Compliance

Email scams in which hackers siphon small amounts of money from thousands of accounts at once are on the rise. Here's what banks are doing about it.

As the need for easy-yet-secure mobile banking authentication escalates and consumers become used to logging in by looking into a camera, banks are taking the technology more seriously.

The bank's technology team was trying to figure out how to develop a system similar to the respected software program of Brown Brothers Harriman's investor-services unit. Now that State Street is buying that same unit, it can drop the project.

Though banks were not directly affected by security flaws discovered in Azure systems last week, they need to be aware of the kinds of misconfigurations that could lead to massive data breaches.

For banks that want to replace usernames and passwords with more secure options, there's hope: Consumers are becoming more comfortable with biometrics, the technology is getting easier to use and regulators are starting to require it.

Chief executives from across the business world are set to join President Biden for a discussion Wednesday on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks.

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

The U.S. and its neighbor to the north are each developing frameworks to give consumers control over financial data and allow companies to transfer account information. A recently issued Canadian government report could influence efforts in both countries, analysts say.

The incident, which may have exposed customers’ account information to other customers, was caused by a technical glitch, the company wrote in a notice posted on a state attorney general's website.

The size of the financial commitments was not disclosed, but they add to a $425 million fundraising round that the data aggregator announced earlier this year.