While there is a collective sense that data breaches are simply a side effect of our digital existence, there are real costs for the companies impacted. The ones that are hit the hardest are the ones that are least able to weather the fines, remediation costs and lost reputation.
As the names pile up — Equifax, Target, Home Depot, TJ Maxx, etc. — there's one thing all of these brands have in common. They all disclosed a major data security breach, and they all remain in business despite what happened.
As chief fraud policy and control officer for Early Warning, it’s Donna Turner’s job to ensure security when consumers enroll through the Zelle app, and protect consumers and participating banks when users zap payments to recipients at different institutions.
In many ways, the goal of the GDPR is to increase difficulty for a hacker, while also flipping the rights of data ownership back to the European consumer. U.S. companies that serve European consumers are obligated to follow the regulations.
In recent weeks three surveys have been released that assess the U.S. fraud landscape across all of these audiences. These reports provide a holistic snapshot of where payments fraud in the U.S. is today.
It is unclear whether the Consumer Financial Protection Bureau is abandoning its supervisory oversight of Equifax or just taking a back seat to the Federal Trade Commission as the latter investigates the credit bureau.
Sometimes an idea is ahead of its time. Many of the most ambitious products in payments and fintech were dismissed as absurd or over-ambitious at the time — only to feel perfectly normal years later as culture and consumer habits evolved.