Security risk

Stressing a need to address security in mobile payments and banking, ASC X9 has introduced a new standard — essentially part three of its wireless safety efforts, focusing on the management and security of mobile commerce implementations.

While nearly all banks, financial institutions and other organizations have a disaster recovery strategy in place, it’s clear that these plans are not enough to ensure these organizations remain online, regardless of what happens, according to Gijsbert Jassen van Doorn, technology evangelist at Zerto.

Businesses without the substantial resources of a Danske Bank are sitting ducks for even more esoteric scams, like transaction laundering, writes Ron Teicher, CEO of EverCompliant.

A horrific tragedy unfolded at Fifth Third's main building in downtown Cincinnati, when a man opened fire on bystanders in and around the lobby-level branch. Three were killed, and the gunman died in a shootout with police.

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.

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.

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.

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.

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.