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News and resources on cyber and physical threats to banks and fintechs worldwide.

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UK bank fraud losses topped £1 billion last year

UK bank fraud losses topped £1 billion last year

Fraud losses in the UK dropped by four percent in 2023, but still topped the £1 billion high watermarket.

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Barclays issues monthly 'Scams Bulletin'

Barclays issues monthly 'Scams Bulletin'

The Evolution of Fraud Detection

The Evolution of Fraud Detection

UK payment firms push back on APP fraud refund plan

UK payment firms push back on APP fraud refund plan

Banco Santander suffers data breach at third party supplier

Banco Santander suffers data breach at third party supplier

Global mobile banking malware surges 32%

Global mobile banking malware surges 32%

EBAday 2024: Confirmation of Payee’s impact on instant payments and fraud in Europe

EBAday 2024: Confirmation of Payee’s impact on instant payments and fraud in Europe

APP scam reimbursement rules extended to Chaps

APP scam reimbursement rules extended to Chaps

SoFi fined $1.1 million over flawed ID programme that led to multi-million dollar fraud

SoFi fined $1.1 million over flawed ID programme that led to multi-million dollar fraud

SurePay wins Belgian bank mandate for Confirmation of Payee technology

SurePay wins Belgian bank mandate for Confirmation of Payee technology

Visa applies generative AI to clamp down on brute force attacks

Visa applies generative AI to clamp down on brute force attacks

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[On-Demand Webinar] Cross Border Payments: Hitting G20 targets for speed, cost, and transparency[On-Demand Webinar] Cross Border Payments: Hitting G20 targets for speed, cost, and transparency
Security blogs
Banking Regulations  

Preparing for DORA: A Roadmap to Compliance for Financial Institutions

Martin Bradbury

Martin Bradbury - Dynatrace - London

Banking Strategy, Digital and Transformation  

How financial services organisations can protect valuable data in the age of ransomware

Mark Nutt

Mark Nutt - Veritas - London

Payments strategies 2015-2020-2030  

Open-loop EMV standard Fleet and Mobility Payments – Convenience, Security and the Road Ahead

Jonathan Hancock

Jonathan Hancock - The ai Corporation - Woking, England

Fintech  

How innovation in encryption is helping secure the credit card approval process

Ghazi Ben Amor

Ghazi Ben Amor - Zama - Paris

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Latest TV
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The Evolution of Fraud Detection

The Evolution of Fraud Detection

Join FinextraTV in discussion with Megan Heald, Senior Product Manager at NICE Actimize, at NextGen Nordics 2024 as we explore how innovation and regulation have sculpted the anti-fraud landscape over the past two decades, contrast the present state of fraud detection with past approaches, and glean essential insights from future trends and strategies for safeguarding institutions against fraud.
Cybercrime: What to Expect from Malware-as-a-Service?

Cybercrime: What to Expect from Malware-as-a-Service?

Scott Olson, CMO, Outseer, taps into insights from their upcoming ‘Global Fraud and Scams Trend Report’ to explore what has exerted the most significant influence on fraud threats and mitigation since 2023. Artificial Intelligence – generative, predictive, or otherwise – continues to garner attention, but with new types of AI coming to the fore, fraudsters are also evolving which is leading to increased social engineering, phishing, and malware. The discussion also dives into staggering increases in Malware-as-a-Service and how unsophisticated fraudsters are now executing malicious programmes on consumer devices, overlaying legitimate banking apps with malware to steal personal information.
Confirmation of Payee & Account Verification: Addressing the rising complexity of fraud

Confirmation of Payee & Account Verification: Addressing the rising complexity of fraud

At NextGen Nordics 2024, FinextraTV and Kannan Rassapan, CEO of Banfico, dive into the evolving landscape of account verification services and Confirmation of Payee (CoP) implementation in the Nordics. Learn how these initiatives combat rising fraud and explore how current efforts in Europe and around the world can help to tackle fraudulent activities. Uncover the challenges associated with implementing a pan-European solution to meet regulatory requirements and ensure secure transactions across borders.
Pivotal trends for sustainable growth in financial services

Pivotal trends for sustainable growth in financial services

Amidst the evolving financial services landscape, three pivotal trends have emerged: operational resilience, generative artificial intelligence, and modernisation. As institutions navigate the complexities of digital transformation, the importance of building resilient systems, harnessing the power of gen AI responsibly, and modernising tech stacks becomes increasingly evident. In a conversation with Monica Sasso, Global Financial Services Digital Transformation Lead at Red Hat, we delve into these trends, exploring their implications and the strategies needed for sustainable growth.
The long read
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Hamish Monk

How to recover from a data breach

Hamish Monk - Writer - Finextra
Discussion
UK payment firms push back on APP fraud refund plan
A Finextra Member

A Finextra member

  I think you'll find it is Bim Afolami. Also, if the average fraud is 30K, firms are unlikley to be paying out more than that in practice. Given this, the up to 415K limit will be exceptional, so there doesn't appear to be a justification for not keeping it. 

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Police bust cybercrime phishing subscription network
Jamie French

Jamie French

  Love to see it! Well done to the Met, and an even bigger well done to whoever made the call to colaborate with Chainalysis, Intel 471, Microsoft, The Shadowserver Foundation and Trend Micro. That was smart!

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Are fintechs destined to become banks?
Scott Hamilton

Scott Hamilton

  Very thorough analysis, and thank you Vladimir Krasik, for sharing it. I'm sure there are a few more questions still to be answered in this discussion. I am particularly wondering about the impact of the apparent dissolution of the Goldman/Apple partnership. I know it's just one example, and maybe not the best one, but will other high-flying fintech/banking partnerships grab such headlines, or scrutiny, as it has? And how will they be more fruitful for both parties? Supposedly, the bad blood is due to the link-up's reported unprofitability for Goldman and perhaps also to Apple's own discontent with the arrangement. What's next for Apple, a link with a larger, more established player in cards or retail banking? Also, I think a continuing question for many fintechs is how they get paid, i.e., if they provide 'free' services to customers, where is the revenue coming from to do so? In traditional banking models, it's from the spread between deposit and lending rates, fees for services, and in the case of credit card issuers, from interchange and related fees on purchases. You outline well how Wise and others decided that accounts and lending (cards especially) were an excellent opportunity for growth beyond their initial product offerings. For a fintech becoming a bank - and especially for its present and future investors - this may be looked at as a more stable opportunity for growing revenue as opposed to building volumes on a potentially 'teetering' or vulnerable source of income, like credit card interchange (under significant attack recently in the courts), subscription fees, advertising revenue, or sale of customer data to others.

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Lloyds Bank cuts risk dept headcount
Ketharaman Swaminathan

Ketharaman Swaminathan

  Kudos to Lloyds Bank. I don't recall any other bank anywhere in the world taking such a public and explicit stance on what has always been well known in business: Mitigating risk does not pay the bills. Screening for risk is okay in loan approval, credit card authorization, and other transactional areas but too much risk sensitivity blocks strategic transformation. Most often, risk professionals lack the competence to analyze risk in the TO-BE transformed state in a rigorous manner, so they lean towards blocking the transformation as CYA strategy. Too much risk sensitivity is one big reason why banks have lagged fintechs in product and UX. I'm not saying banks should mimic fintechs' products and UX but, if that's what they want to do, downsizing risk department headcount is the way to go.

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Featured
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HSBC and PayPal tackle quantum-safe cryptography in payments

HSBC and PayPal tackle quantum-safe cryptography in payments

Mastercard harnesses AI to take on scammers

Mastercard harnesses AI to take on scammers

BoE forecasting held back by out-of-date tech - Bernanke

BoE forecasting held back by out-of-date tech - Bernanke

Lloyds Bank cuts risk dept headcount

Lloyds Bank cuts risk dept headcount

The long read
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Dominique Dierks

5 common types of data breaches in the financial sector

Dominique Dierks - Content Manager - Finextra
Elsewhere...

  1. This is Money

    Fraudsters are brazenly advertising fake banknotes on social media, currency firm warns

  2. BBC

    Christie's £670m art auctions hit by cyber attack

  3. The Guardian

    Chinese network behind one of world’s ‘largest online scams’

  4. BBC

    Fraud victim's 18-month fight for £80,000 refund

  5. The Guardian

    Sim-swap fraud: How your bank account can be emptied by phone

The long read
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Andersen Cheng

Why financial institutions must move quicker on quantum

Andersen Cheng - Chairman, Post Quantum