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UK Economic Secretary Tulip Siddiq called on to reduce APP fraud reimbursement to £30k

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UK Economic Secretary Tulip Siddiq called on to reduce APP fraud reimbursement to £30k

This news comes a week after the UK payments group issued a plea to Chancellor Rachel Reeves to impose a 'Tech Levy' on social media giants to pay for the impact of payments fraud originating from their platforms.

Banks in Singapore to phase out One-Time Passwords

/security

Banks in Singapore to phase out One-Time Passwords

Banks in Singapore are to phase out the use of phishing-prone One-Time Passwords (OTP) in favour of digital tokens for bank account login.

NatWest takes digital ID to the Nordics

/security

NatWest takes digital ID to the Nordics

NatWest is to make its digital identity service for legally binding documents via Adobe Acrobat Sign available to customers in the Nordics.

UK payments group urges incoming Government to make Big Tech refund fraud victims

/security

UK payments group urges incoming Government to make Big Tech refund fraud victims

On the day that the United Kingdom heads to the polls to vote in the General Election, The Payments Association has issued a plea to the incoming Chancellor to impose a 'Tech Levy' on social media giants to pay for the impact of payments fraud originating from their platforms.

NAB aims to be the "best alarm on the street"

/security

NAB aims to be the "best alarm on the street"

National Australia Bank is exploring the use of biometric tracking of keystrokes and phone handling as part of a suite of initiatives to clamp down on fraudulent payments.

Wise says some customers may be affected by Evolve Bank hack

/security

Wise says some customers may be affected by Evolve Bank hack

Money transfer fintech Wise says some of its customers may have been caught up in the recent hack on Evolve Bank & Trust.

Monzo introduces trio of new fraud controls

/security

Monzo introduces trio of new fraud controls

Monzo has introduced a trio of security controls to help customers diminish the prospect of fraudulent payments out of their accounts from phone theft, shoulder surfing or impersonation scams.

Evolve Bank confirms data stolen by ransomware gang

/security

Evolve Bank confirms data stolen by ransomware gang

Days after claiming that it had hacked the US Federal Reserve, the Russia-linked LockBit ransomware gang has posted stolen customer data from Evolve Bank & Trust on the dark web.

Fed launches ScamClassifier model

/security

Fed launches ScamClassifier model

The Federal Reserve has developed a tool, called the ScamClassifier model, to help the payments industry improve scam reporting, detection and mitigation.

Scammers can crack almost half of passwords in less than a minute

/security

Scammers can crack almost half of passwords in less than a minute

Scammers could crack 45% of passwords within a minute, using brute force or smart guessing attacks, warns security firm Kaspersky.

EBAday 2024: Collaboration is key to fraud management

/security

EBAday 2024: Collaboration is key to fraud management

In one of the closing sessions of EBAday 2024 in Lisbon, panellists Marc Corbalan, VP of RTP analytics at Visa; Erwin Kulk, head of service development and management at EBA Clearing; Simone Löfgen, global head of payment platforms and managing director at Commerzbank; and Kannan Rasappan, founder and CEO of Banfico, explored innovations in cybersecurity in a panel titled ‘New approaches to fraud management’.

Elmore and Green Swan to offer insurance coverage against APP fraud

/security

Elmore and Green Swan to offer insurance coverage against APP fraud

Elmore Insurance Brokers and RegTech Green Swan Compliance have teamed up on the development of an Authorised Push Payment (APP) Fraud Reimbursement Insurance product for qualifying UK banks, Payment Service Providers, E-Money Institutions, and Authorised Payments Institutions.

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