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Google and FS-ISAC Launch Programme to Combat Financial Fraud

Fintech News

Google and FS-ISAC have launched a new collaboration aimed at improving fraud prevention in the financial services sector. The programme streamlines the process of identifying, reporting, and mitigating these threats, allowing Google to investigate and remove abusive accounts more efficiently.

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Data-sharing spec revised to encourage open banking

Payments Source

The FS-ISAC hopes banks and data aggregators will adopt the updated standard for sharing customer account data.

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Trade Groups Want To Standardize Cybersecurity Data Sharing

PYMNTS

A new plan, titled “Sheltered Harbor,” was unveiled by the primary trade groups that represent the financial services sector to help standardize data storage for retail accounts and strengthen cybersecurity defenses.

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Big Banks Notice Rise In Cyberattack Attempts

PYMNTS

But a spokeswoman for FS-ISAC noted that there has been “no heightened increase of cyberthreats to the financial services sector.”. Not only are banks prime targets because of the multitude of sensitive consumer information they hold, but also for the fact that an attack could cause market turmoil. Still, U.S.

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Putting FIs Through Cybersecurity Drills To Prepare For The Next Big One

PYMNTS

billion each year and that account takeovers have seen a sharp spike of 45 percent in Q2 2017. One such organization is the Financial Services Information Sharing and Analysis Center (FS-ISAC) , a non-profit group established by the financial industry to provide information on financial security for the broader industry.

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TRENDING: Is Sharing Cybercrime Data Key To Fighting Fraud?

PYMNTS

The bank recently debuted “Siri for Westpac,” a new feature designed for consumers to link bank accounts to their iPhone or other Apple devices and make payments to payees at any bank. The feature can also be used to perform other digital banking tasks, such as viewing account balances, transferring money or paying bills.

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TRENDING: Putting IT Professionals Through Cyberattack Boot Camp

PYMNTS

It also offers an audio QR function enabling users to transfer money by transmitting data embedded into ultrasonic frequencies instead of using bank accounts or phone numbers. The new service, called Tez, allows users in the country to send money to businesses and contacts. Meanwhile, in its latest effort to further develop and craft the U.S.