MasterCard is working with Visa to create a new authentication standard for online payments that will gradually replace the 3D Secure protocol with “invisible authentication”.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the bank will probably double its $250 million annual computer-security budget within the next five years.
Because of the sensitive nature of the assets and information they maintain for customers, ensuring a highly secure environment is mission-critical for banks and other financial institutions.
Nine of the country’s largest payment card issuers who participate in the Payments Security task force estimate that they will have issued more than 575 million chip-enabled payment cards by the end of 2015.
New York's banks will face new cybersecurity assessments carried out by the Department of Financial Services (DFS), under plans unveiled by Governor Andrew Cuomo.
Headlines continue to highlight data breaches, especially those compromising payment, banking and personal data.
May 1, 2014
The silver lining to the breaches, according to the ACI report, is that although data breach-related fraud has had a negative impact on banks’ and financial institutions’ bottom lines, more than 40 percent of respondents indicated that their customers have appreciated the proactive outreach and response to market events, which helps to keep financial institutions on the right side of customer satisfaction, rebuilding brand trust.
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