IT for financial services

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Kim Loohuis

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 Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

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 Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

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 Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

Fresh alert over Conti ransomware surge

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

By

• Alex Scroxton, Security Editor

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

US sanctions Suex crypto exchange over ransomware links

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

By

• Alex Scroxton, Security Editor

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Alex Scroxton, Security Editor

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 Continue Reading

By

• Aaron Tan, TechTarget

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 Continue Reading

By

• Sebastian Klovig Skelton, Data & ethics editor

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Alex Scroxton, Security Editor

Inside nib’s digital transformation journey

In this video interview with Computer Weekly, Brendan Mills, CIO of nib, talks about the insurance company’s digital transformation strategy Continue Reading

By

• Stephen Withers

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 Continue Reading

By

• Sebastian Klovig Skelton, Data & ethics editor

Nordic central banks drive fintech and digital currency

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

By

• Gerard O'Dwyer

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 Continue Reading

By

• Sebastian Klovig Skelton, Data & ethics editor

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 Continue Reading

By

• Alex Scroxton, Security Editor

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 Continue Reading

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 Continue Reading

By

• Alex Scroxton, Security Editor

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 Continue Reading

By

• Alex Scroxton, Security Editor

Banking anti-fraud scheme blocks 65% more fraud

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

By

• Karl Flinders, Chief reporter and senior editor EMEA

China accused of cyber attacks on Norwegian IT systems

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

By

• Gerard O'Dwyer

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

University of Sunderland applies technology through robot dog

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

By

• Karl Flinders, Chief reporter and senior editor EMEA

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 Continue Reading

By

• Alex Scroxton, Security Editor

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 Continue Reading

By

• Alex Scroxton, Security Editor

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 Continue Reading

By

• Alex Scroxton, Security Editor

CW Nordics: Klarna alumni energise Stockholm’s startup scene

Klarna, established in 2005, has not only grown into a well-known Swedish fintech brand, but former staff have gone on to create some of the Nordic region's new startup ventures that are currently riding a wave of growth. Find out more about the so-called ‘Klarna academy’. Also read in this issue why growing tech companies in Stockholm say the city's startup environment needs to diversify more. Continue Reading

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 Continue Reading

By

• Alex Scroxton, Security Editor

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 Continue Reading

By

• Alex Scroxton, Security Editor

Basel III: How fintech can provide allocated gold for banks

Banking rules that were over 10 years in the making as a response to the financial crisis have finally come into effect, marking a seismic shift for European banks and their dealings with gold – potentially completely altering the landscape of precious metal investment. Sylvia Carrasco, CEO of Goldex, explains Continue Reading

By

• Sylvia Carrasco

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 Continue Reading

By

• Alex Scroxton, Security Editor

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 Continue Reading

By

• Cliff Saran, Managing Editor

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 Continue Reading

By

• Gerard O'Dwyer

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 Continue Reading

By

• Cliff Saran, Managing Editor

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 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

What will be the bank branch balance in the digital age?

Will the traditional banks be permanently disadvantaged by the need to retain bank branches or could they turn it to their advantage? Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

NAB partners AWS, global banks on open finance

Australia’s NAB teams up with three other banks and AWS to run an open global finance challenge that will see participating teams prototype new digital banking services Continue Reading

By

• Aaron Tan, TechTarget

Regulatory complexity hinders cloud adoption by financial services firms, Google study finds

Business leaders within the financial services space reveal details of what is holding up cloud adoption within their industry in latest Google poll Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

Hacker makes off with $600m in world’s largest crypto-heist

Despite bagging $600m worth of cryptocurrency in what has been described as the biggest decentralised finance hack, the hacker has already started returning the funds Continue Reading

By

• Sebastian Klovig Skelton, Data & ethics editor

Global fintech investments reach new heights

The global financial technology industry is emerging from the pandemic-triggered slowdown with record levels of investment to fuel further growth Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Banks could be blocked from closing branches through FCA legislation

UK financial services regulator the Financial Conduct Authority considers legislation that could block some bank branch closures to ensure citizens have easy access to cash Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Third of finance firms accelerate use of artificial intelligence to detect money laundering

Financial services firms are stepping up their use of artificial intelligence and machine learning technology to fight increasing money laundering activity Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Dutch lead the way in protecting themselves against internet risks

Dutch citizens come top in a study on awareness of internet risks in Europe, which showed major differences across the continent Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

COP26 cyber resource hub launched for Glasgow businesses

New digital information hub for Glasgow business to help organisations keep secure both physically and online ahead of major climate change summit Continue Reading

By

• Alex Scroxton, Security Editor

Security Think Tank: Consider cyber policies and procedures as you welcome employees back

With Covid-19 restrictions easing, offices are welcoming back remote workers this summer, bringing with them their notebooks and mobiles, and creating an endpoint management headache for CISOs. What do security teams need to account for to protect their returning office workers? Continue Reading

By

• Simon Backwell

ICO ends its involvement in dispute between NatWest Bank and data breach whistleblower

The Information Commissioner’s Office has ended its involvement in a dispute between a data breach whistleblower and NatWest bank Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Gaming could reduce the gamble for users of online finance

Financial gaming platform designed to educate the increasing number of amateur traders Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Nordic banks join forces to compete with fintechs

Collaboration will be key for traditional Nordic banks to retain business amid intense competition from tech companies Continue Reading

By

• Gerard O'Dwyer

Fintech sector continues to attract investment as Revolut hits $33bn valuation

Revolut has become the most valuable financial technology firm in the UK after its latest round of investment, with plans for a ‘superapp’ Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

EC approves pan-Nordic payments platform

Pan-Nordic payments platform will move to its next phase after receiving merger approval from the European Commission Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

More than half of European IT outsourcing spending will soon be on cloud services

Cloud services will soon be the largest part of the IT services market in Europe, as enterprises invest in them as part of their Covid-19 recovery strategies Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Multiple Microsoft bugs being actively exploited

Microsoft’s July Patch Tuesday update fixes 117 vulnerabilities, 13 rated as critical and four already being actively exploited Continue Reading

By

• Alex Scroxton, Security Editor

AI to have biggest impact on fintech development over next five years

Artificial intelligence will become the most influential technology in the fintech sector over the next five years Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Financial services sector’s cloud use set for more regulatory scrutiny on resilience grounds

Financial stability report by Bank of England’s Financial Policy Committee raises red flag about banks’ growing reliance on a small number of cloud service providers Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

Met Police seize £180m worth of Bitcoin

The largest ever seizure of cryptocurrency in the UK comes just weeks after a previous multi-million pound confiscation, as law enforcement clamps down on money laundering Continue Reading

By

• Alex Scroxton, Security Editor

UK fintech investments recovering from lost year

Fintech investments have bounced back in the first half of this year after a Covid-19-hit 2020 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Russia tightens pressure on global IT companies

Russian authorities will force certain IT companies with customers in Russia to open local offices Continue Reading

By

• Eugene Gerden

Security Think Tank: Reopening is an opportunity to reassess wider security posture

With Covid-19 restrictions easing, offices are welcoming back remote workers this summer, bringing with them their notebooks and mobiles, and creating an endpoint management headache for CISOs. What do security teams need to account for to protect their returning office workers? Continue Reading

By

• Louise Barber, Turnkey Consulting

Former Bank of England CIO joins Co-op Group as CTO

Rob Elsey joins the Co-op Group at a time when the organisation is undergoing major digital transformation Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Opportunists seen targeting Kaseya REvil victims

Malwarebytes researchers highlight new spam campaign targeting businesses impacted by the ongoing Kaseya REvil ransomware incident Continue Reading

By

• Alex Scroxton, Security Editor

Bank of England searches for new CIO amid once-in-a-generation project

The Bank of England is recruiting a head of IT during a period of major change in its core IT system Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Klarna under investigation by Swedish finance watchdog

Swedish fintech is being investigated by financial services regulator after customer information was visible to others Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Cyber insurance costs up by a third

The frequency and severity of ransomware attacks is a leading factor behind a substantial increase in the cost of obtaining cyber security insurance Continue Reading

By

• Alex Scroxton, Security Editor

Gulf hospitals flock to digital health to manage lifestyle diseases

The Middle East is accelerating its take-up of digital healthcare technologies following lessons learned in the Covid-19 pandemic Continue Reading

By

• Alicia Buller

Nordic fintech could lead the world

Will the Nordics become the fintech and open banking innovation capital of the world? Continue Reading

By

• Alex Cruickshank

Quarter of UK financial services staff want to continue working from home

Working from home looks set to stay in the finance sector after Covid-19 restrictions are lifted, as staff express their preferences for remote working Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Klarna’s alumni thrive with new ventures after witnessing path to success

Former Klarna employees are using their experiences with the fintech giant to create the next wave of Swedish tech startups Continue Reading

By

• Matthew Staff

Should I be worried about PrintNightmare?

The accidental publication of proof of concept code for a Windows vulnerability, and the reclassification of said bug from low to critical severity, has the cyber community concerned. Is it right to be? Continue Reading

By

• Alex Scroxton, Security Editor

Nordic mobile wallets to merge onto single tech platform

Plans underway to merge the mobile wallets of various Nordic banks into a single public cloud-based technology platform Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

US Cybersecurity and Infrastructure Security Agency launches ransomware assessment tool

Newly launched service will help US organisations understand how prepared they are to deal with a ransomware attack Continue Reading

By

• Alex Scroxton, Security Editor

NHS IT fraudster Barry Stannard sentenced to five years in prison

Stannard used his position as head of unified communications at an Essex NHS Trust to cheat the taxpayer of more than £800,000 Continue Reading

By

• Alex Scroxton, Security Editor

Bank branches will be a thing of the past in five years, say bankers

Traditional bank branches are likely to disappear from the high street in the next five years, but banking ecosystems will ensure customer service levels are high, say bankers Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

New Nobelium attacks a reminder to attend to cyber basics

A new campaign from the same threat group that broke into SolarWinds serves as a reminder that cyber crime gangs will try to exploit any avenue they can, even if technically unsophisticated Continue Reading

By

• Alex Scroxton, Security Editor

UK Cyber Security Council launches inaugural initiatives

Security association seeks to determine terms of reference for committees to oversee standards and ethics, and qualifications and careers in the cyber sector Continue Reading

By

• Alex Scroxton, Security Editor

How Covid-19 accelerated cloud investment in the financial world

Cloud computing is no longer a thing of the future for banks that want to remain competitive Continue Reading

By

• Matthew Lempriere

Banking tech fraud: How to trace and recover your money

Even when stolen assets are sent offshore, the special powers of the English civil court system mean all may not be lost Continue Reading

By

• Nathan Capone and Stephen Cartwright

Insurers unprepared for challenges of underwriting ransomware

RUSI think tank calls for an industry-wide reset amid intense challenges for providers of cyber security insurance Continue Reading

By

• Alex Scroxton, Security Editor

Zopa Bank to make profit in its first year

Bank set up by peer-to-peer lending fintech firm expected to make a profit in its first year Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

UK’s FCA bans crypto exchange Binance as crackdown spreads

Ban on Binance Markets comes amid a wider global crackdown on the largely unregulated global market for cryptocurrencies and related assets. Continue Reading

By

• Alex Scroxton, Security Editor

German merger to fuel savings fintech expansion

German savings fintechs merge and plan European and US expansion Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

HMRC-branded phishing scams surge despite protections

The number of HMRC-branded phishing scams surged 87% in the past 12 months, according to latest revealed figures Continue Reading

By

• Alex Scroxton, Security Editor

Brighton tourists charged thousands of pounds for fairground ride after Worldpay glitch

Tourists at a Brighton attraction were overcharged by thousands of pounds due to a glitch at payment processor Worldpay Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Visa to acquire Swedish open banking fintech for €1.8bn

Payments giant Visa agrees to pay €1.8bn to acquire Tink, a specialist open banking fintech Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Revealed: Crypto platform’s role in Cl0p ransomware raid

Crypto infrastructure provider Binance provided assistance to law enforcement after finding its exchange was being used by cyber criminals to launder their ransomware profits Continue Reading

By

• Alex Scroxton, Security Editor

Oracle signs multi-year database modernisation deal with Deutsche Bank to support its cloud plans

Database software giant signs a deal with Deutsche Bank to support the financial services company’s ongoing hybrid cloud-focused digital transformation plans Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

Lloyds Bank to close 44 more branches

Banking group has announced the closure of a further 44 branches as customers increasingly use other channels for banking Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Make ransomware payments illegal, say 79% of cyber pros

Report produced for MSSP Talion claims overwhelming support for the criminalisation of ransomware payments Continue Reading

By

• Alex Scroxton, Security Editor

Contactless payments accounted for a quarter of all UK payments in 2020

Restrictions in everyday life brought by the Covid-19 pandemic fuelled an increase in the use of contactless payment technology during 2020 Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Japanese bank boss to leave after IT failures

Mizuho Bank president takes the blame for widespread IT system failures at the organisation Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

IR35 tribunal sees Nationwide IT contractor lose second appeal against £70,000 HMRC tax bill

Tribunal dismisses second appeal by IT project manager Robert Lee that his contracts with Nationwide would fall out of scope of the IR35 legislation Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

Risk data shows UK energy sector most vulnerable to cyber attack

New report compiled by insurance firm Hiscox reveals the state of cyber preparedness in the UK and beyond Continue Reading

By

• Alex Scroxton, Security Editor

CW Europe: Amsterdam reins back datacentre developments over environmental concern

The construction of datacentres in the Netherlands’ Amsterdam region has accelerated at such a pace that their demands for electricity are causing concern, prompting city authorities and datacentre operators to open a dialogue about sustainable datacentre industry expansion. Also in this issue, find out the state of play in the adoption of open banking across Europe. Continue Reading