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Banking and financial services: New technology solves GDPR
Data privacy is driving the European Union’s General Data Protection Regulations (GDPR) in the UK, and yet it’s widely felt that banks and other financial services institutions have run out of time to find ways to comply with the requirements. Looming on the horizon for failing to comply is a dark cloud of significant financial penalties. [...]
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What EMV payment tokenization 2.0 means for the payments industry
Technical body EMVCo launched version two of its EMV Payment Tokenisation Specification – Technical Framework in September. The market has evolved rapidly since v1.0 was launched in 2014 to address the needs of digital payments including e-commerce, and minimize the fraud risk associated to an exposure of primary account numbers (PAN) – so v2.0 has [...]
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The hidden history of cyber-crime forums which monetise card data
The notorious dark web marketplaces Alphabay and Hansa, designed for criminals who specialised in monetising lists or “dumps” of credit card data, were shut down in July following “landmark” action by police forces in the US and Europe to unmask who was running them. They join a long list of other forums, chat rooms and boards [...]
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Remote KYC: A competitive advantage for mobile only banking
The required procedures for Know Your Customer (KYC) have finally broken free of branch-based face-to-face meetings, and now enable banks to use videoconferencing and biometrics to verify a customer’s identity remotely. This is a big deal; early implementation of new KYC processes can seriously enhance the mobile banking customer user experience, making services more attractive [...]
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Are banks using the best biometric security systems available?
Many banks around the world, large and small, continue to experience major security failures. At this year’s Kaspersky Security Analyst Summit, analysts explained their investigation of the takeover of a bank for several hours in Brazil by cyber criminals. The takeover of the bank started with a spear phishing attack. Next, the cyber criminals used [...]
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