In its annual Sector Views report, the UK's Financial Conduct Authority warns of the growing risks to consumers in the retail banking and payments sector, as regulatory protection struggles to keep pace with technology-driven innovation and incumbents grapple with legacy limitations.
ACA Compliance Group (“ACA”) announced today the availability of its new payment and fraud risk assessment (“PFRA”) offering, which is designed to help firms identify and remediate vulnerabilities within payment flows in order to reduce the risk of costly fraud issues.
Banks across the EU are failing to take their compliance duties seriously, says the European Central Bank, which has identified endemic weaknesses in governance, staffing and policy implementation.
The US Depository Trust and Clearing Corporation is floating the idea of forming an industry consortium to develop a coordinated strategy for addressing security risks in the implementation of distributed ledger technology in financial services.
The US Department of Justice has charged four members of the Chinese military over the massive 2017 cyber-attack on credit reporting agency Equifax.
Enterprise data management RegTech SteelEye has secured $10 million in growth capital in a round led by the FinTech Strategic Investments team at Eight Roads, the proprietary investment firm backed by Fidelity, alongside existing investor Illuminate Financial.
Technological innovations in financial services (fintech) are increasingly transforming the way financial services are provided. While fintech opens opportunities, it also comes with potential risks.
Canada's government is pushing ahead with a second phase of its open banking review, focusing on security issues surrounding the sharing of financial data with third parties.
