Relations between banks and providers of personal financial management tools have soured of late amid reports that some banks block PFM sites' access to their customers' information during peak traffic periods. Aggregators say they are working to address banks' concerns, but they also are urging banks to invest in more server capacity to keep pace with customer demand.

Despite increased investment and development in the consumer payments space around mag stripe, EMV and contactless payments solutions, there is still a huge concern when it comes to data theft.

Privacy advocates were appalled by the cybersecurity act Congress passed in the omnibus spending bill, with its abandonment of data-privacy provisions that existed in earlier versions. Now consumer and business-client privacy is at the discretion of the banks and other private companies.

Moven will soon prompt its customers for usernames and passwords only for riskier transactions. By removing the login for most functions, the company aims to drive engagement in an app meant to be used on the go.

House Republicans attacked the Consumer Financial Protection Bureau on Wednesday, arguing the agency is not able to safely secure the anonymous bulk data it collects on consumers' financial activities.

Credit risk, interest rate risk and cybersecurity concerns pose growing risks to banks in the first half of 2016, according to a semiannual risk report issued Wednesday by the Office of the Comptroller of the Currency.

The House Financial Services Committee approved a data security bill Tuesday that would require all financial companies to have similar security protections and notification requirements as banks.

The debate over whether signatures or PINs are a stronger security feature overlooks the fact that neither is the most important defense against fraud.

Unlike the high-profile hacking incidents at big banks, smaller institutions have their own breed of threats such as cyberextortion that they must focus on in strengthening their security.

The goal of adopting chip cards — to provide tighter security — is a noble one. But by going partway, authorizing transactions with signatures rather than four-digit codes, banks are watering down that security, at least for lost and stolen cards.