In its annual Sector Views report, the UK's Financial Conduct Authority warns of the growing risks to consumers in the retail banking and payments sector, as regulatory protection struggles to keep pace with technology-driven innovation and incumbents grapple with legacy limitations.
Technological innovations in financial services (fintech) are increasingly transforming the way financial services are provided. While fintech opens opportunities, it also comes with potential risks.
Australian fintechs have called on the Government and regulatory bodies to bring in new laws to crack down on incumbent banks, who are accused of engaging in anti-competitive practices to inhibit competition in financial services provision.
The US Depository Trust and Clearing Corporation is floating the idea of forming an industry consortium to develop a coordinated strategy for addressing security risks in the implementation of distributed ledger technology in financial services.
Tech-focused banks may have weathered the global economic crisis better than their less savvy rivals, suggests a new IMF paper that finds a link between higher IT adoption pre-2008 and fewer loan defaults when the crunch hit.
The payment card details of more than 30 million Americans, believed to have been stolen in a data breach at convenience store chain Wawa, have been put up for sale on the dark web.
The Dubai Financial Services Authority (DFSA) launched the first financial regulator-led Cyber Threat Intelligence Platform (Platform) in the region in collaboration with the Dubai Electronic Security Center (DESC), the National Computer Emergency Response Team for the UAE (aeCERT), the Computer Incident Response Center Luxembourg (CIRCL) and the Open Source Threat Intelligence and Sharing Platform Project (MISP).
Enterprise data management RegTech SteelEye has secured $10 million in growth capital in a round led by the FinTech Strategic Investments team at Eight Roads, the proprietary investment firm backed by Fidelity, alongside existing investor Illuminate Financial.
Financial services firms have been hit with a total of $36 billion in fines since the financial crisis for non-compliance with anti-money laundering, know your customer and sanctions regulations around the world.
A cyberattack on a major US bank could have significant spillovers to other lenders, with serious implications for the whole financial system, according to research from the Federal Reserve Bank of New York.