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 109

Money Laundering Risk Crime Law Enforcement 109

The Fintech Times

OCTOBER 31, 2024

LSEG Risk Intelligence , the compliance, risk management and fraud prevention solution provider, has launched two new products designed to enhance financial security and drive operational efficiencies across the globe.

Mitigation 59

Mitigation Risk Global Payments Deepfake 59

VISTA InfoSec

MAY 24, 2024

Benefits of PCI DSS compliance for a small business: Enhanced Security reduces the risk of data breaches, fraud, and unauthorized access to sensitive cardholder data. It helps assess and mitigate security risks systematically by identifying vulnerabilities and implementing controls to address them before they materialize.

PCI DSS 240

PCI DSS Small Business Assessments Compliance 240

Fintech Finance

OCTOBER 7, 2024

The Supplier Stability in Operational Resilience Report highlights that over 32% of the organisations surveyed are unclear about who is responsible for mitigating the risks of supplier failure, service deterioration, and concentration risk for Software as a Service (SaaS) solutions. While 70.1%

Risk 101

Risk Regulatory Compliance Risk Management Mitigation 101

Fintech News

JUNE 12, 2024

The Bank for International Settlements (BIS) Innovation Hub and the Monetary Authority of Singapore (MAS) have developed a blueprint – Project Viridis – a climate risk platform aimed at helping financial authorities identify, monitor, and manage climate risks in the financial system.

Authorization 109

Authorization Risk Assessments Central Bank 109

Open Banking Excellence

AUGUST 23, 2023

How can businesses unlock the productivity gains of AI whilst mitigating the risk of ‘hallucinations’ and solving challenges around toxicity, privacy, bias, and data governance, asks Paul O’Sullivan, SVP Solution Engineering at Salesforce? Our approach is totally unique and reduces the risk of potentially dangerous errors.

AI 130

AI Risk Online and Mobile Banking CRM 130

Fintech News

NOVEMBER 17, 2024

This forum, comprising representatives from Asia Pacific financial regulators and cloud service providers, convenes twice a year to discuss best practices for managing cloud risks in the financial sector. This exercise comes at a time of heightened awareness surrounding the potential for widespread disruption from technology failures.

Risk 114

Risk Best Practices APACS Authorization 114

VISTA InfoSec

FEBRUARY 25, 2024

Virtually every industry faces data breach risks today as sensitive information gets digitized and networked across cloud platforms. For customers exposed to breaches, identity theft risks skyrocket, leading to bank/credit card fraud plus medical/tax/employment fraud. What Gets Breached?

Data Breach 266

Data Breach Breach Multifactor Authentication Cybersecurity 266

The Payments Association

AUGUST 30, 2024

The UK Finance Annual Mortgage Conference highlighted the need for ethical AI use and innovative solutions to address challenges in the evolving housing market. Read more

Mitigation 88

Mitigation Finance Risk Consumer 88

The Payments Association

NOVEMBER 25, 2024

De-risking endangers financial inclusion, driving MSBs out and boosting unregulated markets, calling for urgent reform. As professionals deeply embedded in the payments industry, we are acutely aware of the delicate balance between risk management and financial inclusion. The de-risking practices jeopardise these vital connections.

Risk 88

Risk Financial Crimes AML Financial Inclusion 88

VISTA InfoSec

OCTOBER 21, 2024

As financial institutions increasingly rely on digital infrastructure to enhance operations, customer experience, and security, they also face growing challenges in mitigating the risks that come with it, such as cyber threats, system failures, and other operational vulnerabilities.

Compliance 152

Compliance Third-Party Service Provider Risk Assessment Audit 152

Stax

AUGUST 22, 2024

In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Bank Automation

AUGUST 21, 2024

Financial institutions are looking to AI and generative AI to mitigate the rising risk of cyberattacks as fraudsters take advantage of the technology.

Cybersecurity 132

Cybersecurity AI Mitigation Risk 132

Fi911

FEBRUARY 14, 2024

Merchant accounts, while essential for facilitating electronic transactions, inherently carry a level of risk. To mitigate this risk, banks may mandate the establishment of a merchant account reserve, which involves setting aside a predetermined portion of a merchant’s revenue. Why Do Acquirers Mandate Account Reserves?

Risk Management 96

Risk Management Risk Accounts Processors 96

Fintech Review

OCTOBER 16, 2024

While the potential returns are attractive, the risks involved can be significant. At Fintech Review we explore yield farming and liquidity mining, analysing the rewards and inherent risks associated with these strategies. One of the biggest risks is smart contract vulnerabilities. Market volatility is another critical risk.

Assessments 98

Assessments Risk Returns Audit 98

The Fintech Times

JANUARY 16, 2024

Edward Metzger, vice president, market planning payments efficiency at LexisNexis® Risk Solutions, shares his predictions for the key payments trends to watch as 2024 unfurls. Edward Metzger, LexisNexis® Risk Solutions 1. LexisNexis® Risk Solutions can help. link] State,opportunities%20related%20to%20risk%20management.

Payments Trends 98

Payments Trends Risk Identity Theft Payments 98

FloQast

SEPTEMBER 18, 2024

The Strategic Shift: From Compliance to Risk Orchestration FloQast’s survey uncovered a pretty notable opportunity in the compliance landscape. While a significant 47% of compliance professionals are focused on reducing administrative demands, only 16% are exploring strategic risk orchestration. You know what’s the best defense?

Compliance 85

Compliance Risk Risk Management On-Demand 85

Fintech News

FEBRUARY 21, 2024

However, they also pose a significant threat to the integrity of widely-used encryption methods, putting financial transactions and sensitive information at risk. FIs are also encouraged to explore other quantum security solutions, including QKD, as part of their risk management strategies.

Third Party Vendors 113

Third Party Vendors Cybersecurity Mitigation Encryption 113

The Fintech Times

SEPTEMBER 5, 2024

Solutions like SoftPOS (Software Point of Sale) are able to turn devices like our smartphones into payment terminals and provide a higher flexibility, however, it introduces security risks including data breaches and malwares.

Financial Crimes 64

Financial Crimes Mitigation Cybersecurity Crime 64

Fintech News

APRIL 10, 2024

The document meticulously compares the regulatory frameworks from 11 authorities within these jurisdictions, highlighting the proactive measures being taken to mitigate the various risks associated with the issuance of stablecoins, especially those tethered to a single fiat currency.

Stablecoins 125

Stablecoins Regulations Risk Mitigation Digital Currency 125

Open Banking Excellence

SEPTEMBER 25, 2024

As banks adapt to these transformative forces, attendees gain insights into innovative strategies, regulatory compliance, and customer-centric approaches that will define the future of banking.

Regulatory Compliance 130

Regulatory Compliance Fraud Prevention Cybersecurity AI 130

Fintech News

DECEMBER 4, 2023

The Network for Greening the Financial System (NGFS) released a new technical document , focusing on the expansion of blended finance in Emerging Market and Developing Economies (EMDEs) for climate change mitigation and adaptation.

Finance 110

Finance Mitigation Central Bank Authorization 110

Fintech News

JUNE 5, 2024

The benefits of adopting a life cycle model are manifold, including mitigating risks through early problem identification, enhanced predictability in activities, and a unified approach in the planning and renewal phases. The second challenge is the emergence of risks associated with fintech.

FinTech 109

FinTech Mitigation Risk On-Demand 109

Fintech Finance

JUNE 21, 2024

Managing client money through a client account can be high risk, costly and labour intensive for law firms. Using a specialist payments provider overcomes these operational challenges and mitigates client money risks, enabling legal teams to focus on delivery of their legal services.

Laws 98

Laws Legal Mitigation Payments 98

VISTA InfoSec

OCTOBER 21, 2024

They are appointed based on article 37 of GDPR, and help organizations stay compliant with data protection laws by overseeing data security policies, monitoring internal compliance, and providing expert advice for staffs managing the potential data privacy risks. Working closely with the supervisory authority on processing-related matters.

CCPA 178

CCPA Privacy Assessments Laws 178

Finextra

OCTOBER 17, 2024

Banking regulators have put the financial indsutry on notice that they must begin immediately developing plans for mitigating quantum computing risks.

Mitigation 87

Mitigation Regulations Risk 87

Fintech News

APRIL 28, 2024

Introduced in October 2022, the BNPL Code of Conduct aims to mitigate risks of consumer over-indebtedness and ensure fair practices within the sector. It includes several consumer protections, such as limits on outstanding payments, caps on fees, transparent disclosures, and ethical marketing standards.

BNPL 110

BNPL Compliance Accreditation Consumer Protection 110

The Payments Association

APRIL 25, 2024

Payall has partnered with Latvian regtech leader Huntli to enhance fraud prevention and transaction monitoring for a broad spectrum of financial institutions, bolstering capabilities in fraud and risk mitigation Read more

Risk Mitigation 88

Risk Mitigation Fraud Prevention Mitigation Risk 88

Fintech News

NOVEMBER 27, 2024

Global verification provider Sumsub has partnered Elliptic, a cryptoasset risk management firm, to bolster its crypto transaction monitoring and Travel Rule solutions. Sumsub’s own Identity Fraud Report 2024 indicates that crypto is a high-risk industry for fraud. said James Smith, Co-founder of Elliptic.

Crime 113

Crime Financial Crimes Travel Rule Blockchain 113

Fintech Finance

SEPTEMBER 26, 2024

Justt , a leader in AI-powered chargeback mitigation, today announced a strategic partnership with Ravelin , a global provider of AI-native fraud detection and prevention solutions. According to the Ravelin Fraud and Payments Survey 2024 , 52.4%

Fraud Prevention 98

Fraud Prevention Fraud Detection AI Disputes 98

Fintech News

DECEMBER 13, 2023

Marc Temple, Global Development Director at LexisNexis Risk Solutions “The crypto industry is comparatively unprepared as there is a need for tools and systems specifically designed to adapt to different regulatory frameworks easily,” explained Marc. Marc recommended implementing robust risk detection controls and processes.

Financial Crimes 119

Financial Crimes Money Laundering Crime Risk 119

The Payments Association

DECEMBER 9, 2024

The dual impact of generative AI on payment security, highlighting its potential to enhance fraud detection while posing significant data privacy risks. Data leakage, model biases, and a lack of transparency in AI decision-making are just a few of the potential privacy risks that must be considered. What is this article about?

Privacy 88

Privacy AI Payment Security Security 88

Fintech News

AUGUST 13, 2024

In a recent webinar hosted by the Fintech News Network, experts from the Bank for International Settlements (BIS), Wise, Airwallex, and LexisNexis Risk Solutions explored the latest trends and developments in cross-border payments, emphasizing the pioneering role of Southeast Asia in this rapidly evolving landscape.

Cross-Border Payments 127

Cross-Border Payments Cross-Border Payments Instant Payments 127

Fintech Finance

DECEMBER 19, 2024

Visa (NYSE: V) today announced it has completed its acquisition of Featurespace , a developer of real-time artificial intelligence (AI) payments protection technology that prevents and mitigates payments fraud and financial crime risks. The Featurespace business will become part of Visas Risk and Identity Solutions business unit.

Fraud Prevention 81

Fraud Prevention Financial Crimes Value Added Service AI 81

Fintech Finance

NOVEMBER 6, 2024

This enhanced service is designed to upgrade payment security, reduce the risk of fraud, and ensure the accuracy of transactions. CoP offers increased payment security, reduced risk of fraud, and enhanced accuracy by allowing users to verify the payee’s details before completing a transfer.

Payee 98

Payee Payment Security Security Regulatory Compliance 98

Fintech News

MAY 8, 2024

issuers, the tool assigns a risk score to each transaction, focusing particularly on card-not-present (CNP) transactions, to identify potential threats without impacting transaction integrity. Visa has invested over US$10 billion in the past five years, aimed at enhancing network security and reducing fraud risks.

Bots 112

Bots AI Issuers Fraud Prevention 112

VISTA InfoSec

JANUARY 18, 2024

These requirements’ main objective is to safeguard sensitive cardholder information and mitigate data breaches. Additional security measures are documented and put into effect that mitigate the risk of using insecure services, protocols, or daemons. With the impending retirement of PCI DSS v3.2.1

PCI DSS 288

PCI DSS Procedures Encryption Security 288