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AI-based financial crime detection platform Feedzai has joined the Unicorn club, raising 
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Mastercard continues its spending spree, agreeing to buy Ethoca, a firm that helps merchants and card issuers collaborate in real-time to identify and resolve fraud in digital commerce. Financial terms were not disclosed.
Vineet Anand's insight:
Ethoca to be acquired by MasterCard! MC eager to make investments with the recent acquisition of Transfast.
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India's central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT.
Vineet Anand's insight:
RBI fines 19 banks for lack of compliance for SWIFT use. Fines are relatively small.
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Malta's Bank of Valletta (BOV) last week shut down all Internet access, including branches and cashpoints, after detecting a cyber intrusion by criminals who tried to steal EUR13 million.
Vineet Anand's insight:
BOV shutters operations last week to track down nearly $15 million of fraudulent wire payments!
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The Federal Reserve will lend a hand to Bangladesh's central bank as it sues to recoup losses from one of the world's largest cyber heists, even while the Philippine bank targeted by the lawsuit on Friday called it baseless and beyond U.S. jurisdiction.
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UK financial institutions and payment processors should collaborate on the creation of a national digital identity scheme to face down the threat posed by money laundering and payments-related financial crime, according to a new report published by the Emerging Payments Association (EPA).
Vineet Anand's insight:
EPA calls for national digital id to plug increase in financial crime.
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UK consumers' association Which? has hit out at much of the banking industry for failing to protect online customers with two-factor authenticatio
Vineet Anand's insight:
2FA for payment providers in September will push adoption, however a number of banks are hesitant driven by potential friction in customer experience!
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India’s largest bank has secured an unprotected server that allowed anyone to access financial information on millions of its customers, like bank balances and recent transactions. The server, hosted in a regional Mumbai-based data center, stored two months of data from SBI Quick, a text mess…
Vineet Anand's insight:
SBI Quick unprotected sever exposed data on return messages!
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UK-based anti-fraud behavioural analytics firm Featurespace has raised a £25 million funding round led by New York VC Insight Venture Partners and MissionOG.
Vineet Anand's insight:
Featurespace raises another PS25 million funding!
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Russia's Sberbank has teamed up with supermarket chain Azbuka Vkusa to let shoppers pay for groceries with their fingerprints.
Vineet Anand's insight:
Sberbak enables fingerprint check-out at supermarket as part of data stored with central bank run UBS (unified biometric system).
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Vineet Anand's insight:
Fuze cards being used by fraudsters to store up to 30 debit and credit cards thereby reducing the number of cards to carry on their unscrupulous fraud with ease.
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UK challenger bank Tandem has opened up a new front in the fight against fraud, by starting a two-way in-app conversation with users before blockin
Vineet Anand's insight:
App 2-way conversations to deter fraudulent transactions whilst maintaining a valued customer experience that is often distasteful when false positive transactions are blocked.
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Ant Financial, the financial services spin-off of e-commerce giant Alibaba, has added another string to its bow, signing its third deal this month a
Vineet Anand's insight:
Ant Financial becoming a strategic technology service provider for banks having added 3 banks! Valued at $150 billion with a much awaited IPO, Ant has closed a funding round of $10 billion recently
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With card breaches at retailers becoming an everyday occurrence, MasterCard is arming banks with a tool that helps predict which customer accounts ar
Vineet Anand's insight:
MC launches new product that uses predictive analytics, external and internal data sources to create insights! Equifax, Whole Foods and Sonic .. the recent hot data breaches.
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Cybersecurity experts are warning about new Android malware that can steal the login credentials from 94 different mobile banking apps around th
Vineet Anand's insight:
New android malware also seeks to intercept SMS messages 2 factor authentication. 94 different mobile banking apps affected by this malware.
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The article talks about Riskified's Total Funding Coming to $31M With $25M in New Funding
Vineet Anand's insight:
Riskified raises another $25 million to accelerate growth from successful deployments including Burberry, Wish, Farfetch
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Britain's biggest banks are now spending as much as £660 million a year on anti-money laundering compliance
Vineet Anand's insight:
Britain's biggest banks are now spending as much as £660 million a year on anti-money laundering compliance. Shortage of AML professional will grow as increasing level of personal liability are being considered.
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Finextra: A 15-year-old boy has been arrested in Northern Ireland in connection with the hack on mobile operator TalkTalk, which put the banking details of millions of people at risk.
Vineet Anand's insight:
Northern Ireland mobile operator TalkTalk hacked with over million customer banking details by 15 year old seeking ransom!
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Finextra: MasterCard has brought its Safety Net technology, which taps into the card giant's global network to help protect banks and payment processors from hackers, to Europe.
Vineet Anand's insight:
Enrolled issuers in Europe can take advantage of MC Safety Net tool to identify potential fraud in real-time. Visa offers a similar service in partnership with FireEye for merchants and issuers!
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Finextra: In the latest in a series of high profile data breaches, credit referencing agency Experian says hackers accessed its servers and stole the personal details of 15 million prospective T-Mobile customers.
Vineet Anand's insight:
National Security Agency, I hope realizes that such lapses in SSN might have a solution in tokenizing SSN leaving the same last 4 numbers for verification but tokenizing the rest 5 digits!
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Finextra: BNP Paribas has become the latest French bank to pilot Oberthur's OT Motion Code technology, replacing the three-figure CVV code on the rear of a card with a small screen display that automatically changes periodically.
Vineet Anand's insight:
POC to use dynamic CVV for online transactions! Customer experience matters and having dynamic CVV or 2FA or 3DES are great deterrents however take away the One Click experience. While dynamic CVV is might work for desktop, however for mobile in-app tokens will offer more security and with growth in mobile purchases, does this proof of concept have legs!
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Finextra: The American Bankers Association, the lobby group that has taken a leading role in lambasting retailers over lax data security, has admitted that email addresses and passwords used to make purchases or register for events through its online shopping cart have been compromised.
Vineet Anand's insight:
Ironic yet true right on the heels of FXCM and Experian hacking during the National Cybersecurity Awareness month!
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Finextra: Researchers at Worldpay are investigating the use of facial recognition technology to help combat card fraud in stores across the UK.
Vineet Anand's insight:
Pin entry device camera for face recognition with learning capabilities that improves the biometric image over time! Biometric identification serves both online and offline check-out points; consumer adoption in online can reduce CNP fraud and treat transaction as card-member present?
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Finextra: The US Office of Personnel Management says that hackers who breached its systems over the summer made off with the fingerprint records of 5.6 million individuals, raising questions over the security of biometrically-protected identities.
Vineet Anand's insight:
5.6 million fingerprints, SSN, and other sensitive information hacked few months back. Do FI's need to consider building two factor auth as an option for individuals to ensure security? Researchers have in past been able to recreate fingerprints for use .. are the hackers able to 3D print and use this information?
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Finextra: South Africa’s Absa Bank is to be first to trial a new Visa specification for fingerprint validation at chip card-enabled ATMs.
Vineet Anand's insight:
Absa bank to trial a proof of concept for fingerprint readers that map a central database using Visa specs.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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Feedzai SeriesD raises values with 800MM customers and counting!