IT for financial services

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

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

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

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

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

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

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

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

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

German merger to fuel savings fintech expansion

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

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

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

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

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

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

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

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

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

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

Japanese bank boss to leave after IT failures

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

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

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

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

How far has open banking come in Europe?

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RSA spins out fraud and risk unit as Outseer

RSA Security is transitioning its fraud and risk intelligence work into a new business to be called Outseer Continue Reading

BBVA to cut 3,000 jobs in Spain as digital technology transforms industry

Spanish bank is the latest to announce swingeing branch and job cuts amid increased digital competition Continue Reading

Klarna takes on UK credit card providers with feature that breaks up online payments

Fintech unicorn introduces feature to its app in the UK which will challenge traditional credit card providers Continue Reading

Bank of England calls for feedback on digital currencies

The UK financial services regulator is calling for feedback from organisations, including tech firms, on the use of cryptocurrency Continue Reading

HSBC offers all businesses scam awareness app

HSBC is sharing information on the latest scams and how to defend against them thorough its latest app, available to all businesses Continue Reading

Swedish university is behind quantum computing breakthrough

Chalmers University of Technology simplifies the process of measuring the temperatures of quantum computers during complex calculations Continue Reading

Ex-IT manager stole over £800,000 from NHS trust

A former senior IT manager at an Essex NHS trust has pleaded guilty to defrauding his employer out of more than £800,000 Continue Reading

Great Eastern doubles down on data analytics

Singapore insurer Great Eastern has started a centre of excellence to drive adoption of data analytics and hone its capabilities in data governance and data engineering Continue Reading

CW Nordics: Denmark takes a top-down approach to gender equality in tech entrepreneurship

Tech Nordic Advocates has adopted a new approach to closing the gender gap in Danish technology startups, looking to emulate Canada’s top-down approach. Also in this issue, find out the state of play with the adoption of open banking in Europe. Continue Reading

How far has open banking come in Europe?

 Continue Reading

Millions of pounds lost to crypto fraud on social media

More than £63m has been lost nationally by victims of investment fraud via a social media platform, says Action Fraud Continue Reading

Credit Suisse to recruit more than 1,000 tech staff in India

Credit Suisse is hiring more IT professionals in India to supports its plan to develop a global tech hub Continue Reading

India’s HCL to hire 1,000 tech professionals in the UK

Indian IT suppliers set to create thousands of IT jobs in the UK, which supports their intention to have more staff based closer to customers Continue Reading

Barclays first bank to publish online scam refund details

All banks must be transparent about the proportion of victims of authorised push payment fraud they refund, says consumer rights organisation Which? Continue Reading

Post Office Horizon inquiry set to be given statutory status with wider powers

The government inquiry into the Post Office Horizon scandal is set to be made statutory with the power to call witnesses under oath and compel provision of evidence Continue Reading

Shift to digital remittances helps sector retain transaction value

Global remittance volumes and value was more resilient than expected over the past year, partly as a result of the take-up of fintech services Continue Reading

Santander says sorry for weekend tech outage

Bank’s customers were unable to access multiple banking channels because of technical problems Continue Reading

The shape of fraud and cyber crime: 10 things we learned from 2020

While a pandemic-driven increase in cyber crime and an exacerbation of existing fraud trends were, to a large extent, to be expected, the LexisNexis Risk solutions UK cybercrime report 2020 still contained a few surprises Continue Reading

CW Benelux: Netherlands university launches centre of expertise in applied AI

Amsterdam University of Applied Sciences has launched a centre of expertise in applied artificial intelligence, and students from all faculties of the university will learn how to apply AI in their field of study. Also in this issue, read why a training ‘roadmap’ is needed to get Netherlands police officers up to speed with tackling cyber crime. Continue Reading

Government urged to add scam protections to Online Safety Bill

Group of organisations calls for the government to use the Online Safety Bill to protect people from cyber scams Continue Reading

Netherlands to build new national supercomputer

The Netherlands has laid out plans for its next national supercomputer, to be known as Snellius Continue Reading

HSBC blocks £249m in UK fraud with voice biometrics

HSBC voice recognition technology has reduced telephone banking fraud as demand for the channel increases Continue Reading

The non-fungible kind

Not long ago, somewhere in Mebane, North Carolina, Zoë Roth – better known as the Disaster Girl meme – picked up her phone and consulted Kyle Craven – better known as the Bad Luck Brian meme – ... Continue Reading

Covid-19 security challenges leave bank customers at risk

Challenges arising from the pandemic have left gaping holes in banking security, putting consumers at risk of fraud Continue Reading

IR35 private sector reforms: What firms need to do now the start date has passed

While the start date for the onset of the IR35 private sector reforms may have passed, firms in-scope of the revamped tax avoidance legislation may find themselves still with plenty of compliance work still to do Continue Reading

Justice at last in Post Office IT scandal

In this week’s Computer Weekly, 12 years after we broke the story, victims of the Post Office IT scandal finally have their criminal convictions overturned. We take a virtual tour of a Microsoft datacentre and meet a server called ‘Mega-Godzilla Beast’. And we find out how technology is transforming Nationwide Building Society. Read the issue now. Continue Reading

GCHQ: Cyber investment a guarantor of UK’s global status

GCHQ director Jeremy Fleming sets out a vision for the UK’s cyber security future Continue Reading

Banco Santander moving more than 200 servers to cloud per day

Banco Santander has migrated about 60% of its IT infrastructure to the cloud and is reaping the benefits Continue Reading

UK fintech investment hits new heights as government announces increased support

The UK fintech sector saw high levels of investment in the first quarter of this year, with increased support from the government Continue Reading

Finnish government strengthens country’s IT network security

Finland’s government has created a new national organisation to help public and private bodies improve network security Continue Reading

Microsoft is most impersonated brand in phishing attempts

Technology companies continue to be frequently spoofed by cyber criminals in their phishing attempts Continue Reading

CW Middle East: Qatari regulator launches platform to help combat money laundering

The Qatar Financial Markets Authority is using a digital platform to enable financial services professionals to assess their knowledge of anti-money laundering and combating the financing of terrorism. Also in this issue, read how the Covid-19 pandemic has changed the IT spending patterns among enterprises in Saudi Arabia. Continue Reading

Qatar regulator launches platform to monitor human understanding of financial crime

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Europe provides growth for TCS despite year floored by pandemic

Tata Consultancy Services grows its continental European business despite economic slowdown brought by Covid-19 restrictions Continue Reading

Another 27 Danish banks get access to open banking APIs

Nordic banks gain access to open banking capabilities from Nordic API Gateway, with an agreement through their shared IT service provider Continue Reading

NCSC: Using your pet’s name as a password is very stupid

If your email password is still Rex, Rover or Mr Fluffles, it’s probably best to change it, the NCSC has said Continue Reading

Future working models at big banks begin to fall into place

Banks traditionally lead the way in technology adoption, but what can businesses take from their post-Covid-19 remote-working strategies? Continue Reading

CIO interview: Gary Delooze, CIO, Nationwide

Building society’s CIO talks about building a technology strategy, working with the rest of the business and the Covid-19 pandemic Continue Reading

IBM Cloud for Financial Services goes on general release

IBM Cloud’s push to provide sector-specific public cloud services to financial services firms enters a new phase Continue Reading

Inside Microsoft’s industry cloud strategy

Microsoft dives deeper into its industry cloud strategy and what it means for enterprises in the Asia-Pacific region Continue Reading

A billion extra contactless payments in year since limit increase

Visa said there was an extra one billion contactless payments made by its customers last year Continue Reading

Irish employees’ ‘right to disconnect’ enshrined in code of practice

A code of practice giving employees the ‘right to disconnect’ from work and not engage in electronic communications outside of their normal hours has come into effect in Ireland Continue Reading

Commerzbank picks Google for cloud migration

German bank expands its work with Google Cloud and plans to move 85% of applications to its platform Continue Reading

IR35 reforms: Slow government progress on umbrella regulation exposes IT contractors to tax risks

With thousands of IT contractors set to start working through unregulated umbrella companies for the first time when the IR35 reforms take hold in the private sector, concerns are growing about the danger this could pose to their income and tax affairs in years to come Continue Reading

How far has open banking come in Europe?

Open banking is a relatively new concept, having come into effect in Europe only in the last couple of years. So what is the state of play? Continue Reading

TSB Smart Agent integrated into mobile banking app

TSB has integrated a smart agent, developed to relieve pressure on its contact centres during the Covid-19 pandemic, into its mobile app Continue Reading

CW Innovation Awards: How DBS is transforming credit processes

DBS Bank’s credit architecture programme has digitised and reimagined credit processes through a unified platform that has improved the productivity and efficiency of its credit teams Continue Reading

Anti-money laundering technology must operate in a collaborative ecosystem

With new technologies making it easier for banks to spot money laundering activity, we look at why the problem persists at scale, finding that ecosystems and collaborative processes need to be built Continue Reading

Post Office staff instructed to shred documents that undermined its claims Horizon was robust

Barrister advising the Post Office in 2013 stated that destroying documents would "amount to a conspiracy to pervert the course of justice" Continue Reading

Post Office IT scandal executive forced out of job at Football Association of Wales

Angela van den Bogerd has left her role at the Football Association of Wales, following criticism of her part in Post Office IT scandal Continue Reading

Capita restructures to simplify its business

Business services supplier creates two core units that focus on public sector and commercial enterprise customers and will sell off non-core assets Continue Reading

One-fifth of all UK tech investment went to just 10 scaleup firms in 2020

Annual Tech Nation report shows UK technology firms saw record levels of investment in 2020, but a significant proportion of it was concentrated in a small number of scaleup enterprises Continue Reading

Insurers unable to fill a quarter of tech roles

Insurance companies need to fill tech skills gaps if they are going to prosper in the age of insurtech Continue Reading

Banks still lack tech skills at the top

Banks have made progress in adding IT knowledge in their boardrooms, but they need more as digital transformation accelerates Continue Reading

UK's Starling Bank reaches unicorn status

UK app-based bank Starling reaches unicorn status following its latest round of funding Continue Reading

EBA restores services after Microsoft Exchange attack

European Banking Authority was breached through vulnerabilities in Microsoft Exchange Server, but is now back online Continue Reading

Goldman Sachs CEO comments highlight need for home working balance

The remote working revolution has been prominent in the banking sector and organisations have a balancing act to perform once the pandemic passes. Continue Reading

Wipro makes its biggest acquisition ever with $1.45bn takeover

Indian IT services supplier Wipro makes biggest acquisition in its history as it bolsters consultancy offering Continue Reading

Nordic innovators change emphasis on gender equality in society

Female technology innovators in the Nordics take a different approach to trying to improve opportunities for women Continue Reading

Bank of Ireland to reduce branch network by almost half

Bank of Ireland is latest bank to pin its future on digital channels as customers change their banking habits Continue Reading

UK contactless payment limit more than doubled

UK increases the amount that can be spent in one go using a contactless payments card to £100 Continue Reading

CIO interview: Laura Dawson, CIO, London School of Economics

LSE’s CIO talks about focusing on team development, her vision of creating a connected network of technologists, and the impact of the Covid-19 pandemic Continue Reading

Goldman Sachs CEO comments highlight need for home working balance

The remote working revolution has been prominent in the banking sector and organisations have a balancing act to perform once the pandemic passes Continue Reading

HSBC offers to help customers transitioning to digital banking as branch closures continue

HSBC is offering its customers training in how to bank digitally in a safe and effective way as it, like many banks, moves customers out of branches and towards using online services Continue Reading

It’s now or never for UK fintech, government told

The UK government faces a ‘now or never’ moment if it wants financial technology to play a central role in the economy for years to come Continue Reading

UKtech50 2021: The most influential people in UK technology

Computer Weekly has announced the 11th annual UKtech50 – our definitive list of the movers and shakers in the UK tech sector Continue Reading

Tech-enabled hybrid working enables HSBC to cut 40% of its global office space

Bank is making huge reductions in the amount of office space it uses through a global hybrid-working policy Continue Reading

BBVA teams up with Google Cloud for IT security strategy revamp

Spanish bank banking giant BBVA is forging even closer ties with long-standing technology partner Google Cloud to bolster the security posture of its IT infrastructure Continue Reading

UK government set to offer fintech visa

The importance of immigrant workers to the UK's fintech sector highlighted by government planned fintech visa Continue Reading

Pandemic has exposed fractures in cyber fraud strategy

RUSI report urges a bolder and more coordinated response to cyber-enabled fraud as the pandemic lays bear the scale of the problem Continue Reading

European Commission proposes UK data adequacy agreement

The publication of two draft data adequacy decisions brings the UK closer to a final positive decision, which will enable the continued free flow of data between the EU and the UK if green-lit by member states Continue Reading

Fingerprints will help payment cards retain relevance

Biometric payment cards using fingerprint technology could add billions to global banking revenues, says UBS Continue Reading

Swedish central bank extends digital currency project

Sweden's central bank has extended its pilot of a digital currency for at least another year Continue Reading

TransferGo to harness Google-inspired tech capability

Payments fintech TransferGo chooses cloud-native core banking platform to build a digital wallet and expand its services Continue Reading

Qatar regulator launches platform to monitor human understanding of financial crime

Qatari financial services regulator works with global body to provide digital platform to assess whether financial services workers understand how to prevent financial crime Continue Reading

IR35 private sector reforms: HMRC reminds firms to use ‘reasonable care’ when applying new tax rules

As the countdown to the IR35 reforms being rolled out to the private sector continues apace, HM Revenue and Customs issues compliance guidance for firms in-scope of the new rules Continue Reading