Tag: Banking
Fintech company Revolut plagued by security issues
July 12, 2023Ken Showers, Managing Editor
LONDON – It’s been a tough week for global neobank and fintech company Revolut as it deals with the fallout of both a system flaw and cybersecurity data breach.
A flaw in the banking entity’s U.S. payment system allowed criminals to steal as much as $20 million in funds over a span of several months in 2022. According to reporting by the Financial Times the incident has yet to be publicly disclosed and is the latest setback for the company as it struggles to obtain its banking...
CFPB fires warning shot at financial institutions over lax data security
August 15, 2022Ken Showers, Managing Editor
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has released a circular announcing that financial companies may be in hot water if they fail to adequately protect consumer data.
The circular gives guidance to consumer protection enforcement, including language targeting financial firms that can be held liable for insufficient security protocols with their client data. "Financial firms that cut corners on data security put their customers at risk of identity theft, fraud,...
Banks are a key vertical and video surveillance is central to solution
January 2, 2013Martha Entwistle
PHILADELPHIA—Several national security providers—among them Diebold, Stanley Security Solutions and Protection 1—say they'll be focusing on the financial and banking vertical market in 2013, and said video surveillance would be a central component of their offerings.Why banking? For Diebold and Stanley, this vertical has been a focus for a long time.Jeremy Brecher, Diebold VP security technology and integration, said that security is a part of every aspect of the retail banking...