Data security

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

Organized crime groups are selling access to the computer networks of financial firms like Bank of America Corp. and hacking tools targeting these companies, according to a British researcher who posed as a buyer on several dark web marketplaces.

Vetting transactions has become complicated as merchants try to juggle user experience and risk. Tokenization can remove some of that complexity, argues Andre Stoorvogel, a director at Rambus.

State Street, BNY Mellon, UBS and Credit Suisse are among the banks that have created a company to bring their idea of a utility settlement coin to life.

From data privacy to robocalling, industry leaders chime in on the biggest regulatory and congressional issues at stake for the remainder of the year.

From improving call center operations to advancements in voice banking and more, distributed ledger technology has the potential to radically improve data security.

Companies must be more prepared to defend user data from malicious outsiders, or suffer the consequences of lawsuits, sanctions from data privacy laws, decreased user trust, tarnished brand reputation, damaged investor relations and more, writes Ben Goodman, vice president of global strategy and innovation at ForgeRock.

Payment network tokenization should sound appealing to every online retailer because it relieves friction and releases them from much of their risk, liability and compliance burden. The trick is achieving scale from both a technical and business agreement perspective, writes Ammar Faheem, vice president of digital payment solutions for North America at Gemalto, a Thales company.

Banks and credit unions “push back” against an FCC proposal to limit calls; Miami gets the next assistant the bank says is not intended to replace humans.

Steve Hagerman, who was responsible for the first mortgage platform at JPMorgan Chase, will be head of consumer lending technology at Wells. It also named Gary Owen, a veteran of WarneMedia, Promontory Financial and Citi, its chief information security officer.

Data protection strategies need to consider how data travels and how that impacts vulnerabilities and breach risk, according to comforte AG's Jonathan Deveaux.

Some technology upgrade can leave databases open to the public internet, creating more risk for payment credential exposure and other risks, contends Ameya Talwalkar, co-founder and chief product officer of Cequence Security.

In the era of big data, a more thorough, data-centric approach is needed for security than the traditional encryption of the past, argues comforte AG's Jonathan Deveaux.

Visa's tokenization began as a way to shield digital commerce and has developed into a major catalyst for Visa in landing partnerships.

Credit unions on the Corda blockchain platform will be able to make payments via EFT with CU Pay, a product the CUSO plans to roll out next year.

Lawmakers are taking a closer look at the company’s data collection practices and its work on cryptocurrency payments, raising the possibility of more action down the line.

National Credit Union Administration Chairman Rodney Hood’s testimony Thursday was reportedly the first time in three years the agency has appeared before the House Financial Services Committee.

A Brooklyn startup predicts a mix of blockchain and AI can give retailers a referral and conversion model like Amazon and eBay, but the merchants will have to cede some data control.

At a Senate Banking hearing focusing primarily on predatory lending practices, NCUA Chairman Rodney Hood offered insight into the agency's priorities under his leadership.

A report from the National Credit Union Administration’s Office of the Inspector General found the agency routinely failed to properly dispose of IT materials and spent roughly $440,000 on unnecessary equipment, among other findings.