News

IT for financial services

• October 12, 2021 12 Oct'21

  Nearly half of finance firms will acquire or partner fintechs in next year

  UK financial services firms are preparing to acquire or partner fintechs as they target business growth

• October 11, 2021 11 Oct'21

  Sensitive documents to stay with whistleblower after deadline for agreement for their return passes

  A deadllne to agree the safe return of the sensitive banking details of former and current NatWest Group customers has passed without agreement

• October 08, 2021 08 Oct'21

  NatWest admits to weaknesses in anti-money laundering systems

  Bank pleads guilty to failures concerning the laundering of hundreds of millions of pounds, but says it has since improved its anti-money laundering systems

• October 06, 2021 06 Oct'21

  US lawmakers propose ransomware reporting rules

  Former presidential candidate Elizabeth Warren lends her support to a bill that would require corporate ransomware victims to disclose more information about their attacks to the authorities

• October 06, 2021 06 Oct'21

  Tech Nation adds 30 fintech scaleups to growth programme as funding continues to rise

  UK government-backed startup network adds 30 fintechs to its growth programme amid record investments in finance tech sector

• October 05, 2021 05 Oct'21

  Microsoft’s financial services cloud available next month

  Financial finance sector-focused cloud service will be available at the beginning of November

• October 04, 2021 04 Oct'21

  Mastercard acquisition of Aiia is a further sign of open banking’s big future

  Mastercard’s acquisition of Denmark-based open banking fintech Aiia follows rival’s takeover of Sweden’s Tink

• October 01, 2021 01 Oct'21

  IR35: Giant Group cyber attack prompts renewed calls for statutory regulation of umbrella companies

  As details about the fallout from the cyber attack on the Giant Group umbrella company emerge, stakeholders say the incident should prompt the government to expedite regulating contractor payroll processing firms

• September 30, 2021 30 Sep'21

  Digital bank fined by regulator due to weak anti-money laundering controls

  German digital bank is fined by financial services regulator for failing in relation to its anti-money laundering practices

• September 30, 2021 30 Sep'21

  Starling Bank takes its banking-as-a-service into European Union

  API-based banking-as-a-service offering means customers can access services such as current accounts or debit cards without the need for heavy tech development or regulatory approval

• September 29, 2021 29 Sep'21

  Dedicated number for victims of fraud launched amid national security threat

  Consumers that suspect they are being targeted by fraudsters can call 159 to be directly linked to their bank, as part of a 12-month pilot

• September 29, 2021 29 Sep'21

  Women in fintech welcome Barclays initiative and demand more from the sector

  Women in UK financial technology have welcomed bank’s new female-focused lab and funding initiative and call for more like it from the sector

• September 29, 2021 29 Sep'21

  JP Morgan Chase digital investment good for UK IT sector, but what’s in it for the bank?

  JP Morgan Chase’s digital bank allows it to start from scratch in the UK, with no legacy infrastructure to overhaul

• September 29, 2021 29 Sep'21

  UK consumer trust in banks, retailers and telcos declines as scams increase

  Consumers are blaming banks, retailers and social media for the huge increase in online scams, survey shows

• September 28, 2021 28 Sep'21

  Dutch IT firm transforms HR policy built on lessons from pandemic

  Software firm rips up human resources rule book and replaces it with a hybrid working policy

• September 27, 2021 27 Sep'21

  Giant Umbrella contractors suffer salary payment delays following suspected ‘data breach’

  Following the discovery of “suspicious network activity” in its systems, payroll processing firm Giant Umbrella has taken itself offline, leaving contractors to fume over missing salary payments

• September 24, 2021 24 Sep'21

  IR35 reforms: HMRC confirms compliance checks under way in financial services, oil and gas sectors

  Less than six months after the roll-out of the IR35 reforms to the private sector, HMRC has confirmed it has started writing letters to companies requesting details of their compliance procedures

• September 23, 2021 23 Sep'21

  Regulator concerns about resilience and security could slow cloud adoption in financial services

  Report by Association for Financial Markets In Europe highlights the pressure financial services firms face as they seek to balance the need for innovation with regulatory requirements

• September 23, 2021 23 Sep'21

  Fresh alert over Conti ransomware surge

  Conti ransomware crew appears increasingly active, prompting fresh warnings from the US authorities

• September 23, 2021 23 Sep'21

  Authorised push payment fraud sees huge increase as criminals switch tactics

  Criminals tricking people into making payments through channels such as fake emails and websites have stolen more money than payment card fraudsters

• September 22, 2021 22 Sep'21

  JP Morgan Chase to replace core banking system with Google-inspired cloud platform

  JP Morgan Chase is the latest bank to acquire the cloud-native core banking technology of UK fintech Thought Machine

• September 22, 2021 22 Sep'21

  Mastercard invests in digital competence training for five million very small businesses

  Mastercard is working with suppliers to embed training for small businesses onto their digital platforms

• September 21, 2021 21 Sep'21

  US sanctions Suex crypto exchange over ransomware links

  US Treasury cracks down on cryptocurrency exchange that supposedly facilitated proceeds from multiple ransomware gangs

• September 21, 2021 21 Sep'21

  Open banking objectives a decade away for over a third of UK finance firms

  The completion of complex open banking initiatives could still be over a decade away for many companies in the finance sector

• September 21, 2021 21 Sep'21

  BlackMatter gang ramps up attacks on multiple victims

  A wave of new BlackMatter ransomware attacks is hitting organisations around the world, even as the US authorities mull new sanctions on ransom payment infrastructure

• September 21, 2021 21 Sep'21

  DBS eyes AI and blockchain talent

  Singapore-based bank DBS is looking to hire 150 developers and engineers skilled in artificial intelligence (AI) and blockchain through its hackathon programme

• September 19, 2021 19 Sep'21

  UK tech sector on track for another record year of investment

  The UK creates one unicorn tech business a week, as startup funding during the first half of 2021 rockets to £13.5bn

• September 17, 2021 17 Sep'21

  JP Morgan launch of UK digital bank expected next week

  JP Morgan will launch its UK digital retain bank next week, and continental Europe will be next if it’s a success

• September 16, 2021 16 Sep'21

  Bitdefender launches free REvil ransomware decryptor

  Working alongside law enforcement partners, Bitdefender has developed and released a tool to help REvil victims recover their data for free

• September 15, 2021 15 Sep'21

  Tech Nation announces second cohort for Net Zero accelerator

  The Net Zero programme from Tech Nation aims to help tech startups and scaleups realise their potential to reduce global emissions

• September 15, 2021 15 Sep'21

  Nordic central banks drive fintech and digital currency

  Banks are working together through a cross-border financial technology development hub

• September 14, 2021 14 Sep'21

  UK government takes equity shares in more than 150 startups

  Covid-support loans given to startups through the UK government’s Future Fund have given it stakes in more than 150 high-growth enterprises

• September 14, 2021 14 Sep'21

  Cost of ransomware attack in financial sector exceeds $2m

  Mid-sized financial services organisations worldwide spend an average of over $2m recovering from ransomware attacks

• September 09, 2021 09 Sep'21

  UK GDPR faces changes under planned reforms

  DCMS is launching a major consultation on proposed changes to the UK’s data protection regime, under which several key elements of the GDPR are likely to change

• September 08, 2021 08 Sep'21

  Stolen credit card data worth about £13 on dark web, PayPal worth more

  The average price of a stolen credit card on a dark web marketplace comes in at around $17.40, or £12.60, according to new data – but the real money for cyber criminals is in hacked PayPal accounts

• September 07, 2021 07 Sep'21

  Banking anti-fraud scheme blocks 65% more fraud

  Scheme designed to protect vulnerable people against banking fraud has been expanded to include online scams

• September 03, 2021 03 Sep'21

  China accused of cyber attacks on Norwegian IT systems

  China-based cyber attackers have been blamed for multiple assaults on IT systems in Norway

• September 02, 2021 02 Sep'21

  How high can the contactless card limit go without two-factor authentication?

  The spending limit for contactless cards has reached an eyebrow-raising triple-digit figure – £100 – raising questions about the need for user authentication

• September 02, 2021 02 Sep'21

  Finance firms faced up to £760,000 costs per DNS attack during pandemic

  Financial services firms have been the focus of attacks by cyber criminals during the Covid-19 crisis

• September 01, 2021 01 Sep'21

  University of Sunderland applies technology through robot dog

  Students will apply technologies such as artificial intelligence to robotic dog as part of their learning

• August 27, 2021 27 Aug'21

  Are proposed data protection changes a threat to UK citizens’ privacy?

  Though changes are as-yet undefined pending an upcoming consultation, concerns are already being expressed over the government’s plan to liberalise data protection laws in the service of innovation and growth

• August 26, 2021 26 Aug'21

  Tech giants commit to Biden's cyber security action plan

  Some of the world’s most prominent tech giants have made a series of commitments to enhance the US’ national cyber security posture following a high-profile meeting with president Biden

• August 26, 2021 26 Aug'21

  Government unveils post-Brexit data flow proposals

  The government will pursue data partnerships with countries including Australia, South Korea and the US as part of a post-Brexit data regime that may also see substantial changes to the UK’s data protection law

• August 26, 2021 26 Aug'21

  NZ privacy lead John Edwards named new information commissioner

  DCMS has named John Edwards, currently New Zealand privacy commissioner, to succeed Elizabeth Denham as UK information commissioner

• August 25, 2021 25 Aug'21

  UK loses £1.3bn to fraud and cyber crime so far this year

  New figures from the National Fraud Intelligence Bureau show a threefold spike in reported financial losses to fraud and cyber crime in the first six months of 2021

• August 24, 2021 24 Aug'21

  Half of MS Exchange servers at risk in ProxyShell debacle

  Up to 50% of MS Exchange users in the UK are exposed to three vulnerabilities that are now being actively exploited

• August 23, 2021 23 Aug'21

  IBM unveils Telum to combat financial fraud in real time

  Completely new architecture means the AI accelerator chip does not need to pass data to and from the main processor, PCI bus or operating system

• August 20, 2021 20 Aug'21

  Swedish IT industry braced for China’s response to Huawei 5G ban

  Swedish IT and communications equipment suppliers fear economic backlash from China following Huawei ban

• August 19, 2021 19 Aug'21

  How Bet365 addressed Apple’s iOS App Store policy changes

  Apps on the iOS app store need to be more ‘Apple like’, with a common user experience. We find out how Bet365 achieved app portability

• August 19, 2021 19 Aug'21

  Challenger banks make reputational gains in business banking

  The business banking sector is a big target for digital challengers and some are already building good reputations in the market