Data security

An ex-regulator’s stern warning about the risks of sharing consumer information with fintechs has prompted debate over common security standards for banks and nonbanks, better data tracking and new liability insurance products.

Most merchant processors’ current point of sale software allows you to send the credit card information once and you capture a token versus the actual credit card number, writes Michael Lewis, CIO of Copper State Communications.

Empow's security platform, integrated into a company's network through APIs or by routing data to empow, breaks down the individual components of a security tool to create an "abstracted new layer" that talks to a set of artificial intelligence algorithms.

PayPal wants to integrate TIO's bill payment customers into PayPal's network, but a data breach has that goal on hold.

Describing cybersecurity as the biggest risk facing the financial sector, Vice Chairman for Supervision Randal Quarles said regulators should more actively facilitate conversations between banks and national security agencies to boost digital security.

Google was sued by a group of U.K. consumers over claims that the company improperly collected personal data from millions of users of Apple Inc.’s iPhone.

Uber Technologies Inc. said information from 2.7 million U.K. customers was taken in a 2016 security breach that hit 57 million riders and drivers globally and that the company kept secret from the public and authorities until recently.

With the holiday shopping season, there is an inevitable dark side — an increase in transactions means an increase in fraud. This is to some extent the cost of doing business; fraud will always be a percentage of overall transaction volume.

The CFPB's data-sharing guidance was widely applauded, but mistrust remains between banks and aggregators. Advocates want regulators to take action.

The trade group wants Equifax to reimburse community banks for costs tied to the massive data breach at the credit bureau this year. The ICBA also wants a court to order Equifax to improve its security measures.

One estimate says 3.5 million cybersecurity jobs will go unfilled by 2021. Banks are looking to military veterans, universities and even high schools to help fill the gap.

Uber’s announcement that it had been hacked in 2016 — resulting in the exposure of 57 million accounts — was shocking. The breach itself did not include payment information, but does that really matter from the consumer's perspective?

Hackers stole the personal data of 57 million customers and drivers from Uber Technologies, a massive breach that the company concealed for more than a year.

The breach that affected more than 143 million Americans has still has credit unions worried, according to new data from NAFCU -- and they're expecting costs to rise as a result.

The incident will fuel the debate on Wall Street over whether digital coins are secure enough to enter the mainstream of finance.

Deciding how far to go to protect customers is a complex issue, but one that the industry should address soon as phishing attacks continue to mount.

Look who's co-chairing the notoriously male-dominated World Economic Forum. A female automotive enthusiast eloquently calls out an industry where bias is ingrained in the everyday language, and women in prison cook up a better future. Plus, State Street, Goldman Sachs and Bank of Montreal.

Consumers are increasingly concerned about payment card fraud, but it remains to be seen how much work they’re willing to do to protect themselves when they’re not directly liable for monetary losses from stolen cards.

The advent of blockchain technology may prove to be disruptive to traditional credit reporting agencies by decentralizing data aggregation and allowing consumers to take ownership of their data through a personalized wallet they could share with prospective lenders, writes Alexander Koles, CEO, founder and managing director of Evolve Capital Partners.

As consumers’ personal information is compromised almost daily, hackers are increasingly targeting banks.