Fraud detection

Financial services IT teams must think like cybercriminals and develop an offensive approach to security at a time when threats are growing in frequency and sophistication.

Swift is taking another step to protect the payment system following a multimillion-dollar cybertheft early in the year.

Fraud analytics, e-signatures, consent tools, artificial intelligence and notifications are all being floated as possible defenses against employees falsifying account openings and product sales.

There's no tech solution in the world that can prevent cybersecurity attacks. To mitigate risks, however, banks can apply four controls after they first determine their risk tolerances.

There is a compelling case for business parties to use smart contract technology in the future to complete binding legal contracts.

The sheer amount of data created in recent years has exploded, leaving banks with a tremendous amount of data sets to mine through. Community banks need to utilize analytics to stay competitive with their big-bank peers.

Some financial companies are leery of betting on an early-stage technology such as artificial intelligence for important jobs like combating account thefts, but PayPal says it works – especially in rooting out false alarms.

Screen scraping is an out-of-date way to share transaction data with mobile apps and services. It's high time for banks to invest in OAuth, a protocol that lets customers access their financial data in a portal of their choosing and is secure.

Sure, there is an inherent business tension between banks' digital offerings and personal financial management software. However, the ground rules for making account data available to consumers for use in external software products and apps are in place and the so-called rivalry is overblown.

The New York State Department of Financial Services has fined Mega International Commercial Bank in Taiwan $180 million in connection with allegations that it violated New York’s anti-money-laundering laws.