Breaking News
Banks facing rising bill as Financial Ombudsman weighs in on sophisticated fraud attacks
Banking customers transferred £240m to fraudsters last year as the sophistication of attacks increases. Banks, which are currently refunding a quarter of this figure to customers, are facing a bigger hit as the Financial Ombudsman has told them not to assume this fraud is due to customer negligence.
To avoid an increasing bill, fraud experts Intelenet Global Services® say that banks can make use of technologies such as machine learning and predictive analytics which identify customers’ spending patterns and flag up suspicious transactions.
Puneet Taneja, Head of Operations at Intelenet® Global Services, comments: “Prevention is always better than cure. Technologies which flag up suspicious transactions, combined with systems that offer automated messaging, can help banks reach customers quickly and securely to determine if a suspect transaction is taking place. This can significantly lower average loss per account and loss per fraud. One leading bank saw a 98 percent increase in fraud detection rate after putting this kind of system in place.
Puneet continues: “Fraud aftercare is crucial in allowing banks to identify loopholes in the system and pick up the pieces for customers after criminal activity has taken place. Machine learning is increasingly being applied to help speed up the resolution process, resulting in improved customer support for those who have fallen prey to fraud.”
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As a member, DTCC will contribute to the Association’s goals by promoting and advancing the ERC3643 token standard.
Tastytrade Expands Crypto Trading With New Digital Assets, Powered by Zero Hash
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Next Insurance Acquired for $2.6 Billion in Cash
Munich Re and NEXT Insurance have signed a definitive agreement regarding the full acquisition of NEXT Insurance
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Finrax, the leading crypto payment gateway bridging crypto and fiat, offering fast and reliable payment processing, has announced a partnership with FXBO.
Fiserv Announces the Appointment of Stephanie Cohen to Board of Directors
Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, today announced the appointment of Stephanie Cohen to its Board of Directors.
DTCC Joins ERC3643 Association
As a member, DTCC will contribute to the Association’s goals by promoting and advancing the ERC3643 token standard.
Tastytrade Expands Crypto Trading With New Digital Assets, Powered by Zero Hash
Zero Hash, the leading crypto and stablecoin infrastructure provider, today announced that tastytrade, a leading brokerage with an award winning platform for traders, has expanded their relationship with Zero Hash, enabling trading of five additional digital assets. Having launched crypto trading capability in 2020, through Zero Hash, this expansion meets increased customer demand for more crypto trading options.
USDG Expands Global Footprint and is Now Available for Trading across More Than Ten Digital Access Exchanges Globally
Today, Global Dollar Network, an open network designed to accelerate and reward global stablecoin adoption, announced that Global Dollar (USDG) is now available for trading across more than ten digital asset exchanges. These strategic listings expand the accessibility and liquidity of USDG, offering users enhanced trading opportunities. Now, millions of users globally can get safe, trusted US dollars in the form of USDG via their preferred trading platforms. Since January 1, USDG has grown more than 300%*, making it one of the fastest growing stablecoins.
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Jack Henry™ (Nasdaq: JKHY) is pleased to announce that Capital Credit Union converted to Jack Henry’s Symitar® platform and complementary products to support its future growth.