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


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


Legal Update

There is a lot happening in regards to regulation for financial institutions (FIs) around the globe. In many countries, there is a drive for further regulation; meanwhile in the U.S., we are seeing bank regulation reform and deregulation, as evidenced by the repeal of the Dodd-Frank Act. Below, we’ve compiled the top regulations, laws, and standards that impact financial institutions… Read more


Online Sports Betting

On May 14, 2018, the Supreme Court of the United States (SCOTUS) ruled in favor of New Jersey’s case to repeal the Professional and Amateur Sports Protection Act (PASPA), thereby paving the way towards legalizing online sports betting in the U.S.  PASPA had prohibited all states other than those with existing legislation—Nevada, Oregon, Delaware, and Montana—from legalizing online sports betting. The… Read more


PSD2: Creating a Secure Execution Environment for Mobile Banking Apps

The revised Payment Services Directive, also known as PSD2, pays a lot of attention to the security of mobile banking apps, mobile payment apps, mobile wallets, and other apps that offer payment functionality. The most important requirements related to mobile app security are present in Article 9 of the final Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and… Read more


Online Banking

In recent years, open banking has received a lot of attention in the financial services sector. Open banking means that banks open their systems to authorized third-party financial service providers, so these companies can initiate and process payments and financial transactions at the request of the bank’s customers. Open banking promises to unlock innovation that will profoundly improve the banking… Read more


Digital Encryption

Seven years ago, the Obama Administration published the National Strategy for Trusted Identities in Cyberspace (NSTIC).  NSTIC called for an Identity Ecosystem, “an online environment where individuals and organizations will be able to trust each other because they follow agreed upon standards to obtain and authenticate their digital identities.” Born out of the NSTIC and operating under grants from the… Read more


Capture GDPR Consent and Sign GDPR Contracts with E-Signatures

On May 25, 2018, the General Data Protection Regulation (GDPR) becomes the main legal framework for data protection in the EU. Under the GDPR, EU citizens must consent to the processing of their personal data – and data controllers must meet strict requirements for capturing that consent. In fact, the conditions to obtain consent have been fundamentally redefined compared to… Read more


Frederik Mennes

One of the most discussed requirements of the final Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and Common and Secure Communication (CSC) under PSD2 is the requirement to perform so-called “dynamic linking” to authenticate a financial transaction. The dynamic linking requirement has three parts. First, it requires a payer to authenticate a financial transaction by calculating an authentication… Read more


Multi-Factor Authentication

The following article, authored by Michael Magrath, Director, Global Regulations & Standards, first appeared 2/28/18 on CSO Online. The New York State Department of Financial Services (DFS) regulates over 1,400 insurance companies and approximately 1,500 banks and financial institutions1. Not surprisingly, with New York being the “financial capital of the world,” the overwhelming majority of U.S. financial institutions and many… Read more