Data privacy

With a divided Congress in place, policymakers will face challenges in passing major financial legislation this year. But there are still a number of core issues set to be debated.

Financial institutions had used existing banking laws as a shield against broader privacy protections, but a California law enacted this summer could threaten that strategy.

With control of the House changing hands in January, credit unions are set to shift their focus from regulatory relief to cybersecurity and fighting CRA.

Banks have the opportunity to transform from being the trusted custodians of our money to being the trusted custodians of our data, writes Martijn Moerbeek, director of group digital strategy and innovation at Legal & General.

The advent of this is particularly unwelcome, coming, as it does, at a time when many people not only question the role of a bank after the recent financial crisis and gradual digitization of banking services, but also when their relationship with technology has changed, writes Martijn Moerbeek, director of group digital strategy and innovation at Legal & General.

A shopping experience so easy that you feel like you’re shoplifting may be appealing, but it also raises privacy concerns, writes Peter Zaborszky, founder of BestVPN.com

The concept of Smart Cities — which use mobile payments, global positioning and related technology to streamline parking, transit, building access and traffic — is deeply intertwined with the development of payments technology and regulation.

The Amazon effect and rules such as PSD2 and GDPR are threatening technology laggards in traditional financial services, contends Stephen Menon, vice president of product at Finn AI.

Cash is unlikely to go anywhere, while application programming interfaces promise a wealth of new innovation, according to Devon Watson, CMO of Diebold Nixdorf.

A recent study concluded there are first-mover benefits for banks that embrace open banking. But many executives see its risks instead.

To personalize products and services, banks are now tracking all sorts of alternative data sources, even the manner in which customers type in mobile banking apps.

The law gives residents more — and welcome — control over their data. But it will take work for credit unions to meet the new requirements, such as possibly having to amend third-party vendor agreements.

Fintech developers are trying to monetize data without scaring away privacy-conscious consumers — and, increasingly, to make sure bigger financial companies don't overstep the same boundaries.

This European regulation means fraud detection will inevitably need to evolve as the fraudsters find new ways to exploit new loopholes, according to Catherine Tong, vice president and general manager for Accertify.

The Danish bank found more than $200 billion of suspicious deals at its Estonian branch; merchants can opt out of the deal as another case on network rules continues.

Organizations that lack security controls and have experienced a breach can expect auditors, regulators and standards bodies to knock on their doors demanding information, writes Fouad Khalil, head of compliance and SecurityScorecard.

The transparency and responsibility you demonstrate will help you build more trusting relationships with your customers and the public, according to Carl Mazzanti, founder and CEO of eMazzanti Technologies.

Consumers generally approve of GDPR’s goals of tightening data-protection and consumer privacy, and more than half would consider fleeing to another provider if they suspected corporations were unclear in their communications or intentions about gathering data.

The CFPB made changes to a rule that allows financial firms to be exempt from sending annual privacy notices to customers if they meet certain conditions.

Europe's new data privacy rules have forced banks to get creative to protect sensitive data from in appropriate access or breaches.