Author: CustomerXPs

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Providing a Frictionless and Secure Customer Journey in PSD2

European leaders have long identified that the future of the financial services lies in the co-existence of the conventional banks with emerging fintech. However, to reach to that stage, security of the customer data is the major challenge. Despite industry efforts, fraudulent transaction levels are on the rise in Europe. Payments Services Directive 2 (PSD2) introduces the concept of Strong Customer Authentication (SCA) to provide transaction security. However, this can...

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Asia’s Growing Financial Crime – Shielding from the Growing Threat

“Attempted heist of $1 billion by unidentified hackers” the shot rang out across the financial world which experienced first-hand the tremors of cybercrime. The yet to be identified hackers made off with $81 million and embroiled Rizal Commercial Banking Corporation (the bank used as conduit for the heist), in penalties totaling 1P billion imposed by Bangko Sentral ng Pilipinas (BSP). Meanwhile, the Monetary Authority of Singapore (MAS)...

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Defending Against Financial Crime in MENA: Insights & Recommendations

Alarming revelations on money laundering and banking frauds have emerged in recent reports by Deloitte, Thomson Reuters and PwC, who comprehensively surveyed MENA (Middle East & North Africa) nations. While the findings have helped financial institutions in improving resourcing, benchmarking and streamlining regulatory compliance, it has also highlighted certain pertinent concerns. Here are the top five takeaways from these reports. 1.    From blame game to action Prominent...