fraudRSS

Tesco Bank resumes full service, refunds £2.5m to 9,000 customers

Tesco Bank resumes "normal service", pinpoints security hole

Tesco Bank has refunded £2.5 million to 9,000 customers who had money stolen from their accounts by fraudsters over the weekend. It has also resumed “normal services” following the temporary suspension of online transactions from current accounts .

European Association for Biometrics conference: exciting times ahead

European Association for Biometrics: eyeing excitement

European Association for Biometrics (EAB) has recently conducted a one-day seminar in London on what’s hot in the world of European banking biometrics. The seminar was supported by Banking Technology and hosted by Citi. It gathered a good haul of UK banks, including Lloyds, Santander, Virgin Money, Tesco Bank, Metro Bank and RBS and TSB.

Interview: Rivi Varghese, CEO of CustomerXPs Software

Rivi Varghese, CustomerXPs 1

Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]

Android users most at risk of fraud warns survey

Android users are now most at risk of fraud

The rate of mobile fraud is highest on Android devices, according to new data from cyber security company Kount, with mobile fraud also outpacing that of online and in-store fraud for the first time this year. The data also shows that average transaction amounts on iOS mobile devices are greater than those made from Android devices.

Five common pitfalls of financial crime prevention

Joran Borenstein is vice president at Nice Actimize

Financial services organisations can, and do, prevent many criminal acts through adequate controls, proper supervisory procedures, and sophisticated detection and incident management technology. However, there are a handful of shortcomings that derail the best preventive measures and result in negative news headlines and increased regulatory scrutiny for individual employees and entire institutions alike

Cyber security tops DTCC risk barometer

The DTCC reports rising concern about cyber crime

US post-trade utility the DTCC is reporting that almost half of the respondents in its most recent Systemic Risk Barometer Study cited cyber security as their top concern, making it the single largest fear and doubling its rating compared to just 12 months ago.

The road towards a better bank

Paul Briault is senior director, solution sales at CA Technologies UK

The financial sector is a slow mover in innovation, however no single industry is leading the way in the Digital Identities economy. Banking is one sector that can take advantage of Digital Identities to better develop customer experience given the nature of the engagement and relationship between Banks and their customers. Banks fulfil a very […]

Fines drive data to top of banks’ AML concerns

Big data

Market participants are worried about data and are deeply concerned about their ability to monitor transactions following a string of major fines to global financial institutions, according to a new report by NICE Actimize.

Banking and biometrics – a whirlwind romance?

Anthony Duffy is

As Bob Dylan, famously sang, The Times, They Are A-Changin’. Once, the tools required to carry out a bank raid usually comprised a shotgun, old stockings and a bag labelled “swag”. Today, it’s a laptop, computer programming skills and patience. And the nature of the crime is changing too – previously, the goal was often to get away with a few thousand pounds, before lying low for a while. Now, the “prize” sought may be the theft of millions or the personal details of thousands, to be then sold on.

Banking on a holistic approach to combating financial crime

Paul Clandillon

Fraud and financial crime are growing substantially in their nature and complexity as we continue to evolve into an ever more connected world. New technologies, particularly the spread of mobile devices, have opened up different avenues of attack for technically sophisticated and well organised gangs of fraudsters and criminals. The social and economic costs of organised crime in the UK alone are estimated to be £24bn, of which £8.9bn are associated with fraud.

@banking
techno