Risk

With the advent of the quantum computing, current encryption algorithms stand to be broken, and all of our data could be vulnerable as a result, writes Malte Pollmann, CEO of Utimaco.

Tokenization as a technology is suitable to support multiple payment use cases via a single system, ensuring emerging commercial models and the ability to adapt to new requirements are not constrained by an inflexible security framework, writes David Worthington, vice president of payments at Rambus.

The acquirer OLB Group is positioning itself as a data steward for a future in which merchants will have predictive data to inform decisions on financing.

Considering that cryptocurrencies are designed to circumvent the banking system, banks will need to come up with ways to protect themselves, writes Ely Pinto, chief information security officer at Bank Leumi.

London-based Shieldpay will expand its reach in the U.S. this year through a partnership with AutoClassics.com.

The chairman of the Federal Reserve is testifying before Congress this week, where he will likely face tough questions about the agency’s decision to let two banks slide on their exams late last month.

If fintechs can prove effective at overcoming fraud challenges as they scale their customer base, they’ll be able to better capitalize on their unique position of operating independent of legacy platforms as they create a more financially connected consumer experience, writes Dave Excell, founder and CTO of Featurespace.

Bank of America has agreed to pay a multimillion-dollar sum to settle a defamation claim brought by former executive Omeed Malik, who was fired by the bank earlier this year, according to a person familiar with the matter.

Bankers should resist the urge to skirt financial regulations, including know-your-customer and lending standards, to make a sale. The danger of penalties and a possible reputational hit is too great.

Retailers must decide if they will heed this call and do the right thing by investing in the security we need today and the innovation of tomorrow, contends Jeff Tassey, executive director of the Electronic Payments Coalition.

PayPal's executives likely expected the company's $3 billion buying spree of companies like Hyperwallet and iZettle to dominate its media coverage this month. But a single careless letter has stolen the narrative.

Focus instead on legislation that will prevent the next economic crisis and address technological change, says Rep. Patrick McHenry, a Republican front-runner to become Financial Services Committee chairman.

Even though much of PCI data is stored and maintained on mainframes, many are currently not being evaluated or scanned accurately for PCI DSS compliance, writes Ray Overby, co-founder and president of Key Resources.

U.S. financial institutions such as Bank of America, Citigroup, JPMorgan Chase and Goldman Sachs have reported hundreds of millions of dollars of losses stemming from the scandal at retailer Steinhoff International.

Financial institutions are beginning to get on board with the global fight against climate change, but they are still trailing pension funds and insurance companies in putting these concerns into action.

Turnover of chief risk officers is on the rise as CEOs look to add executives whose experience goes far beyond assessing credit risk. Sometimes they are promoting from within, but often they are poaching talent from rival banks.

Citigroup has appointed Jay Jacobs, former president of the investment management firm PIMCO, as an independent director.

As data breaches mount in the "Equifax era," CFOs have a broad vision of enterprise data that can prove helpful in mitigation, according to Lauren Ruef, a research analyst for Nvoicepay.

Under a consent order with Texas and seven other states, the Atlanta-based credit reporting firm agreed to shore up its information security efforts, but it will not have to pay any financial penalties.