WEEKLY EDITION BY NIKITA ALEXANDER

Welcome to your latest Bobsguide's Weekend Digest, your essential update on the biggest cybersecurity and fintech security challenges shaping the financial sector.

As cyber threats evolve and innovation reshapes financial services, we’ve gathered key insights to keep you informed, prepared, and ahead of emerging risks.

In this issue, you'll find:

- A rise in fraud cases by 33% signals a growing issue across England & Wales.

- 5 key questions to ask before onboarding a vendor, ensuring cybersecurity due diligence for financial institutions.

- Cross-border payments face rising security threats, industry expert weighs in on securing these real-time, transactions.

We're here to keep you ahead of the curve every weekend.

ANALYSIS

33% increase in fraud in England and Wales

Fraud cases have seen a massive 33% increase in England and Wales over the past year, with a concerning trend of underreporting. This rise in criminal activity, particularly in sophisticated scams like Advance Push Payment (APP) fraud, is compounded by low public trust in law enforcement. As fraudsters continue to innovate, businesses and individuals must stay vigilant and protect themselves against rising fraud risks.

ANALYSIS

5 questions to ask before onboarding a vendor

 In today’s digital age, vendor security is crucial for financial institutions. With more reliance on third-party services, cybersecurity risks increase. The right questions can help financial institutions evaluate vendors and safeguard sensitive data. Key areas to investigate include security frameworks, data protection policies, and incident response plans.

Q&A

Exploring cross-border payment threats with CMA Small Systems’ Regional Director

As cross-border payments surge, particularly in Southeast Asia, security challenges mount. Real-time transaction management, outdated protocols, and AI-driven threats like deepfake attacks pose serious risks. Maxim Neshcheret, Regional Director at CMA Small Systems, discusses the rise of these issues, the potential of AI in combating fraud, and why financial institutions must stay ahead by updating legacy systems.