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US set to relax rules for banks – too big to fail problem solved
Jamie Dimon, the CEO of JP Morgan Chase has come out in support of Donald Trump’s move to relax financial regulations, saying that the slew of new rules put in place since the crisis has essentially “solved” the problem of banks being “too big to fail”. In Dimon’s annual letter to shareholders, the chairman and chief [...]
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Breach Level Index – Cyber criminals mining for database gold
The 2016 Breach Level Index Report has been published revealing that cyber criminals managed 1,792 data breaches leading to almost 1.4 billion data records being compromised worldwide during 2016, an increase of 86% compared to 2015. Identity theft was the leading type of data breach in 2016, accounting for 59% of all data breaches. In addition, [...]
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Open access, Open banking and Open APIs – Are banks Open for business?
With all the talk about open access, open banking and open APIs, it’s open season on ‘open’ in financial services at the moment. The PSD2 is driving the ‘open’ agenda for banks in Europe, yet the trend is global. Banks worldwide are also plotting their own routes towards a more open ecosystem. I thought it [...]
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FCA crackdown on contactless card fraud security flaw
The UK’s FCA has set out measures to tackle contactless card fraud on contactless cards which have been reported lost or stolen. In a letter to the Treasury select committee, the Financial Conduct Authority (FCA) said consumer losses on contactless payments were relatively small but in some circumstances cards could be used by a fraudster several [...]
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US e-commerce fraud rates spike 33% in 2016 – EMV shift to blame
Last year Experian reported that 2016 e-commerce fraud attack rates were on pace to surpass the 2015 totals. At the time, the fraud attack rates for the first half of 2016 appeared to be at least 15% higher than the 2015 total. That percentage turned out to be much higher as e-commerce fraud increased to 33% in 2016 [...]
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