Fraud detection

There is a compelling case for business parties to use smart contract technology in the future to complete binding legal contracts.

The sheer amount of data created in recent years has exploded, leaving banks with a tremendous amount of data sets to mine through. Community banks need to utilize analytics to stay competitive with their big-bank peers.

Some financial companies are leery of betting on an early-stage technology such as artificial intelligence for important jobs like combating account thefts, but PayPal says it works – especially in rooting out false alarms.

Screen scraping is an out-of-date way to share transaction data with mobile apps and services. It's high time for banks to invest in OAuth, a protocol that lets customers access their financial data in a portal of their choosing and is secure.

Sure, there is an inherent business tension between banks' digital offerings and personal financial management software. However, the ground rules for making account data available to consumers for use in external software products and apps are in place and the so-called rivalry is overblown.

The New York State Department of Financial Services has fined Mega International Commercial Bank in Taiwan $180 million in connection with allegations that it violated New York’s anti-money-laundering laws.

The federal government recently began to discourage companies from using SMS-based authentication in their two-factor authentication schemes. So do banks need to completely eliminate authentication via text message? Not entirely.

In the wake of the Bitfinex heist, protecting consumers must again be at the forefront of the digital currency community.

Directors and senior executives have a duty to inculcate risk culture into banks so that everyone works as a team to contain cyber and other risks, including the human vulnerabilities within.

Using methods akin to fighting external hacking can also address risks of employees committing legal or ethical lapses.

Nearly half of U.S. consumers say they have been hit by credit card fraud within the last five years, and those breaches are becoming more commonplace, according to a survey released Tuesday.

A centralized platform that validates loan and borrower data and tracks ownership of marketplace loans could prevent fraudulent activities and help investors regain confidence.

A vendor-created messaging network has attracted hundreds of community banks, many of which have decided it is easier to stop financial crime as a group.

Many financial criminals are switching to a more sophisticated kind of identity theft in which they open accounts based on stolen identities, or on composites of information stolen from different people.

Some days the ride-sharing app receives more than a million phishing emails — a stat to which large banks can relate. But after deploying common protocols and open-source software, Uber now rejects most bad emails.

The drumbeat of news about hackers stealing millions of dollars by gaming the Swift interbank messaging system should have been a wake-up call for banking executives, but it's unclear how many of them answered it. Is it too late for them to shore up their defenses?

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, introduced legislation Thursday to reform consumer credit reporting.

Huntington Bancshares is the latest institution to add a cybersecurity expert to its board, highlighting the growing importance of guarding against hackers and other online dangers.

The rub is that the global messaging system's security is only as strong as the weakest link.

While bitcoin is viewed as "secret currency," the technology behind the cryptocurrency is immensely useful to financial services companies in preventing hacking.