Technology

The Federal Reserve detected more than 50 breaches of its computer systems from 2011 to 2015, Reuters reported, adding to signs that the central bank may be vulnerable to hackers or spies.

Consumers using mobile wallets or mobile banking apps are generally more engaged with their banks or retailers, creating a richer behavioral profile — and fraudsters are looking to exploit this by taking over these users' devices and, by extension, their bank accounts.

It’s too soon to know how the futuristic Internet of Things (IoT) — the array of Web-connected devices and home appliances — will handle payments, but older concepts such as Near Field Communication and prepaid cards already have an advantage.

By allowing commercial clients to authenticate via an eye scan, Wells Fargo is making a burdensome task simple. Secil Watson, head of wholesale Internet solutions, is pushing the bank to make digital banking easier for commercial clients.

PayNearMe has long offered a service designed for consumers who prefer to use cash in a digital world, but even it has to accept the need to get on board with electronic payments.

Samsung announced a partnership with Citibank Singapore Limited enabling support for Samsung Pay on newer Samsung handsets in the Singapore region. Samsung Pay will launch there this summer following a pilot, the technology maker said in a May 30 press release.

EMV certification provider Fime has received EMVCo approval to support the use of its global test tool for the development of payment applications that use a handset's secure element.

Given the news about the recent bank thefts carried out over the Swift messaging system, banks might be wondering if there is an alternative for cross-border payments. Flatly, there isn't.

The acceleration of the Affordable Care Act, along with the longer trend toward consumer-directed health care finance and high deductible plans such as health savings accounts, are decentralizing health care payments.

How can banks benefit from a spurt of mobile payments innovation that is enabling faster checkouts with the advantage of greater security for customers?