FCA fines Citigroup Global Markets for MAR failing
The FCA has fined Citigroup Global Markets £12m for failing to properly implement the MAR trade surveillance requirements.
Authorised Push Payment Fraud Inoculation
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Fasten your seat belts, being defrauded and blamed for it is coming for you! It appears the UK is at sixes and sevens in tackling cyber/digital crime on bank accounts with faster payments. There are few court convictions, and blaming bank account owners generally take the blame.
Faster payment bank fraud, where the fraudster must have a bank account, like COVID, requires a programme to put a stop to the APP Fraud epidemic.
The Netherlands, where 99% of payments are made after the true owner of the bank account (Confirmation of Payee: CoP) is verified, APP Fraud has dropped 80% since 2017. They are now using confirmation of payee on international payments for France and Germany.
Curious Resistance takes you through scams affecting 250,000 people per year, unintentional consequences of regulations, causing higher rather than a lower risk of attack and the need to reshape cyber/digital environment by putting an end to APP fraud with prevention programmes.
Speaker:
John Bertrand is a senior executive with 30 years of experience in banking and technology at Citibank, FISglobal and SAP. John using his background in real time transactions embraced the paradigm shift to everything crypto/digital and the need for safety and protection in this world. The focus needs to be delivering cyber offerings with cyber/digital fraud prevention, supported by real time banking and payments technologies. He’s expertise covers a wide range of investible assets over a number of financial and security authorities jurisdictions including UK and USA.
With Digital Policy Party (DPA) John created the first EU Directive on international payments. In addition with DPA/FISglobal/VocaLink John showed 75% Faster Payment Fraud can be stopped immediately and many mule networks identified.
At SAP by focusing on real time transactions he enabled annual revenue targets to be achieved across the UK Financial Services Group by using Value Engineering.
With FISglobal, John managed major banks creating over $200 million in contracts. Including a venture with a major Building Society to revamp the mortgage portfolio.
At Citibank, John worked in New York and London, across four out of five of Citi’s major banking areas and represented Citi at the Federal Reserve and Bank of England. John led Citibank into becoming one of the first banks to offer live foreign exchange Internet trading.
John is a Director of three FinTech – On Demand Payments Technologies Ltd, ValU Innovations Plc and Cyber Benab Ltd – aimed at providing safe and secure real time movement of assets in cyber/digital with fraud protection within the systems used.
At The Worshipful Company of Information Technology John is a Liveryman and sits on the Security Panel. Author of four books and enjoys rugby.
At a ‘tipping point’ in how ESG is affecting markets: Citi
Elree Winnett Seelig, global head of ESG for markets at Citi, joins CNBC to discuss investing in ESG products and their wider implications.
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SVB Will Not Stop Fed From Hiking: Citigroup’s Apabhai
Mohammed Apabhai, head of Asia trading strategy at Citigroup Global Markets, discusses the SVB meltdown, Federal Reserve policy and his outlook for markets. He speaks on Bloomberg Television.
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