Data security

PayPal has suspended the operations of TIO Networks, a bill-payment company it purchased earlier this year, following the discovery of security vulnerabilities that require investigation.

When a coder locked $150 million of digital currency stored in Parity digital wallets last week, many bankers probably saw it as another reason to ignore cryptocurrencies. Instead they should recognize the business opportunity (key custody) that the incident presents.

It is important to have the right layers of security in place, ideally those that evaluate passive and behavioral biometrics, as they are proving to be the most reliable, writes Robert Capps, authentication strategist and vice president of NuData Security.

Because wearable payments technology is still considered experimental, it is important to address security before the market for such products gets much bigger.

In mid-2015, several thousand banks registered for dot-bank domains. More than two years later, only a few hundred have converted.

Outsiders gained access to customer information at Southern National Bancorp of Virginia using a malicious email. Other financial institutions, meanwhile, are implementing policies in hopes of avoiding the same fate.

Equifax Inc.’s massive data breach is proving costly.

Company’s first earnings report since the data breach also discloses lots of suits and investigations; Senate bill also calls for one-year delay in corporate tax rate cut to 20%.

Readers chime in on the idea of a state-backed bank to serve the cannabis industry, data-sharing between banks and fintechs, whether community banks can just focus on tech laggards, and more.

Barros has no answer for Senate committee on encryption; a bitcoin network split won’t happen … for now.