In its Fall 2023 Semiannual Risk Perspective, the Office of the Comptroller of the Currency (OCC) emphasizes the importance of adaptive risk management strategies for financial institutions. The report covers key risk themes, highlighting the need for vigilance despite the overall robustness of the federal banking system.
Source: Fintrac
FINTRAC announced today that it has imposed an administrative monetary penalty on the Royal Bank of Canada (RBC).
On November 26, an isolated cybersecurity incident struck Ongoing Operations, a unit of Trellance, impacting the operations of approximately 60 credit unions that are clients of the firm. In response to the incident, the vendor, Ongoing Operations, promptly took action and initiated an investigation. The company also informed federal law enforcement about the cyber attack.
Source: ACI Worldwide
Authorized Push Payment (APP) scam losses are on the rise and expected to climb to $6.8 billion — a combined compound annual growth rate (CAGR) of 11% — by 2027 across six leading real-time payment markets (U.S., U.K., India, Brazil, Australia and Saudi Arabia) according to Scamscope, a new report by global payments software company ACI Worldwide and GlobalData, a leading global analytics firm.
Scammers have devised a sophisticated hotel booking scam by hijacking Booking.com accounts, prompting guests to share their payment card information. Researchers from Secureworks warned that customers received deceptive emails or in-app messages, appearing to be from hotel owners, requesting payment details for upcoming stays.
Source: XTB
XTB, a global fintech offering online investing platform and mobile app, announced today the appointment of Tomasz Gawron to lead the company's Artificial Intelligence (AI) department.
Banks within the European Union are currently falling short of meeting the operational resilience and risk guidelines set forth by the Basel Committee in 2021.
"Fidelity National Financial Faces Business Disruption Due to Cybersecurity Incident.
