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Apple Pay's contactless payment model may be straightforward and simple, but it's not the only way to move funds without cards and cash. Many companies are coming up with alternatives that work from phones, smartwatches and other devices.

The apparent hack of Gemalto by U.S. and U.K. spies casts doubt over several security measures vital to the payments industry as it embraces chip cards and adopts digital payments.

Gemalto NV, the largest maker of mobile- phone cards and a manufacturer of EMV card chips, said it’s investigating a report that U.S. and U.K. spies allegedly hacked into its computer network to steal the keys used to encrypt conversations, messages and data traffic.

The financial services industry may be focused exclusively on securing payment card credentials, but other sensitive data can benefit from these efforts.

At least two financial services groups say none of their U.S. bank members have reported the existence of Carbanak malware in their networks, suggesting the threat may not be significant.

Orrstown Bank in Pennsylvania has introduced two-way text messaging between customers and its service agents. It's the latest effort in the banking industry to make communication easier for mobile-first customers.

Decisions about when and how to implement EMV technology in credit and debit cards are difficult. Many banks have decided to slowly phase it in, despite the fact the delay will open them up to greater potential liability.

After a number of high profile security breaches in the past couple of years, consumer trust in the payments system is more fragile than ever.

In two recent overseas incidents, payment companies redefined "security" to suit a specific situation, rather than keeping it the constant that their customers expect.

With the breach threat showing no signs of slowing, security companies are rapidly broadening their systems to simultaneously fight identity fraud stemming from clients' consumers and employees.