Technology

Security professionals have long argued against the use of static identifiers like passwords and Social Security numbers, while consumers have long questioned why a handful of bureaus can claim to be the ultimate judges of their identities.

The breach may result in a huge new dump of names, addresses, Social Security numbers and other personal information that fraudsters can leverage to gain access to a legitimate user’s account, writes Jason Tan, CEO of Sift Science.

Rep. Carolyn Maloney, D-N.Y., sent a letter to the top executives at TransUnion and Experian on Wednesday asking them what steps they are taking to safeguard consumer data in light of the Equifax breach.

The U.K.’s Payment Systems Regulator and the Bank of England have officially formed the New Payments Systems Operator (NPSO), a regulatory body that will soon replace three existing payment systems.

Shanghai-based Allinpay has become an acquirer for the Discover Global Network, enabling Allinpay merchants to accept all Discover and Diners Club cards in Hong Kong, Diners Club International announced this week.

Vikram Pandit, who ran Citigroup during the financial crisis, said developments in technology could see some 30% of banking jobs disappearing in the next five years.

The best solution to the current broken identity system is to flip the authentication process from third parties to the users themselves.

The open tech that powers added data sharing has already resulted in security events, writes Stephen Singham, managing director of security research at Distil Networks.

The cryptocurrency has been declared dead more times than Rasputin, yet it keeps going higher.

Lenders aren’t happy with the way the credit bureau has responded to the data breach; JPM chief calls digital currency “a fraud.”