Investment

Biometric security has become a hot topic in the payments industry with many experts lauding its convenience and effectiveness. But there's no consensus on whether to store biometric data locally or in the cloud.

After National Credit Union Administration Chairman Debbie Matz revealed the agency is mulling new encryption standards, a trade association says the regulator should focus on its own steps to "better protect" member "data in its care."

The leak of client records at Morgan Stanley illustrates the danger posed when just one employee has unauthorized or unsecured access to sensitive information, as well as the ongoing threat to financial institutions from insider theft.

Like a coach turning to an old playbook, fraudsters have resurrected an e-mail spam method to attempt to steal personal and card data from bank customers in the U.K.

Xoom, a digital payments company based in San Francisco, disclosed that its systems were exploited for $30.8 million in fraudulent transfers to overseas accounts.

Chick-fil-A recently became the latest victim of a credit card breach, bringing to light the threat that all quick serve restaurants and small retailers are increasingly facing from hackers and data thieves and underscores the challenges businesses face in keeping their networks and data secure.

The payments industry is quickly adapting to new technology, new regulations and new consumer demands. Here are 15 of the industry's major transformations already in progress.

Consumers have long resisted security hardware such as one-time password tokens, as these devices typically slow down the payment process. But shoppers may finally be willing to give up a little convenience for some peace of mind.

Customers give slightly higher marks to retail banks for their overall customer service than they do to credit card issuers, even if the credit card service is a division of the same bank, according to a recent survey of credit and debit cardholders.

The fast food chain Chick-fil-A has confirmed that it was the victim of a recent data breach.