U.K. regulators are starting to look at the European Union’s Digital Operational Resilience Act, and are monitoring the resiliency and business continuity plans of critical industry enterprises, a…
Read more European transactions: Cockroach Labs, PwC UK team up on data sovereignty, modernization | Bank Automation NewsFinancial institutions are looking to AI and generative AI to mitigate the rising risk of cyberattacks as fraudsters take advantage of the technology. Generative AI has allowed financial…
Read more AI for cybersecurity: Fighting fire with fire | Bank Automation NewsGather Federal Credit Union has selected credit underwriting platform Zest AI to reduce fraudulent activity during the loan origination and decisioning process. AI-driven Zest Protect can help financial…
Read more Transactions: FIs invest in credit decision platforms | Bank Automation NewsBritish challenger bank Monzo reported an outage today that halted some card payments and outbound bank transfers. In response to the outage, which the bank attributed to a…
Read more Monzo moves clients to backup | Bank Automation NewsDishonest consumers are upping their fraud game as “friendly fraud” becomes the No. 1 problem in credit card disputes, but tech providers and merchants alike are upping their…
Read more Visa takes on not-so-friendly fraud | Bank Automation NewsCrowdStrike continues to manage the fallout from its IT outage July 19 as it works on remediation plans with the banks, airlines and stock exchanges that were brought…
Read more How to avoid another CrowdStrike-type outage | Bank Automation NewsBanks, airlines and other organizations using Microsoft have reported down systems across the globe as cybersecurity firm CrowdStrike is suffering from the biggest IT outage in history. “CrowdStrike…
Read more Bank of America, JPM, TD and Visa affected by global CrowdStrike outages | Bank Automation NewsCitigroup Inc. will pay almost $136 million in fines to US bank regulators over issues related to data-quality management and risk controls. The Federal Reserve said Wednesday that…
Read more Citi fined $136M for failing to fix regulatory issues | Bank Automation NewsFifth Third Bank was fined $15 million by the Consumer Financial Protection Bureau today for allegedly opening fake accounts in their customers’ names from an existing 2020 lawsuit.…
Read more Fifth Third, CFPB settlement a positive for bank, analyst says | Bank Automation NewsEvolve Bank & Trust confirmed it was the victim of a cyber attack and that customer data had been posted on the dark web, less than two weeks…
Read more Evolve Bank & Trust confirms data was stolen in cyber attack | Bank Automation NewsAMSTERDAM — Deutsche Bank is one of multiple financial institutions sharing anonymized data with financial messaging service provider Swift. The process will test the use of secure…
Read more Deutsche Bank shares data with Swift | Bank Automation NewsCard giants Mastercard and Visa leaned into AI and generative AI for fraud detection in the first quarter. “We continue to enhance our solutions with generative AI to…
Read more Mastercard, Visa tap AI for fraud solutions | Bank Automation NewsFinancial institutions must prioritize multifactor authentication as hackers take advantage of a lack of identity protection. In 2023, cyberattacks using valid credentials to gain access to user accounts…
Read more Multifactor authentication critical for banks, IBM says | Bank Automation NewsNavigating the landscape of finance and technology requires innovation and a strategic vision addressing industry challenges. A big concern is the staggering amount of non-mortgage consumer debt—over $100…
Read more The Role of Digital Document Collection in Fraud Prevention | Bank Automation NewsQuantum tech provider Quantum Dice has developed hardware to make financial services operations faster and more efficient. The Oxford, U.K.-based company’s hardware can increase the accuracy in…
Read more Quantum tech can increase trading speed by 15% to 20% | Bank Automation NewsBank of America is working to control the fallout following an October data breach at third-party vendor Infosys McCamish Solutions. The bank is offering the more than 57,000…
Read more What Bank of America is doing for customers after data breach | Bank Automation NewsFinancial institutions prioritize investment in cybersecurity technology but no matter how much they spend for protection, their systems and data remain vulnerable.  âYou could never say any organization…
Read more Data breach a risk despite security spend, experts say | Bank Automation NewsIndustrywide, financial institutions are seeing an uptick in synthetic identities, scam activity and check fraud even as digital channel adoption grows. In fact, check fraud is expected to…
Read more Check fraud to reach $24B in 2024 | Bank Automation NewsData protection protocols were among the top concerns raised after the Consumer Financial Protection Bureau gave consumers and the industry until Dec. 29 to respond to its October…
Read more Open banking: API ownership, liability| Bank Automation NewsFraudsters continue to do damage in the finance industry, evidenced by recent attacks against Fidelity National Financial and Mr. Cooper, and financial institutions must strengthen their systems to…
Read more ‘Every company will be compromised’ by hackers, experts say | Bank Automation News
