Compliance

Every year, millions of students borrow federal loans to cover college expenses. For many, this money is crucial for more than just tuition. It helps these students stay in school by paying for food, rent, transportation and other living costs. But lately, this money has also become the lifeblood for predatory card vendors that gobble up funds with unnecessary, exploitative and hidden fees.

Many bank security people will undoubtedly shrug off Anonymous' claim that it's trying to bring down banks all over the world. There are a few reasons to take it seriously.

Maria Vullo, still stuck in limbo as acting superintendent of the New York State Department of Financial Services, is hindered from putting her mark on the agency until she gets confirmed. So a quiet guessing game is going on about how her supervisory philosophy will compare with her predecessor Benjamin Lawsky.

Counterfeit card fraud is finally on the way down as EMV creeps into the U.S. marketplace, but card not present (CNP) fraud through online channels is skyrocketing. It's too soon, however, to blame the EMV shift.

The finance industry pushed back against a proposal by the Consumer Financial Protection Bureau Thursday that would ban arbitration clauses in consumer contracts. If there is a flurry of class action lawsuits against banks and credit cards companies, the financial firms will no longer use arbitration because of the higher legal costs.

Multifactor authentication is high on the list of payment security requirements, including new standards from PCI. For any company on the fence on adding stronger authentication, there's plenty of examples of what can go wrong with basic identity management.

May is Older Americans Month and the National Credit Union Administration is reminding seniors about the agency's online resources to help them manage money and protect themselves against fraud.

Fueled in part by an increase in phishing attacks with malware attachments in the past year, fraudsters took only minutes to compromise a network in 93% of breach incidents, according to Verizon's 2016 data breach investigations report.

Requirements that banks share anti-money-laundering information should extend to fraud and cyber risks, to connect the dots between bad actors and their transfer of money.

The hacktivist group Anonymous, which brought down the Greek central bank's website through a distributed denial of service attack on Tuesday, claims it will be targeting financial organizations around the globe over the next 30 days.