PYMNTS

SEPTEMBER 21, 2020

As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish. And in one recent edition of PYMNTS’ KYC/AML Tracker details, the rise of open banking is likely to spur a “fast track” for new AML efforts, including multifactor authentication (MFA) and strong customer authentication (SCA) processes.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

NOVEMBER 17, 2020

This negative experience is due to a number of factors, including ineffective communication, unclear directions on how to access their devices, and tedious processes when setting up their accounts that often require multiple password entries and multifactor authentication (MFA) setup.

Multifactor Authentication 107

Multifactor Authentication Online and Mobile Banking Checks MFA 107

Global Fintech & Digital Assets

DECEMBER 11, 2023

Under Section 41 of the Banking Law, the DFS superintendent can remove an officer or director for violating “any law or duly enacted regulation of the superintendent” relating to a regulated banking institution. By November 1, 2025, covered entities must comply with multifactor authentication and asset inventory requirements.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

PYMNTS

JUNE 8, 2020

The EU’s revised Payments Services Directive ( PSD2 ) requires FIs to securely offer up data about their customers to third parties, and Australia plans to enact similar laws this summer. MFA requires customers to prove their identities by providing at least two types of credentials. percent “less likely to be compromised.”.

Authentication 60

Authentication MFA Phishing Scams 60

FICO

NOVEMBER 7, 2022

The law today holds that consumers are not liable for “unauthorized” electronic funds transfers. Enable multifactor authentication (MFA), avoiding text or email for one-time passcode sharing whenever possible. That idea of authorization is where deep divisions start to appear.

Scams 52

Scams Authorization P2P Zelle 52