Risk

Refinitiv, a global risk intelligence firm, has agreed to buy Giact, a company founded by a brother-and-sister team in Allen, Texas, in 2004 to enhance payment fraud protection and identity verification for banks and corporations.

Good communication is integral to facilitating collaboration between departments and offering a reminder that security is not achieved solely within the IT department; rather, it is a team effort, says KnowBe4's Javvad Malik.

Before bringing biometrics to any new payment form factor, careful consideration is needed to ensure the technology can be seamlessly integrated into the existing infrastructure, while maintaining the highest levels of security, says Fingerprints' Henrick Nilsson.

For those looking to combat credit card testing, there are several tactics that merchants can employ, says T1 Payments' Donald Kasdon.

The New York State Department of Financial Services says banks and credit unions under its supervision should limit loan concentrations in vulnerable geographic areas, avoid overexposure to fossil fuel and other legacy businesses and develop financial disclosures detailing climate-related risk.

By adhering to a checklist that determines acceptance, data and other steps, PCI compliance is achievable, says Qualpay's Penny Townsend.

Business leaders have come to understand the role that people play in cybersecurity fiercely working to establish a strong security culture within their own organizations, says KnowBe4's Javvad Malik.

As fraud continues to rise, there are a series of steps merchants can take to bring themselves into PCI compliance, says Qualpay's Penny Townsend.

A disputed outcome could cause significant market turmoil in the coming months — and have far more serious repercussions over the longer term.

U.S. banks are taking too narrow of an approach when disclosing their exposure to climate risk and are potentially underestimating possible losses, according to a report released Monday.

In too many places, identity verification and other vetting is still done manually, says Signicat's John Erik Setsaas.

USAA's regulatory troubles now include OCC fine, CRA downgrade; Citi CEO Michael Corbat and CFO Mark Mason dodged questions on cost of risk overhaul; PNC unlikely to buy a digital bank, CEO Demchak says; and more from this week's most-read stories.

The credit union regulator has held back in allowing the use of derivatives but has released a proposal that would remove red tape for some larger institutions.

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

The control of crypto exchanges will resemble that of regular financial companies in Europe and the U.S., says Extante's Anatoliy Knyazev.

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

Opportunistic criminals are taking advantage of an environment where our need to live more of our lives online has outpaced our ability to do so securely. Taking all necessary precautions to protect sensitive information should be at the forefront of the discussion, says Horizon8's Patrick Horgan.

The combination can address the different threats posed by money muling, which is on the rise with more people at home, says FICO's TJ Horan.

During this time of economic disruption that has deep implications for the corporate sector, financial institutions need to make AI a core part of their efforts to adjust to the new normal and take advantage of the enabling technologies that can propel adoption quickly, says Canonical's Kris Sharma.

The company's mistaken payment to Revlon creditors and other lapses are said to have contributed to Citi's recent leadership shake-up. On Wednesday, the OCC and Fed ordered the company to fix its risk management problems.