UK consumers' association Which? has hit out at much of the banking industry for failing to protect online customers with two-factor authentication (2FA).

A huge cache of financial documents scanned from paper-based mortgage and credit reports was exposed online in an alleged major security lapse at US data and analytics company Ascension.

The European Commission has bashed Mastercard with a EUR570 million fine for obstructing merchant access to low-cost cross-border payment services.
The financial penalty flows from an anti-trust investigation which kicked off in April 2013 and concluded that Mastercard's rules prevented retailers from benefiting from lower fees and restricted competition between banks cross border, in breach of EU antitrust rules.

In the past decade the financial industry has rapidly changed and evolved leading to enhanced risk management practices. Operational risk is no different, as new and emerging risks enter the market it is often the strength of people, processes and systems which can enhance effective mitigation and management, but also pose the risk.

US authorities have filed charges alleging crooks hacked into a Securities and Exchange Commission database to gain access to non-public information that was then used to make millions of dollars through illicit trades.

The ongoing shutdown of the US government, sparked by a disagreement over funding for border security, is starting to impinge on the US fintech industry, according to reports.

London – January 7th , 2019 - New research by independent financial regulatory think-tank JWG, in partnership with Inforalgo, the Capital Markets data automation specialist, shows that after years of ‘making do’, financial institutions are now proactively ramping up their regulatory compliance capabilities to cope with intensifying global requirements - and the significant additional demands of MiFID II.