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Latest Results from /security

/security

Nationwide stops 2000 more frauds a month with SCA rules

Nationwide Building Society says that the introduction of Strong Customer Authentication (SCA) rules in March is helping it stop 2000 cases of online card fraud a month.

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UK to introduce new rules to preserve cash and reimburse fraud victims

The UK Government is to introduce new legislation to protect access to cash and to require banks to refund victims of authorised push payment fraud.

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EU Digital Markets Act delayed until 2023

The Digital Markets Act (DMA) has been postponed to come into force in early 2023, rather than later this year as previously anticipated.

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SEC hires 20 more staff to police crypto markets

The US Securities and Exchange Commission has nearly doubled the size of its crypto market and cyber enforcement unit, growing the team to 50 positions with the addition of 20 new staff.

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Santander launches global blockchain challenge

Banco Santander and Oxentia Foundation are inviting startups and scaleups from 11 countries to compete in a blockchain challenge and the chance to win cash prizes.

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APP reimbursement Code extended to wider range of institutions; CoP mandated

The UK's Lending Standards Board (LSB) has published updates to the Contingent Reimbursement Model (CRM) Code – the set of voluntary standards which aim to protect people against authorised push payment (APP) fraud.

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Ray-Ban manufacturer sues JPMorgan over $272 million cyber theft

The French manufacturer of Ray-Ban glasses is suing JPMorgan for failing to stop suspicious transactions after cybercriminals looted $272 million from its New York account.

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US Senators blast Zelle over rising fraud

US Senators Elizabeth Warren and Robert Menendez have blasted bank-backed P2P payments app Zelle over reports of widespread fraud and scams on the platform.

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TSB warns of spike in impersonation fraud

TSB has issued an urgent warning to customers over growing rates of impersonation fraud, with duped customers losing up to £4000 on average.

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Seon raises $94 million to help fintechs meet sanctions obligations

Anglo-Hungarian fraud prevention startup Seon has raised $94 million to expand across the US, Latin America and Asia Pacific and to develop tools to help firms meet sanctions obligations.

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UK retailers lost £130 million in sales in first month of SCA rules

New data from Barclaycard Payments reveals UK retailers have so far lost out on £130m worth of sales as a result of not being fully compliant with new Strong Customer Authentication (SCA) rules which came in to effect last month.

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Westpac automatically blocks payments to suspected scammers

Westpac has started automatically blocking suspect online transactions from overseas retailers deemed high-risk of being a scam.