Fraud detection

With 14 million trades a day on Nasdaq and innumerable chats and emails, the stock market's risk and surveillance officers can't look at everything. Enter artificial intelligence.

Tesco Bank has confirmed that over the weekend, some of its customers' accounts were subject to online criminal activity, in some cases resulting in money being withdrawn fraudulently.

Online lenders' struggle with fraud is driving them to join new networks designed to find links between fraudulent loan applications and signs of borrowers trying to obtain multiple loans simultaneously.

The cyberattack on internet service provider Dyn that shut down websites all over the world showed the dangers posed by internet-connected things. That includes many machines commonly used in offices and branches.

Combining biometrics with device ID, social data, behavior patterns and other factors builds a strong foundation for artificial intelligence to conduct identity proofing and transaction authorization.

It's time not only to hold banks accountable for their security, but also to provide meaningful regulatory guidance on how to achieve security.

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Screen scraping is an out-of-date way to share transaction data with mobile apps and services.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.

The federal government recently began to discourage companies from using SMS-based authentication in their two-factor authentication schemes. So do banks need to completely eliminate authentication via text message? Not entirely.

In the wake of the Bitfinex heist, protecting consumers must again be at the forefront of the digital currency community.

Directors and senior executives have a duty to inculcate risk culture into banks so that everyone works as a team to contain cyber and other risks, including the human vulnerabilities within.

Using methods akin to fighting external hacking can also address risks of employees committing legal or ethical lapses.