Opinions

When black market criminals use tighter security than global payment systems, you know the banking industry needs to wake up. Two-factor authentication (2FA) is now a standard practice on the ‘dark web,’ yet most banks require just one password to authorize transactions.

The nascent industry's early success will mean very little if these new companies don't take necessary steps to position themselves for the long term.

Digital transformation goes beyond digitizing processes like payments or other financial services.

Banks and nonbanks should accept that more fintech regulation is inevitable, but how far regulators go will depend in part on how well companies demonstrate they are managing risk.

Every business runs the risk of fraud, but some are more likely to be targeted than others. The customers you court, the products you sell and even the amount of time you have been in business can make you more vulnerable to an attack or more appealing to a cyber criminal.

Too many fintech companies are selling superficial products. Entrepreneurs need to start solving hard problems and offering real value.

Transaction laundering is an increasingly popular scam, in which cyber-criminals hijack the legitimate payment process to sell all manner of illicit goods and services online.

The Office of the Comptroller of the Currency's recent white paper is a great first step in promoting innovative collaboration between banks and fintech, but companies need clearer guidelines on what regulators expect of them.

We all know bitcoin as an edgy and anonymous cryptocurrency. It provokes strong opinions. Department of Justice officials reference it in connection with real-life crimes, just as made-up bad guys reference it in movies.

The distributed ledger technology has an answer for updating every core function of the antiquated financial system.