Hospital chain CommonSpirit has revised its assessment of the financial impact caused by a ransomware incident that occurred last autumn and disrupted patient services at some of its facilities for an extended period. The estimated cost of the incident is now believed to be around $160 million, an increase of $10 million from the previous estimate released in February.
The American Bankers Association (ABA) has called on legislators to regulate stablecoin issuers in a manner similar to banks, arguing that two bills currently under discussion fail to meet the mark.
Source: LexisNexis Risk Solutions
LexisNexis Risk Solutions today released the results of its annual Cybercrime Report, an analysis of data from 79.8 billion transactions processed through its LexisNexis Digital Identity Network throughout 2022.
A newly released report by the Global Financial Markets Association (GFMA) emphasizes the "transformative benefits" that distributed ledger technology (DLT) can bring to capital markets. However, the report also calls for regulators to adopt a more innovative approach to fully leverage these benefits.
Australian banks have introduced a digital platform called the Fraud Reporting Exchange (FRX) in an effort to crack down on authorized push payment scams. The platform enables the reporting of fraudulent payments in near real-time, increasing the chances of freezing and returning funds to affected customers, thus disrupting fraudsters and scammers.
Lawmakers in the European Parliament have reached a consensus on a stringent set of regulations governing the use of artificial intelligence (AI) within the European Union. The aim is to oversee AI systems, promote transparency, and enhance security.
Binance Executive Voices Concerns Over US Regulatory Environment for Crypto Businesses
Experian is preparing to introduce a specialized edition of its fraud prevention data network, Hunter, in the United States, with several prominent companies committing to participate.
Hunter functions as a cooperative data network that grants participants visibility into borrower activities within the fintech sector to identify potential fraud risks. Through secure linkage across the network, participants share real-time information regarding fraudulent activities by contributing their own data.
When fintech companies establish new customer relationships or verify existing ones, they can cross-check against the network and receive alerts about suspicious information that matches observed fraud events.
According to Experian, Hunter is already utilized by over 450 organizations in 24 different countries, spanning various industries. The platform allegedly saves clients more than $6.5 billion annually.
Prior to its launch, the US version of Hunter aimed at the fintech sector has secured the participation of nine undisclosed firms.
Robert Boxberger, President of Experian Decision Analytics in North America, states, "By embracing a collaborative approach, fintech companies can leverage this additional data to make well-informed decisions that facilitate intelligent portfolio growth, enhance the customer experience, and mitigate substantial fraud losses."
