Data breaches

Readers react to the Federal Housing Finance Agency considering changing its credit scoring policy, slam the possibility of enforcing mandatory penalties for data breaches at credit reporting agencies, weigh the possible nomination of a credit union regulator to the CFPB, and more.

The two senators are set to introduce a bill that would force such firms to pay $100 per customer whose personal information was compromised.

Account takeover's harder to quantify than payment fraud because it has so many elements and downstream impacts, writes Kevin Lee, trust and safety architect at Sift Science.

Twenty-two trade groups, including seven financial trade groups, sent a letter to House lawmakers calling for new data security standards that would preempt state law.

The credit bureau enraged many with its response to a massive data breach this fall, but closing the company down would ultimately harm consumers.

Interactive Brokers says it will allow customers to bet against the cybercurrency; aides to Alabama senator drafted for key regulatory positions to ease banking rules.

In a rare show of public support for a security technology, the banks are leading a $40 million funding round for Menlo Security, provider of browser technology that keeps malware at bay — and they’re using it, too.

Recent data breach events in September 2017 in the U.S., involving the stock value drop of Sonic as well as Equifax, are evidence of the negative impact of data breaches on the economic value of businesses. Clearly, they have become incidents of board-level importance, writes Justhy Deva Prasad, chief data partner at Claritysquare.

Debit and credit both have their downsides, but both of those downsides disappear if you stay up to date with the latest fraud prevention and chargeback management practices, writes Suresh Dakshina, president of Chargeback Gurus.

An ex-regulator’s stern warning about the risks of sharing consumer information with fintechs has prompted debate over common security standards for banks and nonbanks, better data tracking and new liability insurance products.