Bank technology

Michaels is investigating a possible data security attack, CEO Chuck Rubin said in a letter to customers.

Predictions of marauding hackers are overblown, but banks do have good reason to beef up security on their Windows XP ATMs before Microsoft drops support for the operating system in April.

CEO Gary Crosby believes new technology will help the Buffalo, N.Y., company generate revenue more in line with being a large financial institution. But his $250 million investment pledge didn't sit well with investors who were hoping for cost-cutting.

Citibank is upgrading its ATM software in a bid to make the customer experience consistent across all digital touch points and to quicken the time to execute transactions on the channel.

The partnership positions the bank to acquire customers quickly by distributing its new Mobile Money prepaid card and associated mobile app at T-Mobile's physical stores and websites and through aggressive carrier-branded marketing campaigns.

First Niagara Financial Group (FNFG) in Buffalo, N.Y., met quarterly estimates and announced a plan to invest heavily in technological improvements as it moves beyond its recent phase of rapid growth.

Neiman Marcus Group Ltd., the luxury retailer, said about 1.1 million credit cards may have been compromised in a data breach that occurred last year.

Banks and credit unions are outperforming retailers in the war against credit card fraud, according to a new survey from Javelin Strategy & Research.

Paydiant has received a patent for technology that lets consumers withdraw cash from ATMs using their smartphones, a feature that it says should appeal to banks.

The Target and Neiman Marcus breaches have reignited data security as an issue on Capitol Hill, but many hurdles still stand in the way of legislation.

Financial institutions that can figure out how to couple an efficient and optimized loan process with personalized service will win in the future.

The massive Target data breach has reignited the debate over whether banks should do more to improve the security of the cards they issue in the United States. American Banker editors discuss why financial companies have been reluctant to upgrade their magnetic-stripe cards to the more secure chip-and-PIN cards used internationally, and what — if anything — the Target breach changes.

The U.S. government needs more time to assess the Bitcoin "phenomenon" to ensure the virtual currency isn't used for unlawful purposes, Treasury Secretary Jacob J. Lew said.

T-Mobile's bid to provide basic checking services to its mobile phone customers is the latest signal that banks are losing the low end of the consumer market.

EBay CEO John Donahoe provided a glimpse into PayPal's ongoing strategy for mobile payments in defending his company's conclusion that it should not spin off the subsidiary.

The fallout from the recent Target and Neiman Marcus security breaches has led to a war of words between bankers and retailers.

Banks have long struggled to migrate financial relationships onto mobile devices and to attract the underserved. Carriers like T-Mobile, on the other hand, come into the market with a distinct advantage.

How could this happen? Why is the U.S. payments industry still using archaic and notoriously insecure magnetic stripe card technology? And will the episode change anything? American Banker answers frequently asked questions about the Target breach.

Something resembling deposit insurance for virtual currencies may still be in the distant future. But a growing array of startups is attempting to offer Bitcoin users a similar layer of security to that enjoyed by bank depositors.

T-Mobile has launched a checking service that aims to lure the underbanked away from high-fee check cashers and payday lenders.