NICE Actimize Blog:
Fighting Financial Crime

PSD2 and Open Banking: What to Expect in 2020

It sometimes feels as if we’ve been talking about PSD2 forever, yet awareness of the Open Banking aspect remains limited, even within banking. It hasn’t helped that some markets, such as the UK, have undertaken their own Open Banking initiatives in addition and parallel to PSD2.

Looking Forward: Top 8 Fraud Trends for 2020

As we reach the end of the year, it’s a good time to review what happened in 2019 and turn our attention to the New Year.

The Changing UK Payments Infrastructure and Implications for Fraud

We often use the analogy of payments being a little like plumbing – it tends to be hidden away out of sight, and as long as water comes out of the tap, then we generally don’t think about the pipes themselves.

Fed Fraud Definitions WG: An Important First Step Towards Collaborative Fraud Fighting

Thanks to standardized fraud reporting in the UK, we know that Authorised Push Payment fraud (APP) makes up around a third of all UK banking and payments fraud. At £354.3 million, it’s larger than remote banking fraud by about 2.5 times and increased substantially from the first proper recoding in 2017.

ENGAGE Around the Globe

The NICE Actimize team recently held two of its four regional ENGAGE Client Forum events. These unique events offer clients the opportunity to hear from industry and NICE Actimize experts, as well as network with their financial crime industry peers.

Financial Fraud Scams: What Should Banks Do to Intervene?

The recent breaking news story that identified the FBI’s takedown of a fraud ring that was using romance scams and fake business emails to defraud their victims shines a light on the kind of schemes that have been growing exponentially over the past few years. Unfortunately, these romance scams are particularly targeting our elder populations and putting them in harm’s way. According to the Consumer Financial Protection Bureau (CFPB), these frauds have generated millions of dollars in losses for some elders, losses which can decimate an entire life savings, while putting independence and quality of life at risk for others.

PSD2 SCA Delay: What Must You Do by September 14?

For further reading, please refer to Rob’s previous two-part blog series covering the threats of PSD2 and further actions ahead of the September 14 deadline.

FedNow: Fraud Threats and How FIs Can Counter Them

Central bank sponsored real-time payments are proliferating across the globe and with the recent announcement by the U.S. Federal Reserve, this will soon reach the U.S.

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