Data security

It seems we cannot go a week without news of a malware attack of some kind, be it ransomware, stolen credit card information or other security breaches. The increasing trend is that not only are organizations and enterprises affected, but also regular consumers.

The feature allows users to request cryptographic signatures by more than one user – a device or institution – to validate a transaction. The idea is that bad or malicious actors would have to breach multiple machines to transact on one user's behalf, Ripple said in a blog post.

When surveyed, consumers will say security is far more important than convenience when making a payment — until they reach the checkout. Then convenience feels pretty good.

Banks have mainly shied away from programs that invite hackers to scrutinize their applications. But PayPal, Western Union and others who have tried them say bug bounty programs are an effective way of making apps more secure.

Chief information security officers at banks say their top priority is keeping data of all kinds (customer, employee, credit, performance, you name it) safe from attacks. They answered candidly when we asked who or what the greatest risks are.

PayPal, Western Union and others who have paid hackers to scrutinize their applications say bug bounty programs are an effective way of making apps more secure.

Visa Inc. has thrown its counterpunch at Walmart, saying the retailer had previously agreed to accept signature debit transactions in addition to chip-and-PIN transactions at its point of sale terminals.

The approach of many payment and financial services companies to security is still stuck in the 20th century. But luckily, firms of all sizes can choose to travel in time to 2016.

The credit card industry’s switch to microchips is expected to improve security at the point of sale, but fraudulent online purchases remain a big vulnerability.

Bankers, fintech entrepreneurs, regulators and other financial services players gathered in New Orleans last week to discuss the future of the industry at SourceMedia's Digital Banking 2016 conference. Here are some of the highlights of the conference. For more, check out the hashtag #digibank16 on Twitter.