Investment

It’s taken the U.S. years to embrace, but the migration to Chip and PIN payment technology and its associated “liability shift” will finally happen in 2015.

Processor First Data is working more closely with long-time partner Underwriters Laboratories to speed up the EMV testing process and certify the chip-card technology in the U.S.

Payment companies and merchants are taking the wrong approach to cybersecurity if they address problems only after they arise.

The White House rolled out several more cybersecurity provisions on Tuesday, including a proposal to better coordinate information sharing between the government and the private sector around cyberattacks and emerging threats.

Banks can be compliant with cybersecurity guidelines and still remain vulnerable to massive liabilities. One case in point: many financial institutions carry mandatory insurance policies that could leave them on the hook for six-figure losses from corporate account takeovers.

While many agree that usernames and passwords should give way to more advanced identity management, progress toward this goal has been extremely slow.

A new push by President Obama to tighten cybersecurity at banks and other businesses could help light a fire under some firms that have historically been slower to react in the wake of a data breach and help financial institutions dealing with a tangle of confusing state laws.

Stage Stores, a department store chain based in in Houston, has beefed up its payment security with technology from Chase Paymentech and Ingenico.

Customers affected by cyberattacks frequently direct their wrath at financial institutions, whether or not a bank is responsible for the breach. Therefore banks need to have a strategic communications strategy in place.

On the heels of the recent barrage of payment card theft, banks are scrambling to roll out EMV based solutions, but is it enough?