Too Much Data Everywhere
"The more data out there, the higher the risk," says Dominic Venturo, chief innovation officer at U.S. Bank in Minneapolis. "Even with things like PCI, we still see data breaches. We've also got this old system of user ID and password and the fact that consumers are reusing that data all over the place. On top of that, even when they don't reuse them, passwords that are human-friendly are often insecure or easy to guess."
It's one of the reasons that tokenization is crucial to mobile banking and the future of online payments, he says.