Opinions

There is money to be made for merchants who support mobile payments. However, cyber criminals have noticed and they want their cut, too. The newer and more untested the technology, the greater its potential vulnerability.

Looking at the majority of recent articles around the launch of Apple Pay in the UK, you’d be forgiven for thinking that the most exciting aspect of Apple Pay is its harnessing of Near Field Communication (NFC) technology.

Payment system transformation has become a pressing need for banks today. The rate at which this is happening is largely controlled by the conflict between rapid technological shifts and the barriers to product acceptance.

The ability to browse limitless shops and purchase goods and services from almost anywhere in the world has revolutionized commerce.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including whether independent consultants should be criminally liable for misrepresentations in their reports and whether higher rates will help or hurt banks.

Financial institutions take information security concerns very seriously, but few make it a priority to keep accountholders updated on their safeguarding efforts.

While tokenization does represent progress, it is important to consider whether tokenization is, in fact, enough to secure online payments. There are some vulnerabilities, and as cyber thieves grow more sophisticated, companies will have to continue to innovate better security solutions, as well as ensure the ones that are on the market are being used as effectively as possible.

In the years ahead, look for projects that leverage the Bitcoin network to greatly expand mainstream banking infrastructure's reach into new markets — particularly those in volatile economies.

There's a classic approach behind many of the retail cyberattacks that make the news: Backoff malware, which “sniffs” the traffic that flows on a network to identify and steal credit card data passed between point of sale (POS) terminals.

In order for the financial services industry to achieve its full potential in the digital age, Silicon Valley must work together with banks and lawmakers to build technology that can modernize banking infrastructure while addressing regulatory and cybersecurity challenges.