Investment

Multinational banks that delay preparation for the European Union's proposed General Data Protection Regulation could pay a steep price: hundreds of millions of dollars in fines.

Before Target, there was TJX, the major 2007 breach that impacted about 45 million credit cards. The crime and its prevention were basic, and provide a lesson for today's retailers that are battling a new wave of data theft.

In a letter to nine lenders, New York Attorney General Eric Schneiderman said investigators uncovered identity-theft schemes hatched by tellers at some of the biggest institutions.

Several weighty issues remain on the agenda for policymakers over the next few months, including everything from living wills to regulatory relief to a long-lost compensation rule.

Many community banks are trying to determine the right balance of in-house staff and outsourced assistance in the area of risk management. Cost cutting and regulatory oversight loom large over such decisions.

There have been various media reports about some of the security shortcomings within Apple Pay. The shortcomings are not security holes per se, in the sense that a hole is generally unintended. No, the security issues were deliberate, done with the goal of making signups and initial usage as easy as possible for shoppers.

As cards include more embedded technology, issuers and manufacturers face the tough question of how much card power to sacrifice for stronger fraud protection.

Comptroller of the Currency Thomas Curry described cyber-readiness as a "system-wide" exercise, and said a new tool for assessing readiness can help banks of all sizes.

In the second part of a two-part conversation with American Banker, miiCard's James Varga discusses how his company leverages the trust placed in banks to create "digital passports" for consumers to prove their identities without oversharing information.

It comes as a shock to few people that we’re currently in a period of high fraud, in an environment that can be characterized with words like “high risk” and “unstable.”