Data security

Swift is warning its member banks to quickly upgrade their software and security protocols for the global financial messaging system following a wave of new, recent hacks triggering more bank losses.

Silicon Valley Bank in Santa Clara, Calif., has hired Laura Izurieta as its chief risk officer. She will lead the company's risk management, corporate compliance and regulatory relations functions and serve on the executive management team.

While biometric authentication has garnered significant attention in recent months, its actual application in face-to-face environments has seen slow adoption to date.

Identity management software company BioConnect is partnering with biometric security technology startup and Wells Fargo incubator participant EyeVerify on authentication services that includes eye scans and vein recognition.

The son of a Russian lawmaker was convicted of orchestrating a global hacking bonanza in what a U.S. prosecutor called one of the most prolific credit card trafficking schemes in history.

The most important cybersecurity questions in banking are also the most basic: Who has administrator access? What kind of programs are installed on computer systems? "If I can't answer those questions, I'm sure the criminal can," says Andre McGregor, director of security at Tanium.

Because of zero liability rules, consumers rarely share the extent of the concerns banks have over account security. But their fears might be growing.

A director at Citizens Independent Bancorp in Logan, Ohio, resigned after members of management chastised him for an email security breach.

Federal financial regulators are incorporating lessons learned from the Swift hacks in their examinations, they told a lawmaker in a joint letter last week.

There’s no way to gift-wrap the EMV woes for issuers and retailers around the upcoming holiday sales season.