Security risk

Earlier this week, the e-commerce payments giant announced a $400 million deal to acquire Hyperwallet and its payment distribution technology. The deal for Palo Alto-based Simility takes aim at a different need: applying machine learning to its data collection to prevent various types of fraud.

Rising technology expense and security challenges will require institutions and ATM operators to get more creative in managing resources, such as finding new uses for discarded machines, according to Mark D. Smith, director of business development for MVP Financial Equipment.

Innovations such as automated smart safes can make it easier to track the flow of paper money, reducing theft risk, and cut down on the number of armored truck pickups, according to Sam Bosch, president and CEO of Peregrin Financial Technologies.

New phishing attacks on payment systems and banks are more sophisticated, with disguises that can trick staff into turning over sensitive information, writes Adrien Gendre, chief solutions architect at Vade Secure.

Regardless of which bank a consumer uses, the Zelle interface should look more or less the same. This is the part of the customer experience Zelle controls and sells to consumers, making it the best way to deliver its security message.

There are lots of layers technology risk-mitigation features, and in addition, network-level mitigation is provided as well, writes Robb Gaynor, chief product officer at Malauzai.

Resourceful crooks will relentlessly probe systems, processes and people until they find a weakness or an opportunity. That weakness is the magnetic strip that still exists on all EMV cards, according to Nathan Horn-Mitchem, senior vice president and chief information security officer at Provident Bank.

The Federal Trade Commission contends Venmo misled consumers on funds availability and security disclosures
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By investing in next generation strategies and shifting their mindsets about testing, organizations can better safeguard and control the payments process, providing a more reliable customer experience and better protecting one of their most important assets—their reputations, writes Steve Gilde, a director at Paragon Application Systems.

By taking advantage of the peak sales periods with higher-than-usual transaction volumes such as Valentine’s Day, criminals can use legitimate payment and shipping platforms without raising fraud alerts, writes Ron Teicher, CEO of EverCompliant.

This trend will continue until banks have addressed key vulnerabilities, according to John Gunn and David Vergara of VASCO Data Security.

The proliferation of wearable devices, their increasing sophistication, the uptick in wearable-optimized applications and the willingness of consumers to trade PII for convenience is converging to create a perfect storm of risk that has the potential to threaten commercial enterprises, writes Michael Lynch, chief strategy officer at InAuth.

Breaches help crooks diversify, but stolen cards thrive in the black market, writes Angel Grant, director at RSA's fraud and risk intelligence unit.

To date, the vast majority of security investment has focused firmly on keeping the bad guys out. It only ever works to a certain extent. This is because there is much greater impetus for the hackers to devise new methodologies to gain access and the security industry at large is only ever playing catch up, writes James Barham, chief commercial officer at PCI Pal.

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

Recent data breach events in September 2017 in the U.S., involving the stock value drop of Sonic as well as Equifax, are evidence of the negative impact of data breaches on the economic value of businesses. Clearly, they have become incidents of board-level importance, writes Justhy Deva Prasad, chief data partner at Claritysquare.

The biometric data, broken up into shares, is persisted separately in off-chain storage that can be controlled and sealed via blockchain references for integrity and provenance, writes James Stickland, CEO of Veridium.

The card brand's dCVV2 specification code standard can put a dynamic CVV2 payment card in the hands of customers sometimes in a matter of hours, rather than days or even months, contends technology developer Idemia.

Most merchant processors’ current point of sale software allows you to send the credit card information once and you capture a token versus the actual credit card number, writes Michael Lewis, CIO of Copper State Communications.

Empow's security platform, integrated into a company's network through APIs or by routing data to empow, breaks down the individual components of a security tool to create an "abstracted new layer" that talks to a set of artificial intelligence algorithms.