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NatWest is turning to behaviour-aware biometrics security to comply with tighter European Union payment regulations.
Next year, the EU’s Strong Customer Authentication (SCA) comes into force, which includes the requirement that certain transactions go through additional authentication checks.
SCA, part of the PSD2 regulation, is an extra layer of security designed to prevent fraud and validate that an individual using a card is the actual cardholder.
Efforts to identify and block scam text messages pretending to be from trusted organisations during the coronavirus crisis are being stepped up.
The mobile phone and finance industries have joined forces to help tackle the problem of “spoofing”.
Spoofing techniques by criminals mean they can make text messages appear to be from a legitimate organisation, by changing the sender ID at the top of the text.
Currency exchange business Travelex has insisted it is making “good progress” on recovering after a ransomware virus on New Year’s Eve led to its systems being shut down. Bosses said some internal and order processing systems were returning and the company is starting to switch on in-store systems again. Tony D’Souza, chief executive of Travelex said: “We continue to make good progress with our recovery and have already completed a considerable amount in the background.
Law firm Slaughter and May have lambasted executives from TSB and parent company Sabadell over the catastrophic core banking migration that locked two million customers out of their accounts in April 2018.
The migration from Lloyds Bank systems to TSB’s new in-house core banking platform Proteo4UK led to money disappearing from customer accounts, halved Sabadell’s 2018 profits, and eventually forced out TSB CEO Paul Pester.
Slaughter and May’s 262-page report, said to have cost £25 million to produce, criticised the TSB board for failing to “fully understand the scope and complexity” of the new IT system and found Sabadell’s IT arm Sabis guilty of failing to test the system on one of the two data centres it relied on.