Data security

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.

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

Building on industry initiatives to ease the user experience for chip cards and increase use of contactless technology, Oberthur Technologies has developed a dual interface card in the U.S. market that combines new Visa and MasterCard specs and 'tap and go.'

Since consumers find EMV cards frustrating and difficult to use, EMV may do more to promote NFC as the preferred payment method among consumers and business owners.

Even though cybersecurity jobs can offer six-figure salaries, generous signing bonuses and other perks, banks are struggling to find people to hire.

The sheer volume of data that collected by Internet-connected "things" — cars, homes, wearable devices, and yes, refrigerators — could help deepen banks' relationships with customers. But it also adds more avenues for security breaches and raises privacy concerns.

NEW ORLEANS — Most people, if they thought about it, would admit the way digital identity is managed in the U.S. is suboptimal. Those truly in the know find much stronger words.

Discover is offering its version of Quick Chip for merchants to speed up the EMV chip card checkout process at the point of sale.

American Express has joined Visa and MasterCard in adjusting chargeback policies for merchants that have not yet migrated to chip card payments.

Retailers both online and off have noted an increase in chargebacks since the U.S. moved to microchip cards back in October. None of them are happy about it.

Most would agree the way digital identity is managed is suboptimal. But how identity should be managed, and who should manage it, are shaping up to be hotly debated questions.

With 63% of all data breaches resulting from stolen, weak or default passwords, and recent compromises targeting millions of stored passwords, Fast Identity Online Alliance members say the time is now for device manufacturers and e-commerce merchants to embrace new authorization technology.

One of the supposed perks of EMV chip-card upgrades was that the process would enable more modern payment options such as mobile wallets. In practice, however, EMV is closing as many doors as it opens.

Following a similar move from Visa last week, MasterCard is streamlining EMV certification and will adjust its fraud-cost policy for non-EMV compatible merchants.