Data security

Most merchant processors’ current point of sale software allows you to send the credit card information once and you capture a token versus the actual credit card number, writes Michael Lewis, CIO of Copper State Communications.

Empow's security platform, integrated into a company's network through APIs or by routing data to empow, breaks down the individual components of a security tool to create an "abstracted new layer" that talks to a set of artificial intelligence algorithms.

PayPal wants to integrate TIO's bill payment customers into PayPal's network, but a data breach has that goal on hold.

Describing cybersecurity as the biggest risk facing the financial sector, Vice Chairman for Supervision Randal Quarles said regulators should more actively facilitate conversations between banks and national security agencies to boost digital security.

Google was sued by a group of U.K. consumers over claims that the company improperly collected personal data from millions of users of Apple Inc.’s iPhone.

Uber Technologies Inc. said information from 2.7 million U.K. customers was taken in a 2016 security breach that hit 57 million riders and drivers globally and that the company kept secret from the public and authorities until recently.

With the holiday shopping season, there is an inevitable dark side — an increase in transactions means an increase in fraud. This is to some extent the cost of doing business; fraud will always be a percentage of overall transaction volume.

The CFPB's data-sharing guidance was widely applauded, but mistrust remains between banks and aggregators. Advocates want regulators to take action.

The trade group wants Equifax to reimburse community banks for costs tied to the massive data breach at the credit bureau this year. The ICBA also wants a court to order Equifax to improve its security measures.

One estimate says 3.5 million cybersecurity jobs will go unfilled by 2021. Banks are looking to military veterans, universities and even high schools to help fill the gap.