Payments News

On The Web

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Global

Concerns Over Security: Govt Fears WhatsApp May Share Payments Data With Facebook, Others

“Indian authorities are concerned that WhatsApp’s payment service might share user data with group companies Facebook & Instagram, compromising the security, privacy and non-commercial information of its subscribers. The government has asked the National Payments Corporation of India (NPCI) to look into the matter and ensure that user data collected through payment services such as […]
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Security

Robinhood Stored Passwords in Plaintext, so Change Yours Now

“Investment and stock trading app Robinhood stored some user credentials, including passwords, in plaintext on internal systems, the company revealed today. This particularly dangerous security misstep could have seriously exposed its users, though it says that it has no evidence the data was accessed improperly. Better change your password now. Sensitive data like passwords and […]
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Security

Hack Breaks Your Visa Card’s Contactless Limit For Big Frauds

“Security researchers have found a way to bypass that limit on Visa cards. Their hack, which isn’t limited to U.K. cards, could let opportunistic crooks drain accounts with a single tap, and they claim they don’t even need to steal the credit card . And little on Visa’s side is being done to address this […]
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Companies

Capital One Reports Data Breach Affecting 100 Million Customers, Applicants

“Capital One Financial Corp. , the fifth-largest U.S. credit-card issuer, said Monday that a hacker accessed the personal information of approximately 106 million card customers and applicants, one of the largest-ever data breaches of a large bank. The bulk of the exposed data involves information submitted by customers and small businesses that applied for Capital One […]
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Security

Mastercard Launches Authentication Solution for Online Shopping in India

“With the latest offering, Mastercard aims to address 20% of mobile e-commerce transactions which are abandoned midway. Most of these transactions are abandoned due to time-consuming payment processes and mobile network fluctuations. Identity Check Express is equipped with device intelligence and behavioural biometric technologies. It also complies with the latest EMV 3-D Secure and FIDO […]
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Regulation

SCA Delayed by a Further 18 Months

“The Financial Conduct Authority (FCA) has delayed the enforcement of strong customer authentication (SCA) by a further 18 months. The SCA delay comes after a number of warnings that the new EU online regulations, which are designed to reduce fraud, could cause online sales to suffer. As reported by the Financial Times, SCA was set […]
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Security

In China, QR Codes Are Being Replaced by Face Scans for Payments

“In different cities around China, merchants from supermarkets to bakeries have adopted facial recognition payments technology from Alibaba-affiliated Ant Financial and Tencent’s WeChat Pay to make the payments process as frictionless as possible. Alibaba owns the South China Morning Post.    Why? Because face recognition technology brings the next step in payments convenience for consumers and also […]
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Security

UniCredit Investigating Data Breach Possibly Related to Capital One

“UniCredit SpA is investigating the possibility of a data breach that the Italian lender believes could be related to a similar hacking incident at Capital One Financial Corp. COF 1.33% , according to a person familiar with the matter. The company is examining whether a directory held on a cloud server was accessed without authorization, the person […]

On The Wires

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Security

OFX Joins Financial Data Exchange to Accelerate Financial Data Sharing Standards

“In an important step toward establishing a single interoperable industry standard for financial data sharing, the Open Financial Exchange (OFX) will join the Financial Data Exchange (FDX) effective immediately. With this milestone, the industry continues to align around the FDX standards, which spell out how consumer-permissioned financial data is securely shared, and clarifies the security and […]