Security concerns are the top barrier between consumers and mobile banking. Yet, only 17 percent of institutions have integrated consumer education into their mobile strategies. Javelin's Mary Monahan offers three tips to improve awareness.
The payments system is broken, opening consumers, financial institutions and retailers to endless incidents of card fraud. So, what can be done? Gray Taylor has some suggestions.
Pradeep Moudgal of California-based SVB says the bank's decision in June to migrate commercial credit cards over to EMV was easy. "The biggest advantage of the chip card, at the end of the day, is to reduce fraud," he says.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Organizations have started achieving PCI compliance, but it's a struggle for many to maintain, says Jen Mack, director of PCI Consulting Services for Verizon.
Discussing Verizon's new report on the state of PCI compliance, PCI expert Jen Mack says payment card security today is "disappointing," and global merchants are at serious risk of new data breaches.
First-party fraud includes more than bad payments, and banking institutions should expand how they internally classify and track first-party fraud, even if regulatory definitions are limited in scope.
As emerging technologies such as cloud computing and mobile banking become the norm, the FDIC's Donald Saxinger says vendor management programs must specifically address the outside risks posed by working with non-traditional financial services providers.
Merchants, financial institutions and any other provider in the payments chain can expect to take more responsibility for complying with Payment Card Industry Data Security Standards.
Emerging payments technologies, such as tokenization, are already being deployed in the marketplace, but standardization, as it relates to the security of some of these emerging solutions, is lacking.
How prepared is the financial services industry in the event of a cyber attack?
The Financial Services Information Sharing and Analysis Center (FS-ISAC), a national industry forum, will conduct Cyber Attack Against Payment Processes (CAPP), an exercise to measure the ability of financial institutions, payment...
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