Australian fintechs have called on the Government and regulatory bodies to bring in new laws to crack down on incumbent banks, who are accused of engaging in anti-competitive practices to inhibit competition in financial services provision.
Tech-focused banks may have weathered the global economic crisis better than their less savvy rivals, suggests a new IMF paper that finds a link between higher IT adoption pre-2008 and fewer loan defaults when the crunch hit.
The Dubai Financial Services Authority (DFSA) launched the first financial regulator-led Cyber Threat Intelligence Platform (Platform) in the region in collaboration with the Dubai Electronic Security Center (DESC), the National Computer Emergency Response Team for the UAE (aeCERT), the Computer Incident Response Center Luxembourg (CIRCL) and the Open Source Threat Intelligence and Sharing Platform Project (MISP).
A cyberattack on a major US bank could have significant spillovers to other lenders, with serious implications for the whole financial system, according to research from the Federal Reserve Bank of New York.
Australia's P&N Bank has had it customer relationship management system raided by hackers, putting at risk the personal information of some 96,000 members.
A US judge has rubber-stamped a $1.38 billion settlement related to the massive 2017 data breach at Equifax - capping the amount available for cash payouts to victims. As first reported by BankInfo Security, the federal judge has given final approval for a settlement that deals with a class action lawsuit against Equifax.
Despite its site still being down two weeks after a ransomware attack, Travelex insists it "continues to make good progress with its technology recovery". Travelex services have been down since New Year's Eve. In a statement, the firm says it has restored some internal and order processing systems and is now moving onto customer-facing systems.
UK consumer electronics retail group Dixons Carphone has been fined £500,000 after hackers compromised its point-of-sale system and gained access to the details of 5.6 million payment cards.
