MasterCard is planning to spend $20 million on cybersecurity initiatives that will include a bank safety layer and a biometrics pilot program. The credit card company plans to debut both announced initiatives this year.
The concept of sharing cyberthreat information got a boost this week from one of the biggest names in social networking: Facebook. The company's new ThreatExchange platform is reportedly based upon a system the social networking site was using internally to catalog threats to its network in real time.
Much of the retail industry may face significant challenges in meeting the EMV deadlines for complying with chip card technology, according to a recent survey from payments company ACI Worldwide....
When government budgets were trimmed in recent years, many governmental departments took a new approach to IT security.
A year marked by headline grabbing cyberattacks ranging from Target's credit card breach to a hack at JPMorgan ended with an attack that may have trumped the rest in headline-grabbing ability. While not directly affecting finance or payments, the malicious attack on Sony Pictures must have scared executives of financial firms and all other firms by the havoc it wreaked on its target and the precision with which it used cybercrime to inflict maximum financial and reputational damage.
We are closing a year with some of the largest hacks of credit card data yet seen in the U.S., and preparing for a new year when the move to more secure EMV chip card technology will become mandatory. But card security experts warn that where tighter security may close some doors to fraudsters, they will look for new ones to open.
The Securities Industry Financial Markets Association (SIFMA) called for passage of the Cybersecurity Information Sharing Act in testimony to the Senate Banking, Housing and Urban Development...
The Securities Industry and Financial Markets Association says the Financial Industry Regulatory Authority's proposed "CARDS" program will impose high costs on the industry and open up new cyber security risks. In a comment letter sent to Finra this week, Sifma said its concerns are supported by two separate studies the industry trade group commissioned.
A total of $4.3 billion in fines were levied on six banks by four regulators this week as part of the much anticipated settlement of the FX manipulation scandal. The fines, from the U.K.'s...
The Commodity Futures Trading Commission is expected to announce fines in the alleged rigging of the $5.3 trillion-a-day currency markets any day now, according to published reports. The CFTC may levy fines of around $300 million against each firm it is investigating, according to anonymous sources cited by Bloomberg.