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Credit union-owned blockchain outfit CULedger has teamed up with Best Innovation Group (BIG) and ConnectFSS to bring distributed ledger technology security to voice banking. 
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UK bank NatWest is piloting in-card biometric technology that lets customers verify point-of-sale transactions with their fingerprints.
Vineet Anand's insight:
PS 30+ amounts now being trialled using biometric credit card by NatWest, Visa and Gemalto!
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The Bank of England is to take supervisory action against Visa following a widespread outage last year that disrupted payments for millions of shoppers across Europe.
Vineet Anand's insight:
Bank of England appoints PWC to oversee the implementation of remedial actions that impacted nearly 2.5 million transactions last year
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Equifax failed to prioritise cybersecurity and left itself open to attack in the lead up to the massive 2017 data breach that compromised the personal information of more than 145 million Americans, a Senate investigation has found.
Vineet Anand's insight:
Equifax data breach per report indicates known vulnerabilities identified in pre-breach audit reports
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India's central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT.
Vineet Anand's insight:
RBI fines 19 banks for lack of compliance for SWIFT use. Fines are relatively small.
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Malta's Bank of Valletta (BOV) last week shut down all Internet access, including branches and cashpoints, after detecting a cyber intrusion by criminals who tried to steal EUR13 million.
Vineet Anand's insight:
BOV shutters operations last week to track down nearly $15 million of fraudulent wire payments!
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CaixaBank is offering customers the opportunity to use facial recognition technology rather than PIN codes to withdraw cash from ATMs.
Vineet Anand's insight:
Seems like Fijitsu ATM's have found a way to extend the lifecycle of their products by offering facial recognition. Decline in ATM and cash usage by digital consumers is not related to security offerings and will do little to create additional demand for usage of ATM's.
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In an interview with Finextra, Jumio’s president Robert Prigge explains the reasoning behind the firm's new 3D video selfie verification, which combines the enrollment and authentication phases of the identity proofing process.
Vineet Anand's insight:
3D video selfie verification to drive greater authentication in use cases opening car doors, hotel rooms. FaceTech tech platform being leveraged!
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Interbank messaging network Swift is to open its KYC Registry to corporates, providing a central hub for document exchange with multiple banking partners and eliminating duplication and ineffeciency.
Vineet Anand's insight:
Swift is creating greater stickiness by introducing KCY registry in Q4 to corporates. A move along with the gpi will pave way to ward off attrition driven by services provided by Fintech companies!
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UK financial institutions and payment processors should collaborate on the creation of a national digital identity scheme to face down the threat posed by money laundering and payments-related financial crime, according to a new report published by the Emerging Payments Association (EPA).
Vineet Anand's insight:
EPA calls for national digital id to plug increase in financial crime.
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UK consumers' association Which? has hit out at much of the banking industry for failing to protect online customers with two-factor authenticatio
Vineet Anand's insight:
2FA for payment providers in September will push adoption, however a number of banks are hesitant driven by potential friction in customer experience!
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India’s largest bank has secured an unprotected server that allowed anyone to access financial information on millions of its customers, like bank balances and recent transactions. The server, hosted in a regional Mumbai-based data center, stored two months of data from SBI Quick, a text mess…
Vineet Anand's insight:
SBI Quick unprotected sever exposed data on return messages!
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CULedger, a consortium of American credit unions exploring potential use cases for distributed ledger technology, has hit its $10 million Series A funding round target.
Vineet Anand's insight:
Self-sovereign id for credit union members using DLT raises funds from its members!
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Russia's Sberbank has teamed up with supermarket chain Azbuka Vkusa to let shoppers pay for groceries with their fingerprints.
Vineet Anand's insight:
Sberbak enables fingerprint check-out at supermarket as part of data stored with central bank run UBS (unified biometric system).
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Vineet Anand's insight:
Fuze cards being used by fraudsters to store up to 30 debit and credit cards thereby reducing the number of cards to carry on their unscrupulous fraud with ease.
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With card breaches at retailers becoming an everyday occurrence, MasterCard is arming banks with a tool that helps predict which customer accounts ar
Vineet Anand's insight:
MC launches new product that uses predictive analytics, external and internal data sources to create insights! Equifax, Whole Foods and Sonic .. the recent hot data breaches.
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Vineet Anand's insight:
Another data breach - Equifax, Sonic and likely Wholefoods too might have been breached!
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HSBC customers in China can now make payments with a selfie, thanks to the introduction of facial recognition technology in the bank's mobile app.
Vineet Anand's insight:
HSBC enables Selfie payments in China! iPhone X will enable greater acceptance of facial authentication for mobile banking services. We need to get away from SMS related 2FA solutions.
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BBVA has rolled out a new mobile onboarding service that enables customers to open an account with just a photo ID and a selfie.
Vineet Anand's insight:
Mobile onboarding using photo id and selfie including video chat collaboration tool to contact center for facilitating the process. SF MOU - part of banking digital journey.
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Cybersecurity experts are warning about new Android malware that can steal the login credentials from 94 different mobile banking apps around th
Vineet Anand's insight:
New android malware also seeks to intercept SMS messages 2 factor authentication. 94 different mobile banking apps affected by this malware.
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Norway's BankID is to begin a pilot programme to test in-app authentication and biometric logins for one-click access to financial services.
Vineet Anand's insight:
BankID to support biometric logins for for Apple and Android apps. BankID used across 80% of all adults in Norway to access government departments, online banking access, and mobile operators.
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Bank of Montreal (BMO) has teamed up with MasterCard to let Canadian and US corporate cardholders authenticate online payments with their fingerprint
Vineet Anand's insight:
Biometric and selfie authentication for payments now being introduced at BMO in partnership with MC. 2016 will see growth in greater Biometic authentication adoption across banks for access to apps and payments. Wells Fargo is rolling out fingerprint access to their redesigned app!
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Customers of HSBC and first direct in the UK will no longer need to reel off a list of passwords and security questions when calling or logging in to mo...
Vineet Anand's insight:
HSBC introduces Touched and voice recognition for mobile bank authentication at time of logging in. through Apple mobile devices. Voice recognition being provided through Nuance Communications to 15 million UK customers (user base will likely be smaller for those that use Apple mobile devices).
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Finextra: UK digital challenger bank Atom is to use face and voice biometrics as core credentials for customers logging in to banking apps.
Vineet Anand's insight:
NEO bank Atom to bring voice and face biometrics for customer authentication losing to app. Planned launch in 2016 with Daon's platform in use with USAA.
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Finextra: MasterCard is embarking on two pilots, one in the US and one in the Netherlands, which use facial recognition technology for payment verification.
Vineet Anand's insight:
Pay online using fingerprint and facial recognition!
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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BIF and FSS to bring DLT security to voice banking!