Security risk

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.

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.

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.

Multifactor authentication is table stakes in today's breach-heavy environment. Falling short of that standard creates a dangerously high threat, according to David Vergara, head of security product marketing for OneSpan.

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.

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.

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.

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.

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.