Legal issues and news

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.

Keith Noreika, who made waves during his brief stint as acting Comptroller of the Currency, has rejoined Simpson Thacher Bartlett as a partner.

The widespread nature of the threat (most computer chips are vulnerable) and the reality that banks are always juicy targets mean bank officials must take a series of protective actions as soon as possible.

With their millions of customers, large retailers like Forever 21 have typically been the hardest hit, writes Mark Cline, a vice president at Netsurion.

With most of the major card brands deciding to no longer require signature authorization on card transactions, merchants want to see more network rules go the way of the dinosaur.

The Dodd-Frank Act gets more attention when it comes to regulatory burden, but the Bank Secrecy Act and other anti-laundering statutes arguably present even more of a compliance challenge for bankers.

Payment fraudsters are agile and adaptive, and they change the items they target depending on what will be easiest to steal and resell, writes Michael Reitblat, CEO and founder of Forter.

Agency plans to address issues and regulation of cybercurrencies; OCC says the bank failed to fix problems cited in a 2012 consent order.

San Francisco-based Arxan Technologies, which got its start in 2001 providing security tools to protect gaming and medical-device applications, says financial services companies are one of the fastest-growing sectors seeking help in barricading their mobile apps from hackers.

The OCC said Thursday that the bank has yet to fully meet the conditions of a 2012 consent order requiring it to address problems in its Bank Secrecy Act and anti-money-laundering compliance programs.

Sen. Sherrod Brown called on the Trump administration to support the Consumer Financial Protection Bureau's enforcement action against PHH Corp., which agreed to a $45 million settlement this week related to foreclosure abuses.

North Korean counterfeits haven't been documented since 2008, but recent sanctions may have pressured the country to return to making undetectable U.S. cash.

Seeking a way to facilitate higher-value contactless transactions, the Bank of Cyprus plans to issue an EMV card deploying biometric authentication to replace a PIN code.

The Senate Banking Committee's first hearing of 2018 will focus on anti-money-laundering efforts and counter terrorist financing, which could be a precursor to legislative reforms.

The debit card is growing in popularity in the U.S. for retail transactions, and consequently FIs are making debit a top priority. However, the strength of debit is a double-edged sword.

Cybersecurity systems, as sophisticated as they are, are clearly not doing the job. And maybe they never will, given that in the end the effectiveness of those systems can be overridden by workers inside the organization, writes Tal Vegvizer, director of research and development for Bufferzone.

The Lower East Side People’s Credit Union filed a suit against President Trump over his appointment of Mick Mulvaney as the CFPB's acting director.

If acting CFPB Director Mick Mulvaney ultimately prevails in the lawsuit challenging his position, he is expected to continue implementing the most significant changes to the agency in its six-year history.

All three are forbidden from having anything to do with the affairs of a federally insured financial institution.

With so much uncertainty, the only thing that's clear is how different the sector may look a year from now. Here's an overview of the leading trends in technology that will impact payments and banking in 2018.