Financial Technology Frontiers’ Post

Over the next three months major retail banks in Singapore will progressively implement Singpass Face Verification in a bid to combat phishing scams. Read here: https://lnkd.in/gUzjuDda -with Ai Boon Ong-Ang Monetary Authority of Singapore (MAS) The Association of Banks in Singapore #fintech #security #banking #faceverification

We greatly appreciate Alan Koenigsberg from Visa, for his enthusiastic support of our Central Bank Payments Conference and the full week in Kuala Lumpur during Currency Research’s Payments Week June 10-14, 2024. Kuala Lumpur is calling, and we're answering with a deep dive into the latest developments and trends in the payments industry.  Join the brightest in the banking sector, where policy meets practice and the future of payments is shaped.  Register today! https://lnkd.in/dAAq9GZt #cbpayments #CBPC2024 #CentralBanks #Payments #CyberSecurity #CyberRisk #Resilience #Cyber #CyberAttacks #CyberCrime #Innovation #DigitalCurrency #CBDC #MobileMoney #CrossBorderPayments #PaymentSystem #offlineCBDC #CBDCdesign #FinancialInclusion #Centralbank #Infrastructure #Banking #GlobalPaymentsSummit #GPS #ISO20022 #crossborderpayments #Innovation #Payments #instantpayments #SEPA #regulation #swift

This week's headlines! 1️⃣ The instability of the US stock market is leading to an unprecedented fall in the technology sector. 📉 2️⃣ Bank Al-Maghrib Al Maghrib promotes microfinance and participatory banking. 🏛️ 3️⃣ The European Union has given the go-ahead for Apple to open up access to the iPhone's NFC chip to its competitors.📱 4️⃣ Payment fraud in the EEA reaches €4.3 billion in 2022 and €2.0 billion in the first half of 2023.😱 Do you have any interesting news to share with us? #News #stockmarket #UnitedStates #microfinance #payment #cybersecurity #financialservices #financing #morocco #europe

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) have announced a significant shift in how major retail banks in Singapore will authenticate customer logins. Over the next three months, the use of the One-Time Passwords (OTPs) for customers with digital tokens will be progressively phased out, in favor of digital tokens activated on mobile devices. This move is a strategic response to the evolving sophistication of phishing scams. While OTPs were once a robust multi-factor authentication method, their susceptibility to social engineering and fake websites has become a critical vulnerability. Transitioning to digital tokens for authentication is a commendable step towards enhancing the security of online banking. This change will inevitably come with some inconvenience, but it is a necessary measure to better protect customers' accounts and funds from unauthorized access. As phishing scams continue to be a major concern, the importance of strengthening our collective resistance against these threats cannot be overstated. The Reserve Bank of India (RBI) has also shown foresight in this area, mentioning during its first monetary policy statement in 2024 the introduction of a Principle-Based Framework for Authentication of Digital Payment Transactions. This framework aims to facilitate the adoption of alternative authentication mechanisms, highlighting a global recognition of the need to adapt to technological advancements for better security. As we move towards these enhanced security measures, are we ready to balance convenience and safety in our digital banking experiences, be it digital tokens, or adaptive/dynamic authentication mechanisms including AFA with biometrics, etc.? #DigitalBanking #OTP #Technology #Fintech #Authentication #CyberSecurity

Digital transformation in the Mexican banking sector is more than just a tech upgrade—it's a vital tool for financial inclusion. With more people using online platforms, banks can now reach communities that previously had limited access to financial services. The pandemic accelerated this shift, encouraging banks to expand beyond traditional models and offer innovative solutions like mobile banking, microloans, and virtual assistance. But there’s still work to be done! Security remains a top priority as cyber risks rise, and regulatory support is essential to ensure safe, transparent financial access for all. As the landscape evolves, Mexican banks have a unique opportunity to bridge financial gaps and empower more people. #FinancialInclusion #DigitalBanking #Mexico #Cybersecurity #Fintech

🛡️💳 Understanding Payment Method Risks 💳🛡️ In today's global business landscape, the flexibility of various payment methods comes with inherent risks. From bank transfers and credit cards to digital wallets and cryptocurrencies, each has its unique challenges and vulnerabilities. 🌍 As businesses expand internationally, managing these risks becomes crucial. Our latest article dives into the different payment methods available today, outlining their associated risks and offering insights on how to safeguard your transactions. 🔍 Key Highlights: * Cards: Popular but vulnerable to contactless payment issues. * Digital Wallets: Convenient but susceptible to hacking. * Cryptocurrencies: Innovative but volatile and targeted by attacks. * Prepaid Cards: Convenient but limited consumer protections. * Buy Now, Pay Later: Flexible but can lead to debt problems. Stay informed and protect your business by understanding the risks and benefits of each payment method. Check out our full article for detailed insights! #FinTech #PaymentSecurity #BusinessTips #DigitalPayments #CryptoSafety #PaySaxas

Singapore's banking sector is shifting from OTPs to digital tokens. Digital tokens generate unique, time-based codes using asymmetric cryptography, making them significantly harder to intercept or replicate than traditional OTPs. This move aligns with our core philosophy: security should enhance, not hinder, the user experience. As financial sector leads the transition, other industries will likely follow. Organizations should start evaluating their authentication infrastructures now to prepare for this shift. Talk to our consultants today about how adopting digital tokens could redefine your authentication process and and how SharpITS can guide your transition. Book a free consultation: https://bit.ly/464dW2B #DigitalTokens #SecureBanking #Authentication #IAM #SharpITS https://lnkd.in/d6mpFA_q

Singapore's leading banks, including DBS, OCBC, and UOB, are set to phase out traditional one-time passwords (OTPs) in favor of digital tokens. This move, announced by the Monetary Authority of Singapore and the Association of Banks in Singapore, aims to bolster security and combat phishing scams. 💡 Why the Change? * Enhanced Security: Digital tokens are less vulnerable to phishing attacks and social engineering. * User-Friendly: Integrated directly into banking apps, digital tokens streamline authentication processes. Customers are encouraged to activate their digital tokens to protect their accounts. This shift reflects the banking industry's commitment to leveraging technology for a safer digital experience. #sms #smsotp #a2psms #Verbind

🏦 Mastercard has recently made a strategic acquisition in the cybersecurity sphere to bolster its security capabilities and ensure safe transactions for its extensive network. By enhancing its cybersecurity measures, Mastercard aims to offer unparalleled security to its customers, shielding them from potential digital threats as the world increasingly relies on digital transactions. 💹 Concurrently, U.S. Bank's integration of Paze represents a groundbreaking shift in how consumers and businesses conduct payments. By adopting Paze, U.S. Bank is not only enhancing the payment experience through secure, tokenized transactions but also aligning itself with the future of digital payment solutions. This dual development showcases the financial industry's commitment to security and innovation, ensuring that businesses and consumers remain protected and equipped for the advancements in the digital economy. 📲 Stay Ahead of the Curve with Compaytence Our team of seasoned professionals boasts over 30 years of experience in navigating the ever-evolving fintech landscape. Download this week's newsletter and gain insights to future-proof your business! ➡️ #FinTech #Payments #OpenBanking #Innovation #Competition #Mastercard

Singapore to Phase Out One-Time Passwords in Banking The Monetary Authority of Singapore said Tuesday that major retail banks will phase out one-time passwords for bank account logins over the next three months for customers who use secure digital tokens to authenticate their identity. https://lnkd.in/d6mpFA_q #singapore #banking #passwords #cyberattack #cybercrime #phishing #cybersecurity #scams #cryptocurrency #investing #cryptofraud #privateinvestigator #law #travel #vacation #business #BEC #blockchain #theft #security #deepfake #cyberattack #innovation #technology #management #finance #mobilesecurity