IT Risk & Security

Swift to start suspicious-payment alerts to help defend banks

The new service is part of a series of measures from the Society for Worldwide Interbank Financial Telecommunication to defend against cyberattacks that aim to fraudulently use banks’ connections to the messaging system. It will place a “red flag” on payment messages that appear risky and spot anomalies, provide real-time alerts and allow customers to put »

PSD2 creates a cyber risk headache for banks

A report created by banking software specialist Temenos in cooperation with The Economist Intelligence Unit shows that banks are wary of the cyber risks associated with European Union’s Payments and Services Directive (PSD2). The directive, which will come into force in 2018, forces banks to open up their APIs to third parties so that information »

3i, Barclays and Worldpay praised in Deloitte report on cyber risk

Only 5% of FTSE boards appears to have a director with specialist expertise in cyber risk, despite the fact that 87% of FTSE companies’ annual reports pulled out one or more elements of cyber risk as principal risks in their disclosures, according a report published by consultants Deloitte. The findings, based on a study of »

Israeli Cybersecurity Industry Grows as Global Threats Multiply

According to figures based on the non-profit’s data platform and tech industry database PitchBook, 365 Israeli cybersecurity companies raised a total of $581 million in 2016, about 15 percent of all capital raised by the industry globally. About a quarter of the 65 Israeli cyber start-ups founded last year have already succeeded in raising funds, the »

Lloyds Said to Have Suffered Cyber Attack on Bank’s U.K. Systems

Britain’s largest mortgage lender was targeted by a denial-of-service attack, which aims to cripple an online system by flooding it with traffic, said the person who asked not to be identified because the details aren’t public. To defend its systems, Lloyds used geo-blocking tactics to prevent web requests from servers in locations used in the »

Who Owns Blockchain? Goldman, BofA Amass Patents for Coming Wars

Who Owns Blockchain? Goldman, BofA Amass Patents for Coming Wars

Recently, some of the biggest names in business, from Goldman Sachs to Bank of America and Mastercard, have quietly patented some of the most promising blockchain technologies for themselves. Through mid-November, the number of patents that companies have obtained or said they’ve applied for has roughly doubled since the start of the year, according to law »

SocGen Computer Glitch Said to Ripple Through Bond Derivatives

The Paris-based bank’s back-office systems malfunctioned, causing errors in figures that showed up on Intercontinental Exchange Inc., said the people, who declined to be identified because the conversations were confidential. Bank staff had to sort through client trades manually, one of the people said, while ICE later restated data on seven contracts. “A technical fault on one »

Deutsche Bank Admits Misleading Clients in Dark Pool Trades

The bank will admit to violating state and federal securities laws over a two-year period by failing to address known technical problems with its proprietary dark-pool ranking model, the U.S. Securities and Exchange Commission and New York Attorney General Eric Schneiderman said Friday. “Misleading and self-serving statements that defraud investors will not be tolerated,” Schneiderman »

Fintech Firm Could Help Unravel Mysteries Behind Flash Crashes

Citigroup Inc. is investing in a technology that, if widely adopted, could help get to the bottom of sudden market spasms. The world’s largest currency trader is backing Cobalt DL, which aims to use a distributed ledger to create a single trade record that would replace existing fragmented systems. Best known for the blockchain that »

CFTC fines Société Générale $450,000 over software bug

CFTC fines Société Générale $450,000 over software bug

The US Commodity Futures Trading Commission (CFTC) has issued a $450,000 fine to French financial firm Société Générale for improper regulatory reporting caused by bug in the code of Société Générale’s FX trading platform. The  reporting error led to the French investment bank falling foul of the Commodity Exchange Act (CEA) and CFTC Regulations. The »

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