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


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


Adaptive authentication represents the cutting-edge of authentication technology, and Intelligent Adaptive Authentication (IAA) sits at the forefront. It allows financial institutions (FIs) to break the balancing act between mitigating fraud and encouraging growth. Fraud mitigation has traditionally been perceived as a trade-off between security and user experience: If FIs tighten their security measures, they will prevent more fraud – but… 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


August 14, 2018 - Frederik Mennes
overlay attacks

The growth of mobile technology and the increased importance of cybersecurity have dominated news cycles in the past year. At the same time, one of the biggest threats we’re seeing against mobile are overlay attacks – combining social engineering with inherent security weaknesses found in mobile apps, these attacks take advantage of users to trick them into sharing sensitive data…. Read more


New iOS 12 Feature Risks Exposing Users to Online Banking Fraud

Security Code AutoFill is a new feature for iPhones in iOS 12. It is supposed to improve the usability of two-factor authentication, but could expose users to online banking fraud by removing the human validation aspect of the transaction signing/authentication process. Two-factor authentication (2FA), which is often referred to as two-step verification, is an essential element of many security systems,… Read more


Julie Conroy

When it comes to fraud, financial institutions (FIs) find themselves trying to address competing priorities. On the one hand, the need for strong authentication and security continues to rise. Fraud and hacking attempts become more sophisticated each year, and new laws and regulations require stronger customer authentication security – potentially adding more friction to the customer experience. However, consumers have… Read more


selfie

The Economic Growth, Regulatory Relief, and Consumer Protection Act was just signed into law by President Trump.  Also known as the Dodd-Frank Repeal, the new law removes many of the regulations imposed on banks after the financial crisis and the Great Recession of the late 2000s.  As with most laws, the Act includes numerous provisions. Among these is Section 213,… Read more


mobile

As part of a secure and seamless mobile first strategy, banks, credit unions, and other financial institutions must rethink the customer journey. Financial institutions strategically aim for customers to do more with mobile while minimizing fraud exposure tied to untrusted, high-risk devices. To enable growth in the mobile channel, financial institutions need to provide fast, convenient, and frictionless high-value services… 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