Security risk

Antiquated testing strategies result in code being deployed with a variety of vulnerabilities and bugs, which is especially dangerous given the current payment landscape of expanding endpoints, consumer devices and payment apps, writes Mark Medlin, chief technology officer of Paragon Application Systems.

Finance organizations serious about protecting their customers need two-factor authentication, which involves the mobile phone when logging in to transfer money, writes Michael Patterson, CEO of Plixer.

The heat will now be on card networks to reassure consumers of card security through other methods, during the ongoing barrage of data breaches that could undermine consumers’ confidence in cards.

Thirty-six lawmakers signed a bipartisan letter Tuesday calling for an investigation into the sale of stock by Equifax executives between a data breach at the firm and when it was disclosed.

The promise of a connected future has enormous implications for all aspects of our lives, but there are great risks along the way.

Shopping and paying for goods with a smartphone or tablet has been a staple of modern consumerism for years, but mobile wallet adoption is just at its early stages, writes Lisa Stanton, president of InAuth.

Mobile ATMs are generally more secure than card-based machines, but still require more security than more traditional digital transactions, writes Sam Shawki, founder and CEO of MagicCube.

Biometric scans provide security and convenience, but still carry risk that requires additional technology, writes ValuePenguin analyst Robert Harrow.

Attacks like the WannaCry ransomware require issuers to educate staff and shore up technology defenses, writes Bob Antia, cheif security officer of Unitrends.

Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more.

As volume grows, fraud and security risk will expand as well. Merchants and issuers can't afford to avoid the extra work to secure the channel.

Better information security will remain the foundation of success as the financial services industry moves quickly to engage new business models.

Mobile apps are becoming the playground and hiding place for cyberattacks and the criminals who orchestrate them.

Using mobile apps to control payment cards has become a popular security option among issuers.

As the smartphones become ATM cards, a new set of security risks emerges. Thorough ID protection is necessary to keep no-card ATMs secure.

There are several steps necessary to contain, assess and report an incident that should precede further action.

Check imaging reduces the need to handle paper, reduces clearing time and paves the way for mobile deposit and remote capture. However, this new functionality also means financial institutions take on greater risk from electronic acceptance, images in the cloud, and significantly reduced float times.

The new controls include transaction-screening parameters users may adjust to their own risk and compliance policies.

As security threats increase, companies are placing more emphasis on safety and less on speed for new initiatives.

Adoption is increasing, but most consumers would stop using the technology if they suffered a security incident