Data security

Almost two years after the Equifax breach led to a congressional uproar but minimal policy change, the protracted fight to enact data security and privacy reform has a new bogeyman.

Platforms like Ethereum’s IPFS enable immutable document access, so token issuers and purchasers can provide all necessary financial documents, audits and inspections directly to those who own the token.

Questioning whether core-banking technology is nearing a 'big shake-up'; Capital One keeps closing branches, even as rivals open them; FASB chair defends CECL, saying 'the benefits justify the cost'; and more from this week's most-read stories.

The technology has become controversial for its potential for bias. Notre Dame professor Kevin Bowyer explains what his studies of this issue have found.

An employee at a Canadian cooperative recently stole nearly 3 million members’ personal data. Here’s why it matters to U.S.-based credit unions.

Security companies report a recent spike in spearphishing campaigns originating in Iran and targeting banks.

Visa has agreed to acquire token services and digital ticketing technology from Rambus Inc. in a move the card brand says will expand its tokenization security beyond Visa cards into other networks.

Facebook Inc. failed to fend off a lawsuit over a data breach that affected nearly 30 million users, one of several privacy snafus that have put the company under siege.

Executives and directors from across the industry discussed their concerns for the industry and priorities for the next year during this year's NAFCU and CUNA annual conferences.

Both are useful, but each has specialties in protecting different types of transaction processes, according to Rambus Payments' Andre Stoorvogel.

Facebook is focusing the initial discussions around its cryptocurrency project as a preemptive strike against the privacy and legal concerns the public and politicians have about the huge social network.

The company will create a regulated subsidiary offering a digital wallet; San Francisco Fed wants CRA credit for loans that help prepare for climate change.

The bank is looking to combine several units that invest in income-producing assets; increased scrutiny has led banks to address the risks of climate change.

The watchdog and three Democratic lawmakers urged the agencies to stop using knowledge-based verification methods to grant access to their online portals.

Long gone are the days when consumers had their Social Security and driver’s license numbers pre-printed on their paper checks for faster identity verification. Consumers now understand that such precious elements of their identity need to be better protected.

The top Democrat on the Banking Committee suggested the absence of data brokers at a hearing on privacy legislation was "cowardice."

Financial institutions have different levels of breach protection than health care, heightening the risk, according to Brad Keller, senior vice president and program director at Shared Assessments.

Developers of new payment methods often court big retailers to show off their brand, but the card networks' universal buy button is launching with security features designed for smaller shops.

The agency's vote Thursday threatens to block many of the industry's communications with customers, though financial institutions did win one concession.

Security, operational challenges and new operational requirements all make for a complex, yet necessary, transition to open banking in the age of PSD2, according to Maria Allen, global head of financial services for Unisys.