Data security

Belgian security researcher Xavier Mertens has discovered a piece of a banking malware campaign that appears to target customers of various U.K. banks.

Two major Canadian banks, Bank of Montreal and Simplii Financial, have become victims of hacks that affected some 50,000 and 40,000 customers respectively. Neither bank decided to pay the ransom by the hackers' May 28 deadline.

We need to rethink how we acquire and manage consumer data, and any business using enterprise software needs to be accountable for how information is being processed, transported or shared, writes Chris Wong, CEO of LifeSite.

The authentication software and hardware provider is shifting its focus to identity verification and account onboarding, another sign that the newest generation of bank customers is not interested in coming into a branch to set up an account.

A direct correlation between the chip migration and rampant merchant data breaches is hard to prove. But experts say retailers' prioritization of EMV compliance contributed to other payment card security gaps, leading to the current high level of merchant data breaches.

Canadian Imperial Bank of Commerce and Bank of Montreal are alerting clients that "fraudsters" claimed to have accessed personal and financial information of some customers.

A new round of consolidation may be about to begin, starting in Europe; looser corporate underwriting standards and lower rates draw OCC attention.

New phishing attacks on payment systems and banks are more sophisticated, with disguises that can trick staff into turning over sensitive information, writes Adrien Gendre, chief solutions architect at Vade Secure.

Phishing is the likely culprit behind the recent Saks and Lord & Taylor breaches. Stronger email protection required to combat the threat, according to Matthew Vernhout, 250ok's director of privacy.

With President Trump signing the regulatory relief bill into law on Thursday, credit unions expect to see a host of benefits, including changes to MBL regs, HMDA exemptions, changes to the QM rule and more.