Payment Security
Lloyd's of London Warns of $3.5 Trillion Global Economic Impact from Cyber Attack
Lloyd's of London, the insurance marketplace, has issued a cautionary statement, suggesting that a major cyber attack on a systemic payments system could result in a staggering $3.5 trillion economic impact on the world.
UK, Singapore, Switzerland, and Japan Collaborate on Fund and Asset Tokenization Project
Financial regulatory authorities from the United Kingdom, Singapore, Switzerland, and Japan have initiated a collaborative effort to explore potential applications of fund and asset tokenization as well as decentralized finance (DeFi).
Riskified and Deloitte help e-commerce merchants analyse fraud exposure
Source: Riskified
Riskified (NYSE:RSKD), a leader in eCommerce risk intelligence, today announced its partnership with Deloitte, a leader in fraud and financial crime advisory services, to empower merchants with real-time insight into how their chargebacks, approval rates and fraud costs compare to similar companies in their space.
US banks launch digital asset settlement platform PoC
Some of the biggest names in the US banking industry are coming together on a proof of concept for a regulated digital asset settlement platform.
Top Fintech Companies Call for Review of Hidden Bank Fees in International Payments
London's Leading Fintech Companies Unite to Demand Urgent Review of Hidden Bank Fees for International Payments.
Digital Currency Monetary Authority launches CBDC
Source: DCMA
Today, at the International Monetary Fund (IMF) Spring Meetings 2023, the Digital Currency Monetary Authority (DCMA) announced their official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and complies with the recent crypto assets policy recommendations proposed by the IMF.
New York Fed and MAS test wCBDC for cross border payments
The Monetary Authority of Singapore and the Federal Reserve Bank of New York are teaming up to explore the use of wholesale CBDCs for cross-border payments.
Australian Banks Launch Digital Platform to Combat Fraudulent Payments
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.
Australian Lender Latitude Financial Reveals Massive Data Breach
Consumer lender Latitude Financial has disclosed a major data breach that resulted in the theft of 14 million customer records, including personal information, drivers licenses, passports, and financial statements.
SCA has led to fall in online card fraud - Barclaycard
200 days on from the mandatory introduction of Strong Customer Authentication (SCA) in the UK, 73% of retailers have seen online payment fraud decline, according to data from Barclaycard Payments.
Coinbase sues SEC to force response to rulemaking petition
Coinbase has filed a suit against the Securities and Exchange Commission, asking a court to make the regulator respond to a petition from last year on the "rules to govern the regulation" of digital assets.
Silvergate Bank goes into liquidation
Silvergate Bank has gone into liquidation, raising further concerns about rising volatility in the crypto sector.
Banks risk losing 89% of SME business to fintech challengers
Source: Capgemini
New payment methods (instant payments, e-money, mobile and digital wallets, account-to-account, QR codes) are leading the charge with consumers, but the looming threat of recession and growing inflation rates coupled with continuing geopolitical issues, is posing a whole host of new challenges.
