Risk

The World Wide Web Consortium (W3C) is sending a message to the payments industry that it might not be wise to wait on the card networks to solve the growing problem of mobile and online payments fraud.

Selling outside of app stores forces users to deactivate a crucial safeguard which would otherwise prevent the download of potentially malicious apps onto their mobile device, contends Samuel Bakken, senior product marketing manager for OneSpan.

Moody's Investors Service downgraded JPMorgan Chase's prime jumbo mortgage originator assessment to its second-highest rating, citing the bank's growing reliance on correspondents with delegated underwriting authority and shortcomings in its technology infrastructure.

State Treasurer John Chiang says that Wells Fargo is keeping patterns of abuse hidden from view by resolving customer disputes through private arbitration.

ATM jackpotting is a growing threat throughout the United States, with thieves attempting to attack the most vulnerable locations possible, according to Paul Albright, executive vice president of Outsource ATM.

The industry’s profit was $60.2 billion, a more than 7% increase from the previous record set in the first quarter and a 25% leap from a year earlier, the agency said in its quarterly report on the industry's health.

A solid software development life cycle method — a way of organizing the work of a software development team — can mean the difference between getting ahead in payments or falling behind, according to Chet Culver, director of application development at CardConnect.

One expert offers credit union leaders "the best defense against risk" and lessons from previous economic crises.

Even as the payments landscape has become increasingly complicated and convoluted over the past several years, many industry players have not kept pace with their payments testing methods or tools, writes Steve Gilde, director of global product marketing for Paragon Application Systems.

IBM claims that by monitoring customer behavior first and foremost, banks can make suspicious activity reporting far more accurate.

It's a fickle industry, given the uncertainty over the Affordable Care Act and government reimbursements, but opportunities in lending to medical practices and device manufacturers make it hard to resist, bankers say.

The trading ban is even less effective than feared at making the banking system safer.

Concern over Exobot is spreading beyond banking and across other sectors where customers regularly transact online, from e-commerce and retail to health care, writes Don Duncan, security engineer for NuData Security.

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.

Real-time graph technology and analytics offer a rare opportunity to revolutionize the entire field of AML in banking and financial services. It will become the industry best practice in the near future and may well become part of the regulatory expectations, according to Gaurav Deshpande, vice president of marketing at TigerGraph.

Lack of preparation for a PCI DSS assessment usually results in unexpected and unnecessary expenses, as well as lost productivity among all parties involved, writes Marc Punzirudu, director of security consulting services at ControlScan.

Given how much financial activity occurs every second, every day, it’s important for banks and financial organizations to develop a robust AML strategy that is effective in stopping fraudsters in their tracks, according to Gaurav Deshpande, vice president of marketing at TigerGraph.

Wells Fargo estimates that in 400 instances, borrowers later went through foreclosure who were improperly denied or not offered a mortgage modification.

The regulator’s move comes as Congress is considering legislation that would offer credit unions an even lengthier delay.

Payment companies have a responsibility to both merchants and consumers to emerge as brands in their own right, with values that resonate not just with the businesses they are supporting, but with the customers using their services, writes Koen Vanpraet, CEO of Intrapay.