Data and information management

To identify fintech startups deserving of special recognition this year as part of the FinTech Forward program, a team of American Banker editors, BAI staff and industry members debated the merits of self-nominees and companies we know.

Adoption of mobile payments has been slow, and it's not clear why. Some have suggested the problem is a lack of understanding among consumers. Others have questioned whether mobile payments really address a consumer pain point.

Samsung may have a hard time convincing users of Samsung Pay that a breach of its LoopPay technology by Chinese hackers has nothing to do with payment card data or the security of the mobile wallet.

Europe has been a clear leader in the adoption of EMV. One notable migration took place in the United Kingdom. The U.K. began the process of promoting EMV in 2002 and completed the full roll out in 2006.

The major card networks operate from a position of strength as among the first movers in providing tokenization, but they must move with the market if they want to hold that position.

The central bank originally established a 10-year time horizon for completing upgrades to the nation's aging electronic payment system. But a task force convened by the Fed thinks that's not ambitious enough.

Kabbage is one of many nonbank lenders looking to partner with traditional financial institutions. But the firm is facing a tough sell with bankers who worry about the risks associated with ceding control of the loan-underwriting process.

Though the EMV transition is a significant step in the effort towards making payments more secure, this EMV liability shift won’t solve mass data breaches on merchants.

E-commerce merchants aren't supposed to be directly affected by the U.S. shift to EMV-chip cards at the point of sale, but they will face several unintended consequences of the increase in payment card security.

Hackers did not steal banking or payments data from Experian, but they might as well have. Breaches like the one sustained at the company call into question the entire system of identification that banks rely on to open accounts and conduct other everyday business.

Compared with other recent breaches, the theft of 6,400 user email addresses and passwords on the American Bankers Association's website might seem like small potatoes. But experts said the attack — the first in the association's history — was still significant and could have implications for banks.

A server containing sensitive consumer information at Experian has been breached, with the records of as many as 15 million T-Mobile customers stolen, the companies said Oct. 1.

A server containing sensitive consumer information at Experian has been breached, with the records of as many as 15 million T-Mobile customers stolen, the companies said Thursday.

The Trump Hotel Collection has disclosed a data breach that may have compromised customers’ debit and credit card data for more than a year. The breach was caused by malware lurking in the hotel’s payment system.

Like campaign managers at the end of a long election trail, top payments executives spent the final hours leading up to and shortly after the official EMV liability shift launch supporting the efforts of the past four years and providing the latest details on chip-card migration.

In updating cards with EMV technology, Visa and MasterCard have neglected an important element of what makes the security standard so successful elsewhere. The need for PIN verification is clear.

Many card issuers are well on their way to the migration to chip cards or have a plan to do so. But many merchants are still completely unaware of the shift in fraud liability taking effect Thursday.

Rules set by Visa and MasterCard suggest that by the start of this month, ideally, banks would all be issuing EMV-compliant cards and retailers would have the technology to accept them. If one party is supporting EMV and the other is not, the delinquent entity will have to cover the cost of any fraud that ensues.

A new survey reveals a wish-list for anti-money laundering specialists to help ease their process of assessing customer risk, a major concern as mobile technology and virtual currency play a larger role in the payments market.

When major card networks revealed the EMV chip card liability shift timeline four years ago, the Merchant Advisory Group was quick to make its stance clear: A conversion to chip cards won't mean a thing without a PIN authorization to go with it.