

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

The Fintech Times

AUGUST 28, 2024

EURI will be available on the Ethereum as well as the BNB Smart Chain blockchains and subject to transaction monitoring and risk assessments for fraud identification and general risk mitigation. The post Banking Circle Makes Stablecoins More Accessible With Launch of EURI appeared first on The Fintech Times.

Stablecoins 80

Stablecoins Multi-Currency Risk Mitigation Risk Assessment 80

The Fintech Times

APRIL 15, 2024

“By analysing big data and rapidly assessing risks, AI empowers financial companies to make well-informed decisions. However, a significant revolution lies ahead – the personalisation of services based on individual user assessments. ” The post How Has AI Impacted the Embedded Finance Space in Recent Years?

Embedded Finance 134

Embedded Finance AI Finance Assessments 134

Neopay

MAY 7, 2024

The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls. This includes references to the travel rule and updates to sections on risk assessment and fraud. To find out more about how we can support your business, contact us here.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

Neopay

MARCH 7, 2024

Risk Assessment weaknesses: Annex 1 firms have demonstrated inadequacies in conducting comprehensive Business Wide Risk Assessments and Customer Risk Assessments, leaving significant gaps in their AML frameworks. The post FCA issues warning to firms over AML failings appeared first on Neopay.

AML 52

AML Financial Crimes Crime Risk Assessment 52