Facilitating employee reporting of phishing attempts is an effective security control when teams use automation to handle increased workload.

33% of emails employees report as phishing are either malicious or highly suspect, according to new research. The finding comes from an analysis of emails reported by employees from organizations across the globe during the first half of 2021, and highlights the efficacy of employee-led efforts in preventing cyber attacks.

Approximately one third of people working for organizations using F-Secure’s email reporting plugin for Microsoft Office 365 submitted over 200 000 emails for analysis during the first half of the year. On average, active users submitted 2.14 emails each during the period.

According to the analysis (available at https://www.f-secure.com/content/dam/press/en/media-library/reports/F-Secure_automation_burnout.pdf) the most common reason users gave for reporting emails was a suspicious link, which was cited by 59% of users. 54% reported an email because of an incorrect or unexpected sender, and 37% because of suspected spam. 34% of users suspected the use of social engineering in an email, while 7% reported because of a suspicious attachment.

99% of the reports were automatically analyzed. Out of those, 33% were classified as phishing. Security professionals manually investigated the remaining 1% of reported emails and determined 63% of those were phishing attempts.

"You often hear that people are security’s weak link. That’s very cynical and doesn’t consider the benefits of using a company’s workforce as a first line of defense,” said F-Secure Director of Consulting Riaan Naude. “Employees can catch a significant number of threats hitting their inbox if they can follow a painless reporting process that produces tangible results.”

Email is the most common method cyber criminals use to spread malware, and accounted for over half of infection attempts in 2020.* While aggressive reporting can clearly combat this problem, there are downsides. For every reported email, a trained professional needs to investigate and respond. Naude estimates this can take anywhere between 15 minutes to an hour depending on professional background and complexity of the particular case.

Considering that 73% of organizations surveyed in a 2019 study from the Ponemon Institute** said burnout due to an increasing workload made working in a security operations center (SOC) painful, organizations need to give security teams tools to properly manage the increased workload. 67% of respondents in the study identified automation of workflow as the most important measure to alleviate their SOC team’s pain.

“Manual triage is clearly a burden, and reporting emails initiates this triage process, regardless of whether or not the email is an actual threat. It’s clearly one of those areas where experts need tech to help them scale existing knowledge and skills,” said Naude.  

 Goal Group, the global fintech leader in withholding tax reclaims and securities class actions recoveries, has announced the appointment of prominent industry figure Daron Pearce as Brand Ambassador for its EMEA region.

Daron Pearce has an exceptional 30-year track record as a leader and innovator in securities services, most recently as Chief Executive Officer, Asset Servicing EMEA at BNY Mellon, where he held senior roles for two decades. Earlier this year he founded the consultancy firm Daron Pearce Associates through which he will act as Brand Ambassador for Goal Group, helping to promote the company and its services to prospective clients including large asset managers, pension funds and custodian banks.

Stephen Everard, Chief Executive Officer, Goal Group, said: “Daron is one of the industry’s most well-respected figures, combining a deep knowledge of asset management and securities operations with an outstanding aptitude for building relationships at the highest level. With his finger firmly on the pulse of our key markets, he is the perfect fit for our newly created Brand Ambassador role in EMEA. 

“Goal Group is entering an exciting phase of business growth as we reap the rewards of our substantial investment in digital transformation and roll out the market’s most advanced solutions in both withholding tax reclaims and shareholder class actions recoveries. Daron will help our sales team unlock the full market potential of our innovative suite of services and further raise our profile in the region as a fast-growing fintech that matches technological sophistication with operational and service excellence.” 

Daron Pearce, Founder & CEO, Daron Pearce Associates, adds: “I am thrilled to be joining Goal Group to assist in identifying and realising growth opportunities across the EMEA region in support of their business growth ambitions. Reclaiming withholding tax on cross-border investment income, and participating in shareholder class and collective actions, have become much more important for institutional investors over the last few years.

“The technology-driven solutions pioneered by Goal Group are driving significant behavioural change in our industry, enabling institutional investors to think beyond their fiduciary duties towards enhancing investment returns while also transforming a historically difficult and costly area of asset servicing into one of competitive advantage. As we emerge from the pandemic, now is the perfect time to reconsider service provision in this area and explore new revenue opportunities cost-effectively, using the latest technology.”

Goal Group recently created a similar Brand Ambassador role for its APAC region, appointing industry stalwart Bryan Gray, who previously served as Managing Director, Australia and New Zealand Sales at J.P. Morgan Securities Services.

The company’s worldwide client base includes all of the major custodian banks, many of the top fund managers and all four of the US depositary banks.

Seamless Middle East will reunite global industry leaders at a critical time to discuss the future of payments, fintech, identity, retail and e-commerce.

Seamless Middle East returns for its 21^st year on Wednesday 29 and Thursday 30 September, just days before the opening of Expo 2020, meaning the city of Dubai will be buzzing with some of the brightest and most innovative minds across the world. The conference and exhibition will explore the key topics and trends shaping the future of the industry including: cashless societies, payment methods of the future, the new retail experience from mobile to shopping malls, secure digital identity, sustainable banking and so much more.

Held under the patronage of His Highness Lieutenant-General Sheikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of Interior, and in partnership with the League of Arab States, Arab Federation of Digital Economy, and Dubai Economy, Seamless Middle East will unite industry leaders to drive the UAE forward as a global leader in payments and e-commerce.   

Terrapinn Middle East General Manager, Joseph Ridley commented: “As markets and travel corridors continue to open up, we look forward to welcoming thousands of visitors live and in-person from across the fintech, payments, e-commerce and retail communities in September. Dubai plays an important role on the international stage in enabling business across the region as well as leading the way globally in re-opening the events and tourism industries.”

Ridley added: “The pandemic has accelerated the need for a cashless society, access to more inclusive and accessible financial services and unprecedented growth in e-commerce, with ‘new normals’ for the way consumers browse and purchase their goods and services. Now is the time to adopt crucial digital technologies that will advance an all-new consumer and citizen experiences.

Seamless will be the platform for industry leaders to discuss these key topics, sharing their thoughts and insights with our attendees.”

Across two packed days, Seamless Middle East will throw the spotlight on the region’s expertise in digital innovation from alternative payments and digital identity to cashless initiatives, digital footprints, e-commerce platforms and much more as organisations and society adapt to a digital-first world.

300+ conference speakers include top industry names such as the Secretary General from the League of Arab States, Director of Strategy and Innovation from Smart Dubai and the Chief Operating Officer at Sharaf Retail. All of whom will be speaking live on-stage as Seamless Middle East reunites the global economy at the Dubai World Trade Centre.

Dubai CommerCity, Title Sponsor of Seamless Middle East, is leading the way in transforming the future of the e-commerce industry. Seamless Middle East Keynote Speaker DeVere Forster, Chief Operating Officer at Dubai CommerCity, commented: “The world has witnessed a major surge in demand for e-commerce following the pandemic. With this ongoing demand, Dubai CommerCity, the first dedicated e-commerce free zone in the region, plays a key role in fulfilling the market’s needs by providing e-commerce businesses with unique services, world-class expertise, and an ideal ecosystem to support their growth.”

“As a Title Sponsor of Seamless Middle East and in line with our mission to grow the e-commerce industry, Seamless Middle East will serve as a platform for showcasing Dubai CommerCity’s strategic advantages which contribute to cementing Dubai’s position as a global hub for e-commerce,” Forster added.

Alongside the conference is a free-to-attend exhibition, Seamless Middle East offers attendees the unique opportunity to explore the latest technology solutions driving change in the Middle East and beyond, live and in-person. Showcasing companies include Title Sponsor; Dubai CommerCity, Toppan Futurecard, Geek+, Checkout.com, IDNow, InPay, Redbox Digital, Alibaba Cloud and YAP amongst many other world-class brands.

Other free-to-attend highlights on the show floor include the fintech pavilion, start-up showcase, e-commerce university, start-up pitch offs and the return of face-to-face networking.

 LPA Group, the capital market technology and innovation leader, today announcement that Nourdine Abderrahmane will join the firm as a new Partner in its Swiss consulting practice. 

Nourdine will be based in Zurich, Switzerland, and will work to further grow the Swiss consulting practice across its team, clients, and solutions, working closely with the wider group of LPA consultants and software developers on the ground and across Europe. 

One of Nourdine’s mandates will be on working with existing and future clients across financial services, aiming to help them address increased efficiency through technology and automation; putting in place robust approaches for reporting and risk management specifically around sustainability and sustainable investing; and ensuring an individual approach is taken to client relations.  

Nourdine has over 15 years of experience in the financial services industry. He most recently spent eight years at Capco, the global management and technology consultancy dedicated to the financial services and energy industries, with his final role there being Managing Principal and Lead of its Retail Banking Practice in Switzerland. He has also held consulting roles at Accenture within its Private Banking and Capital Markets practice and has held roles at Credit Suisse and UBS. 

He holds a Bachelor’s Degree in Computer Science from the University of Furtwangen, as well as a Master of Science in Business Management from Leeds University. 

Commenting on his appointment, Nourdine Abderrahmane said: “I’m delighted to be joining the LPA team in Switzerland. LPA encourages a progressive, client-centred and innovative environment, which closely aligns with my own values. I look forward to growing with the team and providing skills to address client challenges in the financial services industry.” 

Peter Schurau, CEO at LPA, commented: “Nourdine’s industry experience, accomplishments and expertise will be an asset to LPA and our clients. His experience across multiple sectors including wealth management, capital markets, private banking and asset management, coupled with his strong consulting background and client communication skills, will add tremendous value to a financial services industry that is seeking greater efficiency and agility. Nourdine has the ability and conviction to progress and grow the consulting practice in Switzerland, and I look forward to his invaluable contribution.” 

There is a pressing industry need for automated corporate actions solutions rooted in high quality corporate actions data and technology infrastructure, according to a survey by SIX conducted among leading global asset managers, wealth managers, custodians, clearing houses and investment banks.[1]

The survey – conducted from March until May 2021 across Europe, North America and APAC for the second consecutive year – showed that over three-quarters of respondents (78%) still process part of their corporate actions manually, with 40% processing more than half of their corporate actions in this way. Just under half of all respondents (49.1%) cited legacy technology as their greatest challenge standing in the way of them automating their corporate actions processing.

Despite the current lack of automation, nearly half of the respondents (47%) said they were looking for the near real-time delivery of corporate actions. There was a significant change, however, in the number of respondents looking for intraday delivery of corporate actions ― 30.9% in 2021, up from 12.9% in 2020. What these results show is that there is apparently new demand for corporate actions data delivered at various intervals during the day.

The increase in number wanting nearer to real-time delivery of corporate actions is in conjunction with important business drivers for increased automation of corporate actions processing, with respondents highlighting reduced operating costs and regulatory compliance as the two most important factors. In terms of asset class focus, market participants are looking for additional detail around their corporate actions, specifically when it comes to equities and fixed income.

Commenting on the results, Annelotte De Nanassy, Senior Product Manager, Financial Information at SIX said: “There has never been a more pressing need to process the corporate actions messages accurately and efficiently, but this can only be achieved through automation. Ultimately, firms need to integrate high quality data and timeliness in the provision of that data to maximize the automation of front and back-office operations. This will in turn free up staff for more complex tasks; including events that require constant back-and-forth between the team and the client, such as an IPO or M&A.”

·        IBEX 35 sentiment declines further, dropping into bearish territory

·        Significant drop could trigger further selling on the Spanish index

·        60 million securitised derivatives were traded on Spectrum last month

Spectrum Markets, the pan-European trading venue for securitised derivatives, has published its SERIX^TM European retail investor sentiment data for August (see below for more information on methodology), and notes the continuation of significant bearish trading related to Spain’s IBEX 35 index.

After dropping from a nine-month high in June to 105 in July, retail investor sentiment on the IBEX 35 fell further in August to reach a bearish SERIX^TM value of 95. This came as international investors contemplated the twin pressures of rising COVID-19 infections and the rapidly deteriorating situation in Afghanistan.

“Though the rate of new Spanish COVID-19 cases looked to be slowing into August, the IBEX 35 has struggled to maintain the upward trend it started in mid-July, and the SERIX data suggests retail investors are starting to get a bit nervous,” notes Thibault Gobert, Head of Liquidity Pool at Spectrum Markets.

“If the IBEX 35 experiences another significant decline, like the one seen in the second half of June, this could trigger further selling and, looking at the clear bearish signals we are seeing in our data, retail investors seem to be preparing for this scenario either by taking profits or positioning themselves for a drop in the near term.”

During August, 60 million securitised derivatives were traded on Spectrum, with 33.1% of  trades taking place outside of traditional hours (i.e. between 17:30 and 9:00 CET). 80.4% of the traded derivatives was on indices, 10% on currency pairs, and 9.6% on commodities, with the top three traded underlying markets being DAX 30 (27%), NASDAQ 100 (16.7%) and OMX 30 (13%).

Looking at the SERIX^TM data for the top three underlying markets, the DAX 30 moved back into bearish territory, dropping from 101 to 99 while the NASDAQ 100 also dropped two points, to 96. Meanwhile the OMX 30 recovered some of the bullish momentum seen earlier this year, rising from 92 to 99 in August.

Calculating SERIX^TM data

• Partnership to help drive market adoption in line with the energy switching sector

• mmob’s customers can embed the service into their digital ecosystems using one line of code

• Service will enable users to leverage their personal data with consent to complete the switch with one click

Open finance partnership platform, mmob, has today announced the UK’s first end-to-end broadband switching service. The service will be delivered through the company’s latest partnership with broadband industry disruptor Cuckoo and will enable its commercial partners to easily embed broadband switching into their digital ecosystems using just one line of code through mmob’s and Cuckoo’s API.

The aim of the partnership is to drive broadband switching adoption and deliver volumes and savings in line with the energy sector. This will be achieved by allowing more businesses to offer switching as part of their digital ecosystems while making the process seamless for consumers. Industry data suggests around 6.5 million households switch their energy supplier each year, compared to only 1.5 million broadband switchers. According to a 2019 survey by consumer champion Which, a third of respondents said the primary reason for not switching is the perceived difficulty of doing so.

“Waves of disruption have washed across the banking, energy, and insurance sectors. Yet the last forgotten utility is broadband,” said Alexander Fitzgerald, Founder and CEO, Cuckoo Broadband.

“We all care deeply about our home internet now post-lockdown. So we’re on a mission to make the internet frictionless. This partnership with mmob will ensure that more businesses can help make switching broadband a breeze.”

mmob’s open finance platform eliminates the complexity, time, and resources financial service providers need to select and deploy partner-driven services. Through its API, banks and fintechs can quickly and easily connect to mmob’s network of third-party partners and gain rapid access to new verticals, using just one line of code. Embedding partnerships that once took weeks or months can now be achieved in days.

“mmob was established to help our partners drive engagement and retention by bridging the gap into services their customers want but sit outside their core proposition,” said Irfan Khan, CEO, mmob. “Embedding broadband switching provision into their digital ecosystem is an excellent example of where banks and fintechs can add value through their app dashboard and data to reduce the time and effort it takes consumers to select and complete the purchase of critical services.”

• Former Mastercard leader served as Vice President of Product Development and Innovation within Cyber and Intelligence Division, following 15 years with IBM
• Dillahunty headed groundbreaking Ethoca acquisition deal in 2019 and was responsible for  Mastercard’s dispute management technologies
• New role will drive global product development and strategic direction at Chargebacks911 and Fi911

Leading dispute technology specialist, Chargebacks911, today announces the exciting appointment of a technology management leader, Brad Dillahunty, as Executive Vice President and Chief Product Officer (CPO) at Chargebacks911 and sister brand Fi911.

Brad will drive the businesses’ global product development and strengthen operational structures at a time of unprecedented growth and opportunity, in his role as CPO. His unrivaled knowledge of chargebacks, disputes, and technology development, will help define future product strategies as Chargebacks911 and Fi911 continue to break the mold in dispute resolution technology.

With over 25 years’ extensive product and technology leadership, Brad spent the last decade directing the chargeback and dispute strategy at card giant, Mastercard.

As Vice President of Product Development and Innovation within their Cyber and Intelligence Division, Brad was the talent responsible for driving product design and enhancement, as well as the strategic vision and implementation of its dispute processing platform.

“We’re thrilled to have Brad come on board at such a pivotal time for the growth of both brands,” says Monica Eaton-Cardone, Chief Operating Officer and Co-Founder of Chargebacks911 and Fi911. “Brad has long since been on my wish list of talent thanks to his extensive experience in disputes, chargebacks, technology development, as well as the wider dispute resolution process.

“I know he will inspire the enhancement of our existing technology and offer a disruptive edge to inform our research strategy and product development direction. His combination of proven and seasoned experience, coupled with a passion to continually drive change and solutions in fraud prevention, makes us all so excited to have Brad join. He is a tremendous addition to our team as we embark upon our mission, to deliver next-generation dispute management solutions to all stakeholders across the value chain.”

This announcement follows the news that Chargebacks911 recently celebrated its 10th anniversary, and to date has protected over 10 billion transactions, recovering more than $1 billion in falsely disputed or stolen revenue for merchants worldwide. 

Brad comments: “I’m delighted to join the Chargebacks911 and Fi911 families at such a pivotal time in the growth of the dispute resolution industry. The integrity of the brands and their reputations in the industry are unparalleled. I bring my experience of being an informed risk-taker to craft pioneering solutions that will continue to evolve with Chargebacks911 and Fi911.

“There is still a lot of ground to cover: The industry and payment ecosystem are in desperate need of companies like ours that can create new and inspiring solutions, services and products that will not only drive behavior change, but also lead into other growth opportunities.”

Brad and other Subject Matter Experts at Chargebacks911 and FI911 will be hosting the next Chargeback University Event this October in Las Vegas, Nevada.  Registration is limited to enterprise merchants and financial institutions, with separate workshops catered to each audience.  The Chargeback University event is a four-hour seminar where constituents will learn about the latest dispute rules and strategies, understand related impacts and discover best practice tactics to help reduce OPEX and improve effective win rates. 

Eaton-Cardone adds: “Brad is joining Chargebacks911 and Fi911 at a time when fraud and chargebacks are surging in line with ecommerce volumes globally. According to Juniper Research, retailers are expected to lose $130 billion in online fraud over the next five years, underlining the need for more agile, data-driven tools to help merchants identify and take control of chargebacks. We have never been in a better position to deliver the solutions and specialist insight required to thwart the growing threat of fraud and allow the entire payments ecosystem to thrive.”

• Homeppl completes $1.4 million funding round to expand customer base, drive innovation and support international growth
• Successful funding marks the second round of investment for the fast-growing proptech in under a year, bringing its post-money valuation to $13.5 million
• New investment follows a string of senior hires and client wins, with major firms including Knight Frank, JLL and Douglas & Gordon now using Homeppl’s technology

Homeppl, the UK-based tenant due diligence and guarantee technology business, has successfully closed another funding round to support its growth trajectory. The funding marks the second seven-figure raise in the last eight months and brings its post-money valuation to $13.5 million.

The fast-growing technology business combines anti-fraud technology with Open Banking data and behavioural analysis to protect landlords from tenant fraud, and ensure tenants are not discriminated against and can access the properties they deserve. In 2021 alone, Homeppl has protected its clients from potential losses of more than £3million.

The investment will drive the next phase of growth for the business as it moves towards its Series A round. Homeppl has been oversubscribed in recent months and this funding will be used in the short-term to address this, expand the firm’s client base and team, drive continued product innovation and R&D while building out the international offering. 

The round has been led by two established global venture capital investors, Hong Kong based VC ParticleX and Venionaire Ventures, on behalf of European Super Angels Club. The latest capital raise brings the total seed funding to over $5 million. 

Commenting on the investment, Mingles Tsoi, CXO at ParticleX, said: “We’re thrilled to be supporting Homeppl through their next stage of growth. Homeppl’s proposition is compelling and we’re confident that Alexander  and the senior team will continue to move in an exciting direction. The adoption of PropTech is urgently required to transform the way real estate industry operates and improve work efficiency, while at the same time, creating value and reducing risk.

Berthold Baurek-Karlic, Managing Partner at Venionaire Capital and President of European Super Angels Club added: “The entire team and I are very proud to become part of Homeppl’s growth story, particularly at such an exciting stage in the company’s life cycle. Alexander  and the team are extremely passionate about the work they’re delivering and its unique technology for the rental market. This company has everything needed to become a unicorn one day.”

Alexander Siedes, CEO and co-founder of Homeppl, said: “This funding provides strong vindication of our proposition and the impact we are having on the market, bringing huge value to tenants, landlords and agents alike. The team at Homeppl are acutely aware of the problems renters and landlords face which is why we are determined to change the way things are done for the better. That is exactly what this investment is all about.

“We have raised double what we expected, which will enable us to innovate and grow faster than we could have anticipated. Most immediately, we will soon be launching into several European cities, and I am grateful for the support from our investors as this will enable us to springboard into the next chapter.”

Homeppl has seen significant growth over the last year particularly as lockdown measures eased across the UK. With international movement slowly showing signs of recovery, the rental market is also undergoing signs of evolution as the market embraces a post-COVID reality. Working with its existing partners, such as JLL, Chesterton, Quintain and more, Homeppl’s solution aims to bring equality of opportunity to renters while allowing their partners to safely transact with consumers. 

Homeppl plans to double its team of 30+ strong professionals within the next year.

The headwinds and economic strain of the past 18 months have left many businesses with little option but to evaluate costs. However, a recent PwC report states that while 52 percent of companies plan to curb or defer investments, only 9 percent will make those cuts in digital transformation. “Clearly, effective processes, combined with strong risk discipline and using FinOps to optimise cloud costs is more important than ever before. Managing through turbulence and disruption has become an essential skill for CIOs and IT decision makers,” notes Marilyn Moodley, Country Leader for South Africa and WECA (West, East, Central Africa) at SoftwareONE.

According to the State of FinOps 2021 report, cloud financial management, or FinOps, has become a mainstream practice in large organisations across all sizes of cloud spend. “Due to the increasing complexity of their cloud environments, reporting requirements and the sheer number of disparate teams requiring collaboration, large organisations have to adapt quickly as a slow pace of transformation is no longer feasible,” says Moodley.

Thanks to a surge in the use of digital technologies both at work and home, Moodley says more C-suite executives see the need to invest in digitalisation as a way to improve business efficiency and foster innovation. “Added to this, data from PwC and elsewhere shows that more than half of employees want to work remotely at least part of the time after the pandemic, so spending on technologies that enable a hybrid way of working will be crucial.”

She adds that the pandemic accelerated the pace of disruption in the banking, insurance, and wealth management sectors which were already under pressure to manage their cloud and technology rights and obligations from a compliance perspective. “Consolidating cloud spend, managing license consumption and facilitating cloud migration each present a massive challenge for organisations, irrespective of size. Add to this the need to manage compliance and risk factors, and the practice of FinOps becomes a necessity for organisations looking to balance stability and security with the agility that moving to the cloud provides.”

According to Gartner, public cloud spending (IaaS) will grow by over 38% percent in 2021, representing an estimated $82 billion market. “Even before Covid-19, most organisations had already moved at least some of their workloads into the cloud. The overnight shift to remote work then led to a marked increase in unbudgeted cloud spend which organisations are still grappling to get a handle on,” says Moodley.

She says the first step to rightsizing is an understanding of the fully loaded cloud costs and the association of these costs at a business unit level, before implementing the FinOps framework that allows ongoing spend management and optimization. “A sound FinOps strategy can ultimately increase an organization’s ability to understand cloud cost, through a combination of systems, best practices, and in turn allow them to optimize their consumption by promoting a culture of accountability.”

While the technology challenges facing the financial services industry are unique, Moodley says these can be overcome with the right processes and systems that offer guidance and management capability across the entire software portfolio. “Whether local, remote, within a data centre, or in a multi-cloud environment, competition from nimble FinTech innovators means traditional financial services must innovate to remain relevant. FinOps provides the framework to balance between Innovation and control so that you can manage as well as optimize your cloud resources, while driving business and digital transformation.”.