The revised Payment Services Directive regulation, regarded as one of the most disruptive in Europe’s financial services sector, will begin to make an impact on January 13, 2018.
PSD2 is set to remake the EU payments marketplace. This deliberate public policy exercise is going to regulate and demonstrate what next generation financial crime competencies must be and cement the standard going forward.
As 2018 draws near, Kyriba's Bob Stark gives his predictions on payment fraud, cryptocurrencies, faster payments, hedging, lease accounting, robotics and tax reform. He also looks at the future role of the chief information security officer in treasury.
Only a month ago the FBI announced that fake eBay sales were being used to mask payments from the US to the Islamic State (ISIS). Terrorists and criminals are becoming more sophisticated in terror financing and money laundering, so businesses must be too.
The US Federal Deposit Insurance Corporation is suing nine European banks for allegedly contributing to the collapse of 39 US banks that had a collective value of more than $440bn (€375.6bn).
The recent NotPetya cyberattack underlined the need for organisations to address their exposure and how to mitigate the risk.
Many banks around the world, large and small, continue to experience major security failures. Biometric systems such as pay-by-selfie, iris scanners and vein pattern authentication can help.
Banks might feel justified in victim blaming when fraud occurs, but it does little for customer confidence.
Accidental data breaches are causing almost as much concern as the steady rise in ransomware attacks, reports insurer Beazley.