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News and resources on cyber and physical threats to banks and fintechs worldwide.

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North Korean hackers preparing to cash out $40 million in stolen bitcoin

North Korean hackers preparing to cash out $40 million in stolen bitcoin

North Korean cybercriminals are expected to dump $40 million in stolen bitcoin on the market over the coming days.

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Former bank employee jailed over £130,000 fraud

Former bank employee jailed over £130,000 fraud

Pushing Fraud Controls to the Next Level

Pushing Fraud Controls to the Next Level

Minister orders review after Bank of Ireland IT glitch

Minister orders review after Bank of Ireland IT glitch

Visa faces DoJ probe into tokenisation technology pricing

Visa faces DoJ probe into tokenisation technology pricing

Payments watchdog suggests £415,000 ceiling for APP fraud reimbursement claims

Payments watchdog suggests £415,000 ceiling for APP fraud reimbursement claims

ANZ to implement mule account detection tech

ANZ to implement mule account detection tech

Barclays says tech companies should be liable for scams on their platforms

Barclays says tech companies should be liable for scams on their platforms

SphereX raises $8.2m for smart contract security tech

SphereX raises $8.2m for smart contract security tech

Visa UK introduces new measures to protect SMEs from 'friendly fraud'

Visa UK introduces new measures to protect SMEs from 'friendly fraud'

More banks pay multi-million dollar penalties over WhatsApp use

More banks pay multi-million dollar penalties over WhatsApp use

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[New Report] Keeping pace with customer experience demands during cloud migration[New Report] Keeping pace with customer experience demands during cloud migration
Security blogs
Banking Regulations  

The Evolution of Regtech: Insights From Youverify

Luigi Wewege

Luigi Wewege - Caye International Bank - Belize + Panama

Transaction Fraud Systems and Analysis  

The Rise of the Digital Catfish: How ChatGPT and Deep-Fake Personas are Changing Financial Fraud

Greg Woolf

Greg Woolf - Fiverity - Boston

Information Security  

5 Ways to Protect Your Financial Institution from Account Takeover Fraud

Cheryl Chiodi

Cheryl Chiodi - Akamai - Cambridge

Finextra site news  

Cybersecurity – An interesting ode of Challenges and Opportunities for Startups

Ritesh Jain

Ritesh Jain - Infynit / Former COO HSBC - London

See all /security blogs »
Latest TV
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Pushing Fraud Controls to the Next Level

Pushing Fraud Controls to the Next Level

Isabel Schmidt, Co-Head of Global Payments Products, BNY Mellon, joins us at EBAday 2023 to discuss real-time payments and the ways to improve fraud controls with data validation services and cross-industry collaboration.
Implementing EBA's Pan-European Fraud Taxonomy: First Findings from Early Movers

Implementing EBA's Pan-European Fraud Taxonomy: First Findings from Early Movers

Thomas Egner, Secretary General, Euro Banking Association, and Annick Moes, Head of Industry Issues and Cooperation Initiatives, Euro Banking Association, discuss at EBAday 2023 the practical impact of the EBA's pan-European taxonomies addressing KYC and fraud combatting. They share feedback from first movers, which have implemented the EBA Fraud Taxonomy for fraud analytics and customer education, and comment on the taxonomy’s increasing relevance in the context of evolving payments regulation at EU level.
Preparing for Instant Payment Regulation Across Europe

Preparing for Instant Payment Regulation Across Europe

Erwin Kulk, Head of Service Development and Management, EBA CLEARING, speaks at EBAday 2023 in Madrid about the impact of instant payment regulation on EBA CLEARING's payment systems, how fraud patterns and anomaly detection can support users with upcoming regulatory requirements, and how to overcome some of the industry's greatest challenges today.
Unveiling the Impact of Instant Payments on Financial Crime Mitigation

Unveiling the Impact of Instant Payments on Financial Crime Mitigation

Speaking at TCF 2023, Adam Gable, Product Director Financial Crime, Treasury & Risk, Temenos, and Hani Hagras, Chief Science Officer, Temenos, discuss what the spread of instant payments means for financial crime mitigation and how AI and automation can help prevent fraud and maintain compliance.
The long read
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Isabel Schmidt

How payments fraud can be fought with trusted collaboration

Isabel Schmidt - Co-Head of Payments Products, BNY Mellon
Discussion
North Korean hackers preparing to cash out $40 million in stolen bitcoin
Ketharaman Swaminathan

Ketharaman Swaminathan

  2012: Bitcoin was a good way to do crime in 2012. 2023: Bitcoin is a bad way to do crime in 2023. Also 2023: Bitcoin is retrospectively a bad way to have done crime in 2012. Exhibit A: Ability of Chainalysis and other blockchain tooling to help solve crime with retrospective effect. Also Exhibit A: USA v. James Zhong. H/T @matt_levine

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North Korean hackers preparing to cash out $40 million in stolen bitcoin
A Finextra Member

A Finextra member

  And the blockchain/crypto world offered us unrivalled security - and no nuclear power plant could ever suffer a major malfunction and... trust me I'm a Doctor (or maybe trust me - I am a Nurse.... NOT!  

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North Korean hackers preparing to cash out $40 million in stolen bitcoin
Rocky Stefano

Rocky Stefano

  Can't wait to see which "private" exchange is going to ignore that much bitcoin on a discounted basis..,

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Payments watchdog suggests £415,000 ceiling for APP fraud reimbursement claims
Ketharaman Swaminathan

Ketharaman Swaminathan

  TY for the clarification.  The A in APP stands for Authorized. By definition, Fraud means Unauthorized. Therefore, "APP Fraud" is an oxymoron. Ergo I call it APP Scam. As industry insiders know, if a payment fails to go thru' in STP mode, banks will always find a way to delay it by days to earn float. I wouldn't want my incoming payments to be stuck on the grounds that my bank is doing some vague KYC checks. I thought consumers fought for FPS only to prevent banks sitting on their money, it would be a pity if they have to go back to the good old days of T + 5 days just because a thin minority of customers makes incorrect payments.   Banks can do a lot of things they should be restricted to what they MUST do. That is Name Check. If CoP is deficient, it should be improved and made fit for purpose. It should also be made mandatory for all banks to join CoP.

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Featured
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Mastercard enables CVC-less payments for tokenised cards in India

Mastercard enables CVC-less payments for tokenised cards in India

Spanish banks form fraud fighting JV

Spanish banks form fraud fighting JV

Supreme Court rules in favour of Barclays over APP reimbursement claim

Supreme Court rules in favour of Barclays over APP reimbursement claim

Revolut lost $20 million to criminals exploiting payment loophole

Revolut lost $20 million to criminals exploiting payment loophole

The long read
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Paige McNamee

How can banks strike a balance between user experience and security demands?

Paige McNamee - Finextra Research
Elsewhere...

  1. Seniors Discount Club

    How $370,000 was stolen from Melbourne couple: ‘It was a nightmare’

  2. BBC

    Somerset woman loses £40k in online scam

  3. ComputerWeekly

    Whistleblower contacts NatWest customers affected by a decade-old data breach

  4. The Guardian

    Older people hired as ‘money mules’ by gangs as cost of living crisis bites

  5. BBC

    On the hunt for the businessmen behind a billion-dollar scam

The long read
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Madhvi Mavadiya

How can digital trust be built amid global unrest and uncertainty in Europe?

Madhvi Mavadiya - Finextra Research