Can FIDO Meet GDPR Compliance Requirements?

The GDPR has been in effect for six months now and as an EU citizen, I’ve noticed the GDPR compliance requirements in action. I’ve been bombarded with emails and consent forms requesting permission to share my personal details, for everything from the online companies I order from, to my children’s schools. Through an EU legislation framework, the GDPR has far-reaching… Read more

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soft token authentication

For years, financial institutions (FIs) have relied on hardware authentication for their internal users and customers, but this is shifting as software authentication, also known as mobile authentication or soft token authentication, is gaining adoption. Whether a standalone app or integrated into the organization’s native mobile app, many FIs agree that a migration to software authentication is both beneficial and necessary… Read more

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UK Financial Crime

The Financial Conduct Authority (FCA) recently ran a survey on UK financial crime to understand the threats faced by the market. As a regulator with nearly 60,000 financial services firms under its purview, the FCA required all UK-based banks — as well as 2,000 financial institutions (FIs) — to complete the survey. In November 2018, the FCA published the results…. Read more

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The fourth quarter is a time when many financial institutions are deep into strategic planning for the coming year. Whether you are on the business or security side of the house, it is the time to re-evaluate how to protect and simplify the customer experience with the right security technologies, increase customer loyalty, and reduce exposure to fraud and data… Read more

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According to Javelin Research, biometric authentication is the most desired authentication method for online and mobile banking. As banks and financial institutions (FIs) increasingly prioritize biometrics, the business and security teams tasked with selecting the right platform will have to evaluate a growing list of requirements – from impact on customer experience, through to time and cost to integrate. Life… Read more

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PSD2 Digital Transaction

Complying with the revised Payment Services Directive (PSD2) is currently a key priority for financial institutions (FIs) in Europe and beyond. In particular, financial institutions need to comply with the requirements related to Strong Customer Authentication and Transaction Risk Analysis. These requirements are outlined in the Regulatory Technical Standards (RTS) for Strong Customer Authentication (SCA) and Common and Secure Communication… Read more

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UK Fraud Regulation

Banking transactions are rapidly moving online, offering convenience to customers and allowing banks to close branches and re-focus on marketing more profitable financial products. At the same time, new payment methods, like the UK’s Faster Payment System, make transactions irrevocable within hours, not days, and so let recipients make use of funds immediately. However, these changes have also created a… Read more

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Raiffeisen Italy is the umbrella organization for 40 entities of Raiffeisen Bank in the Italian province of South Tyrol. Overseeing the IT services for these member banks, Raiffeisen Information System CIO Alexander Kiesswetter modernized Raiffeisen Italy’s authentication system to comply with the revised Payment Services Directive (PSD2). As part of that initiative, Raiffeisen Italy introduced a standalone mobile app that… Read more

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Fraud is an ever-evolving threat. Not every fraud monitoring tool on the market can keep pace with the new schemes constantly popping up. That’s why it’s essential to deploy the right fraud solution – but to be successful, there are many factors to consider. Regulatory compliance will always play an important role when deciding the must-haves in your fraud monitoring… Read more

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The open banking trend continues around the world, and most recently, the U.S. has taken another step towards adopting the policy. On July 31, the U.S. Department of Treasury published a detailed report, titled A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation that will likely serve as the catalyst for open banking in the United States. The Department… Read more

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