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

  •  
  • 7
  • 4
  •  
  •  
  •  

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

  •  
  • 6
  • 6
  •  
  •  
  •  

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

  •  
  • 1
  • 2
  •  
  •  
  •  

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

  •  
  • 2
  •  
  •  
  •  
  •  

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

  •  
  • 2
  • 5
  •  
  •  
  •  

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

  •  
  • 1
  •  
  •  
  •  
  •  

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

  •  
  • 1
  • 9
  •  
  •  
  •  

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

  •  
  •  
  • 1
  •  
  •  
  •  

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

  •  
  •  
  • 1
  •  
  •  
  •  

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

  •  
  •  
  • 2
  •  
  •  
  •