Dominique Dierks - Community Author: Finextra Research

5 common types of data breaches in the financial sector

Dominique Dierks Content Manager at Finextra

5 common types of data breaches in the financial sector

Global cybercrime is thriving. The 2023 UK Cyber Security Breaches Survey found that over the last 12 months, 32% of businesses have experienced a data breach, with that number climbing to a stunning 69% for large businesses. The financial sector is a popular target for cybercriminals, and ranks second in the global cyber incident damage statisti...

12 April 2024 /security

AML Basics: How to prevent money laundering

Dominique Dierks Content Manager at Finextra

AML Basics: How to prevent money laundering

In today’s globalised economy, money laundering is increasingly concerning for financial institutions worldwide. 2022 alone, the worst-recorded year for AML events, recorded over 16,000 AML events. In the UK, the government estimates that money laundering costs every single household £255 a year. The problem is exacerbated by the fact that crimin...

05 April 2024 /crime

What’s AML? Understanding anti-money laundering and counter-terrorism financing

Dominique Dierks Content Manager at Finextra

What’s AML? Understanding anti-money laundering and counter-terrorism financing

In banking, AML (anti-money laundering) describes legally recognised rules and activities that financial institutions perform in order to combat money laundering. AML is closely attached to CFT (counter-financing of terrorism), and AML regulations tend to combine money laundering (source) with terrorism financing (destination). What are the main t...

22 March 2024 /crime

How is generative AI democratising the availability of banking services?

Dominique Dierks Content Manager at Finextra

How is generative AI democratising the availability of banking services?

Generative AI’s potential is vast, and there are opportunities for this technology to improve customer experience, enhance decision-making, increase colleague productivity and streamline processes. However, there is a need for oversight and ethical considerations – as there is with all types of AI – such as addressing inherent bias in data and ens...

19 March 2024 /devops

BNPL – are we nearing extinction in Europe?

Dominique Dierks Content Manager at Finextra

BNPL – are we nearing extinction in Europe?

In an unexpected move, NatWest has announced the closure of its buy now, pay later (BNPL) service less than two years after its launch. While citing a “clear demand” from customers for BNPL products at the initial launch in 2022, the bank now revealed that their service did not have the desired impact and uptake remained low as customers instead ...

15 March 2024 /payments

Why data is the backbone of predictive AI

Dominique Dierks Content Manager at Finextra

Why data is the backbone of predictive AI

With the launch of ChatGPT in November 2022, a new wave of AI enthusiasm was kicked off that primarily centred around the capabilities and possibilities of generative AI. Signifying a transformational moment in AI technology and smoothing the ease of access to AI, many financial institutions have since started looking at how generative AI can be a...

07 March 2024 /devops

Dominique Dierks Content Manager at Finextra

Why Formula 1 sponsorship is the best brand deal for fintech and payments

As we enter our first race weekend of the 2024 season, many fans have been amused (or irritated) by some of the new sponsors that have emerged for this year’s teams. Especially Visa Cash App RB – a name that doesn’t exactly roll off the tongue, neither does its acronym VCARB – has been subject to countless memes from the sports’ following on socia...

01 March 2024 /markets

What is PSD3? An overview of changes and timelines

Dominique Dierks Content Manager at Finextra

What is PSD3? An overview of changes and timelines

In June 2023, the European Commission announced plans to modernise the Payment Services Directive, ushering in the third Payment Services Directive (PSD3). The long-awaited proposal outlines changes designed to adapt the directive to developments in the European payments market and ongoing digitisation of payments. PSD3 will have a significant im...

16 February 2024 /regulation

The state of cybercrime in the financial sector

Dominique Dierks Content Manager at Finextra

The state of cybercrime in the financial sector

Digital innovation continues to accelerate, but modernisation also offers a fertile breeding ground for cybercriminals. According to IBM’s 2023 Cost of a Data Breach Report, surveying cybercrime across 16 countries, the financial sector comes in second in the global cyberincident damage statistics. More gravely, the average cost of a cyberattack is...

09 February 2024 /crime

Which fintech founders are billionaires?

Dominique Dierks Content Manager at Finextra

Which fintech founders are billionaires?

Last month, City Index released a list of top 10 youngest UK billionaires in 2023. Revolut founder Nik Storonsky emerged in second place, highlighting not just the decreasing age of today’s super-rich, but also the growing wealth emerging from fintechs. Digitisation, evolving consumer demands, and pandemic-induced shifts in the way people save, i...

26 January 2024 /people

When is the next Bitcoin halving? Everything you need to know

Dominique Dierks Content Manager at Finextra

When is the next Bitcoin halving? Everything you need to know

The next Bitcoin halving is just around the corner, which will have significant impact on not just the Bitcoin price but the cryptocurrency industry as a whole. We detail everything you need do know about the Bitcoin halving date and the wider impact of the upcoming halving event. What is a Bitcoin halving? Bitcoin relies on blockchain technology ...

19 January 2024 /crypto

What are instant payments? Understanding real-time payment rails

Dominique Dierks Content Manager at Finextra

What are instant payments? Understanding real-time payment rails

Over the last few years, instant payments – also referred to as real-time payments, faster payments or immediate payments – have increasingly come into focus for authorities and financial institutions alike. As transformation continues to accelerate in the financial sector, the need for instant payments has grown tremendously. Yet what is the infra...

18 December 2023 /payments

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