WASHINGTON/NEW YORK(Thomson Reuters Regulatory Intelligence) – The U.S. Treasury Department’s anti-money laundering unit and the federal banking regulators issued a joint statement on Dec.3 to encourage banks and credit unions to consider “innovative approaches,” including new [...]
What will be the major digital threats of 2019? What should enterprises be most prepared to defend against? When designing their digital perimeter, what should enterprises keep in the front of their mind? How will the digital threats of 2019 fare against next-generation [...]
With what has the potential to accelerate and expand the use of emerging technologies—including artificial intelligence, machine learning, and robotic process automation—federal banking regulators and the Treasury Department’s Financial Crimes Enforcement Network have issued a joint [...]
Financial institution executives have long seen artificial intelligence as a way to better and more efficiently combat money laundering, but have faced a challenging in implementing it — skeptical [...]
ThetaRay CEO Mark Gazit appointed to the International Technology Advisory Panel of the Monetary Authority of [...]
Boston, October 23, 2018 – Given customers’ rapidly rising expectations for digital banking experiences to match the integrated experiences they receive in other industries, financial institutions are under pressure to deliver a customer-centric, mobile-first digital experience that starts upon [...]
On August 10, 2018, the FBI warned financial institutions of a global ATM cash-out scheme they believed would occur within the next few days. Despite this advanced warning and additional details shared—the cybercriminals were able to launch a seven-hour attack on August 11, cashing out $11.5 [...]
Startups remain a key resource for CIOs seeking an innovative edge. From AI to data analytics to cybersecurity, here are 10 startups looking to fulfill IT leaders’ most pressing digital [...]
As financial fraud in the UK evolves, so too does the financial industry, stepping up its efforts to tackle the issue with new technologies, such as biometrics and artificial intelligence. [...]
In the last decade, most of us have experienced first-hand how digital technology has disrupted retail banking. In Europe alone 58.5% of customer bank online and increasingly fewer people see the branch as their main source of banking services. For most of us our bank is inside our [...]
Where AI is making a real difference is in catching criminals. Globally, United Nations Office on Drugs and Crime (UNODC) estimates that 2-5% of global GDP, or $800 billion to $2 trillion, is laundered annually. Money laundering is closely tied to other serious offenses such as terror financing, [...]
The anti-fraud sector remains a hotbed of risk management activity. As criminals become ever more technically proficient, Financial Institutions (FIs) find themselves in a constant ‘arms race’, attempting to stay one step ahead. In recent years, the main theme in anti-fraud has been diversity. [...]
The private market ecosystem in Israel has been maturing rapidly over the past few years, underscored by several big deals and the emergence of a technology cluster in the area around Tel Aviv known as Silicon [...]
Singapore has become a hothouse for the fintech and banking debate, but can its banks meet the challenge? [...]
Following a recent warning from the US Federal Bureau of Investigation (FBI) that banks were facing the possibility of an imminent global cyberattack targeting ATMs, banks are being urged to review the operating systems used to run the machines and the security measures in place to detect and [...]
Anomaly detection can be termed as a process to identify anomalies such as an unusual shift in the process or event in an operation that does not follow the expected pattern or dataset. These shift in the usual pattern of the event is the major cause of a fault, defect or an error in the process. [...]
The World’s Largest Banks are Spending More Than Ever to Tackle Money Laundering, with AI Technology Increasingly at the Forefront of the [...]
Bank Info Security interviews ThetaRay EVP James Heinzman on the role of machine learning in fighting [...]
Unsupervised machine learning is essential to mitigate the sophisticated cross-channel fraud techniques attackers are using to take advantage of the multiple silos and security gaps at financial institutions, says ThetaRay’s James [...]
More recently hackers have been attacking ATMs remotely through malware injected into a cash-machine network. They also access debit card account data, temporarily raise the balances on the accounts, withdraw the difference with the use of counterfeit cards, and then reinstate the original [...]