The Monetary Authority of Singapore (MAS) will give banks and credit card issuers more time to adopt the E-Payments User Protection Guidelines (“Guidelines”).
The Guidelines aim to set standards in the following areas:
The New York Federal Reserve is to assist Bangladesh Bank in a legal challenge to recoup $81 million stolen in a massive cyber heist in 2016.
A group of US stock exchanges is set to fire Thesys Technologies, the startup it hired in 2017 to build a vast Consolidated Audit Trail (CAT) tracking transactions as they pass through US equity and options markets, according to the Wall Street Journal.
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.
