Lawmakers in Europe have voted to finalize legislation that places tougher cybersecurity rules on financial firms. The European Commission voted 612-18 to adopt the Digital Operational Resilience Act (DORA), CoinDesk reported Thursday (Nov. 10). DORA is “a cornerstone of our work on digital finance in...
Faster B2B payments, back-office automation and alternative payments are all advancing rapidly, but these advances are creating new opportunities for fraudsters, so expect the innovation war between legitimate businesses and bad actors to heat up, not cool off. Taking the long view on fraud for...
We’ve got more ways to communicate than ever, and when people get chatty, talk often turns to stuff we want to buy. In some cases, that translates into stuff we want but don’t want to pay for. In the grand and sometimes murky convergence of digital...
To borrow from an old holiday chestnut, ‘tis the season for financial scams and cheaters, as the wicked work of fraudsters gets an added bump from consumer fraud that tends to tick up during the holidays, and even more so in a gifting season set...
The number of ransomware attacks reported by financial institutions (FIs) and occurring in 2021 was double the number that occurred during the previous year. The number leapt 108% from 602 in 2020 to 1,251 in 2021, the Financial Crimes Enforcement Network (FinCEN) reported Tuesday (Nov....
The one-time password — OTP for short — was an ingenious cybersecurity stopgap that worked for a while. But fraud never sleeps, and they’ve cracked the OTP code. It’s taken on such an important role in identity verification that fraud fighters must now evolve again...
With help from law enforcement and using its own resources, cryptocurrency exchange Binance is reportedly closing in on identifying the person or people behind an Oct. 6 hack of the company’s BNB Chain blockchain. The crypto exchange has been working with law enforcement around the...
Retail technology company Diebold Nixdorf has joined forces with financial crime prevention firm Featurespace to integrate Featurespace’s fraud prevention tech into Diebold Nixdorf’s Vynamic Payments platform. “By partnering with Featurespace, Diebold Nixdorf can provide financial institutions a fully integrated payments solution with proven real-time fraud...
“The move to digital has been a wonderful thing,” JPMorgan Head of Client Fraud Prevention for Commercial Banking Alec Grant told Karen Webster. “The shift has opened up avenues and payment vehicles for treasurers that make them much more efficient and gives them new business...
