Data security

Nitin Mhatre of Webster Financial explains why the Consumer Bankers Association — whose members want a bigger piece of the student lending market — backs legislation that would make the federal government tell borrowers how much they will ultimately owe, as private lenders are already required to do.

Regulators are letting banks choose from among four security frameworks, but some observers are urging a more prescriptive approach.

The money will help 155 institutions with outreach, security, training and more.

The lawmakers, including Sens. Sherrod Brown and Elizabeth Warren, sent the bank a letter focusing on customers' difficulty enrolling in credit monitoring and identity protection services.

The company still intends to shut down its data centers next year even as the recent hacking that exposed the data of some 100 million people raised questions about its aggressive embrace of cloud computing.

Speaking during NAFCU's Congressional Caucus, a leader from the U.S. Department of Treasury said credit unions can help the agency improve how consumers are notified in the event of a data breach.

It's not on consumers to fix this problem, says NuData Security's Justin Fox, who argues organizations must get more cooperative and proactive to improve authentication.

There's equal importance on encrypting data and securing the server, says STEALTHbits Technologies' Adam Laub.

The equation is no mystery to those in payments or financial services: Expand your digital footprint, and you expand the opportunities for hackers to damage your network.

Consumer trust is hard to win, easy to lose, and eroding daily as attackers achieve success with fraudulent transactions, says NuData Security's Justin Fox.

Many companies have tools in place alerting them to possible security issues, but if companies get a large volume of issues, this quickly overwhelms the ability for security and risk professionals to analyze, prioritize, and remediate, writes DivvyCloud's Chris DeRamus.

At the same time, consumers hold banks to tougher disclosure standards than government agencies, health care organizations and retailers, according to Experian.

With lots of day-to-day IT tasks and countless systems to configure, it's easy to make mistakes, says Brian Kelly, CEO of CloudBolt.

Not only does it illustrate the willingness of regulators to impose massive fines for massive data breaches, it also reminds us that this situation could be just the tip of a financial iceberg, says White Hat Security's Mark Rogan.

When lawmakers return from their August recess, a host of unresolved financial policy issues — from marijuana banking to anti-money-laundering rule — will greet them.

House Financial Services Committee Chair Maxine Waters, D-Calif., and a bipartisan congressional delegation met with Swiss government officials last week to discuss Facebook’s plans to launch and operate a digital currency.

As mobile payment applications increasingly integrate with social media platforms, fraudsters are using a mix of bots and human labor to increase their chances of a successful account takeover.

The banks considered an “unusual” investment banking merger; Volcker rule win will be followed by fights on capital rules, liquidity and stress tests.

Mastercard Inc.’s European unit formally notified Belgian and German data-protection regulators of a data lapse concerning a loyalty program, officials said on Friday.

The most popular payment method in Hong Kong is no longer considered safe by many protesters.