Doug Clare

In my last post I wrote about the fraud and financial crime problems the USA is likely to encounter as real-time payments increase in both value and volume. The answers are neither fast nor easy, but there are things that all participants can do. What Banks Can Do In countries such as the UK, real-time payment schemes have been ubiquitous for many years. Banks h…

The Clearing House Association announced in January 2020 that on February 1st the limit for a single transaction using its RTP scheme will increase from its current $25,000 to $100,000. US payment schemes operate in a uniquely competitive environment.  The Clearing House Association’s RTP  - as well as The Automated Clearing House - offer same day…

“It’s like déjà vu all over again,” is one of my favorite Yogi Berra-isms, and as I look across the domain spaces served by FICO to write my 2020 predictions, it’s definitely déjà vu all over again. Specifically: Cybersecurity risk awareness is on another expansion wave, as a best-practice component of third-party risk management (TPRM). At long last, frau…

In their natural habitat, elephants rule because they’re smart, strong and fast. But they don’t dance. In today’s digital transformation, real-time payments environment, big banks are the elephants ­– large and formidable, but not especially known for being nimble. But can elephants, in fact, dance? Modern business history contains numerous examples of large organi…

Streamlining fraud detection and anti-money laundering (AML) processes is essential in fighting financial crime faster and more effectively. We heard this message loud and clear at Finovate in New York City this week, as we have from banks and financial institutions worldwide. This post is the first in a series exploring important new themes that are emerging in the r…

A growing percentage of cybersecurity incidents against businesses are the result of initial compromises against third parties, allowing malicious actors to gain access through a trusted relationship, move laterally and escalate privileges, and ultimately attain their target. This risk is highlighted in a new report by the U.S. Chamber of Commerce and underscores t…

As TPRM or third-party risk management grows in importance, so does cybersecurity risk assessment as part of it. The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management. These steps can help businesses in the US and other countries not only meet regu…

It’s a great question, and needs to be asked. Cyber scores and ratings have been around for some time now, gaining steady momentum over the last five years. That said, the market for security risk assessment scores and ratings remains nascent, with a double-digit CAGR that will likely continue into the foreseeable future. With new data protection and privac…

Fraud and data breaches have always had a close, if destructive, relationship. As the US transitioned to hard-to-counterfeit EMV payment card technology several years ago, criminals flocked to card not present (CNP) fraud, often combining identity fragments and card numbers stolen in breaches to make illicit purchases online. Five years later, data breaches and downst…

FICO and the U.S. Chamber of Commerce have produced our second quarterly Assessment of Business Cybersecurity Risk — think of it as the FICO Score for the nation’s cybersecurity risk. For the first quarter of 2019, the National Risk Score is 687, holding steady from the fourth quarter of 2018. The National Risk Score is a revenue-weighted average of the FICO^® Cyber R…

It can be a wake-up call for an organization to obtain its cyber risk score and learn it is not as prepared for a data breach as it thought it was. In the U.S. for example, the Chamber of Commerce and FICO have launched a quarterly Assessment of Business Cyber Risk that looks at whole industries, through a roll-up of the FICO^® Cyber Risk Score. As companies learn thei…

TPRM stands for third-party risk management, and it’s an absolutely vital concept in cybersecurity. Today, nearly every vendor or partner you do business with poses a potential security threat to your business. You can have the best cybersecurity in the world, but if your vendor suffers a breach, your data, your customers and your reputation are at risk. New regulati…