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The rise of generative AI in payment security: A double-edged sword for data privacy

The Payments Association

The dual impact of generative AI on payment security, highlighting its potential to enhance fraud detection while posing significant data privacy risks. It underscores the need for payment firms to balance AI innovation with robust privacy and regulatory compliance to protect sensitive consumer data. Why is it important?

Privacy 88
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Swift and Google Cloud Join Forces to Combat Fraud with AI Innovations

Fintech News

The partnership will leverage advanced AI and federated learning techniques combined with privacy-enhancing technologies (PETs) and Trusted Execution Environments (TEEs). This will enable collaborative intelligence without compromising the privacy or security of sensitive financial data.

SWIFT 111
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BIS Completes Project Mandala, Automating Cross-Border Transaction Compliance

Fintech News

These examples highlight Mandala’s ability to support transparency and regulatory oversight without compromising transaction speed. The project’s system architecture integrates both new digital asset frameworks and traditional financial networks, such as SWIFT, allowing it to function within various financial infrastructures.

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Google Cloud and Swift Pioneer Advanced AI and Federated Learning Tech to Help Combat Payments Fraud

Fintech Finance

The partnership: Google Cloud and Swift Google Cloud is collaborating with Swift along with technology partners including Rhino Health and Capgemini to develop a secure, privacy-preserving solution for financial institutions to combat fraud. This is a global epidemic that demands a collaborative effort to achieve meaningful change.

SWIFT 95
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Understanding the Cyber Risks in Video Communication

VISTA InfoSec

However, this convenience comes with significant cyber risks that can compromise sensitive information and privacy. Malware and Ransomware Malware and ransomware are significant threats in the realm of video communication, with attackers leveraging these tools to compromise devices and networks.

Risk 277
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Guarding the Gates: Data Compliance and Privacy

Segpay

The rise of data privacy concerns has led to a surge in global regulations, such as the EU General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), which are drafted to protect peoples individual data protection rights. If a breach occurs, identity data, once compromised, is hard to restore.

Privacy 105
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GDPR and Biometric Data: Ethical Considerations and Privacy Implications

VISTA InfoSec

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