It has been fascinating to watch the TSB saga unfold in the UK. The challenger back had an embarrassing outage...
U.S. based financial regulators have told the FT that they are currently working on a cross agency approach to strengthen...
As the world has moved to mobile banking in the last three months hackers are moving there as well; in...
The recent exposure of more than 24 million mortgage documents has brought to light an issue that has plagued financial...
Tesco Bank publicized that modest amounts of funds had been stolen from 20,000 accounts this past weekend, with an additional 20,000 accounts being attacked by suspicious probes; the company manages nearly eight million accounts and they have been blocked from using debit cards since this weekend; Tesco's CEO says that they are confident they know the nature of the attack, but declined to explain at this time, and is asking UK regulators to allow them to make debit transactions allowable again as soon as possible; the UK's Financial Conduct Authority has called the attack "unprecedented in size and sophistication" but acknowledges limited IT expertise within the authority. Source
Publicly traded companies will soon face new regulatory requirements when it comes to reporting cybersecurity breached to investors; the SEC did not establish a timeline for when these new regulations will be in place or to what level a breach would need to be for disclosure purposes; this is in response to recent breaches of Equifax and the SEC which were disclosed well after the incident. Source.
Banks have started to implement behavioral biometrics more and more as it is seamless for customers and helps to better detect fraud; behavioral biometrics firms like BioCatch has provided banks with the type of security they like, customers cannot see if but it also is harder for criminals to spoof; BioCatch reviews more than 5 billion transactions per month and has about 60 million users in their system; another reason banks love this type of security is the privacy regulations are not as strict, the data is not personally identifiable and is based on type of actions. Source.
Banks are expected to increase their investment this year in compliance technology, cybersecurity, and personalization.
While speaking at the Milken Institute Global Conference many of Wall Street’s top CEOs said their biggest worry is a...
Credit bureaus have had a tough past year with the Equifax breach of customer data and new legislation in the U.S. looking to increase competition by allowing lenders to use different sources; changing the credit bureau system is not as easy as it may sound as they have been intertwined in the financial services system for a long time; lenders still use the bureaus for a large majority of lending decisions, even though some alternative bureaus have seen traction; the breach at Equifax could have a lasting effect because people did have a lot of trust in the company to secure their sensitive information like social security numbers; as data sharing in financial services becomes commonplace a premium will need to be placed on how that data is secured. Source.