Financial IT - News, Features, and Slideshows

News

• Tennessee firm blames bank for $193K cybertheft

  A lawsuit filed in Tennessee earlier this month has resurfaced questions about a bank's responsibility in protecting customers against cyberheists.

• Retail industry rallies behind open standard for tokenization

  A coalition of retail industry trade groups this week called for the creation of an open tokenization standard for protecting credit and debit card data from theft and misuse.

• Visa launches 'Checkout' for quick and easy payments from any device

  Visa announced a new simplified digital payment service called Visa Checkout, which is designed to allow customers to pay quickly for goods online on any connected device.

• Payment card security revamp becoming chip vs. PIN tussle

  Industry efforts to shore up payment card security after the massive data breach at Target appear to be devolving into a battle over chip vs. PIN technology between retailers and credit card companies.

• ATM operators eye Linux as alternative to Windows XP

  Some financial services companies are looking to migrate their ATM fleets from Windows to Linux in a bid to have better control over hardware and software upgrade cycles.

• EMV smartcards offer security benefits even without PIN, Visa says

  A senior executive from Visa Inc. dismissed concerns over the manner in which the Europay MasterCard Visa (EMV) chip card standard is being implemented in the U.S. and insisted the move will yield significant security benefits for retailers, consumers and banks.

• Banks push for tokenization standard to secure credit card payments

  A group representing 22 of the world's largest banks is pushing for broad adoption in the U.S. of payment card technology called tokenization, citing shortcomings in the planned migration to the Europay MasterCard Visa smartcard standard over the next two years.

• Failed UTP SIP system shutters Nasdaq trading

  Nasdaq's unprecedented trading halt today stemmed from a technical glitch with a core data feed that disseminates market data for Nasdaq-listed securities.

• Cyber drills like Quantum Dawn 2 vital to security in financial sector

  Cyber exercises, like the Quantum Dawn 2 drill carried out by dozens of Wall Street firms this week, can be useful in helping financial firms close critical gaps in their incident response capabilities, analysts said.

• Wall Street pushes for exemptions in state social-media monitoring laws

  Even as several states have put in place, or are proposing new laws barring employers from monitoring the social media activities of their employees, one Wall Street regulator is seeking exemptions to such rules for some financial services companies.

• Retailer faces uphill battle in US$13M lawsuit against Visa, analyst says

  Specialty retailer Genesco faces an uphill battle in its precedent-setting US$13.3 million lawsuit against Visa USA, a Garner analyst said.

• Experts unsure whether Iran is behind bank DDoS attacks

  Though U.S. officials blamed Iran for an ongoing stream of distributed denial of service attacks against major U.S. banks, security experts say there's not enough evidence yet to assign blame.

• Citigroup cutting IT jobs, shifting some work offshore

  Citigroup is cutting 11,000 jobs, many in IT, as part of a restructuring announced Wednesday.

• Construction company, bank, settle dispute over $345,000 cyber heist

  A Maine construction company that sued its bank after losing $345,000 in an online banking heist settled its dispute after a protracted legal battle that raised questions about a bank's responsibility in protecting customer accounts against cyber fraud.

• Even with prep, did Wall Street's business continuity plans fail?

  A report slams Wall Street for lack of foresight in preparing for a megastorm the size of Hurricane Sandy, stating that the New York Stock Exchange shut down for two days in part because it was not ready to use an all-electronic trading system during the disaster.