The FDIC sent a letter to banks outlining problems they see with the current way vendor contracts are done; the...
It has been fascinating to watch the TSB saga unfold in the UK. The challenger back had an embarrassing outage...
Custodial Bank Norther Trust has upgraded their cybersecurity protocols as they try to better protect themselves against a growing cyber...
TD Bank’s Singapore office gave the the bank a preview on what was coming to their other locations and allowed...
The SEC’s new cybersecurity rule can protect investors and ensure companies take security seriously. But it creates as many questions as it answers.
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.
U.S. based financial regulators have told the FT that they are currently working on a cross agency approach to strengthen...
Consumers have submitted hundreds of complaints about the p2p payments app because they are unable to sign up or access money that was sent to them; the reason behind the issues is Zelle’s security structure is very similar to that of a bank; if something doesn’t match perfectly or the users bank is outside the Zelle network then its possible they will not be able to sign on; Zelle initially launched inside their bank network only, but in September they launched their stand alone app and thats when the issues began; the company is looking at improving the process but says they will not compromise their security. Source.
Typically when someone files for unemployment benefits there is a one to two week waiting period to verify the claim;...
With the shift to work from home many banks are dealing with situations they might not have ever had to...