Visa says E.U.’s strategy to password protect electronic payments may backfire

Visa said that the European Union’s planned strategy for combating fraud by implementing mandatory use of passwords or pin codes to authenticate all electronic transactions over 10 euros ($10.60) could potentially disrupt online shopping and may not boost security, according to a report by Fortune. The European Banking Authority, the EU’s banking regulator, proposed in August draft technical standards to combat the growing occurrence of cybercrime and online fraud. “These new proposals threaten to seriously disrupt the way we all

American Express considering facial recognition technology

American Express Co. is testing both facial recognition and wearable technology to potentially integrate into its mobile apps in an effort to increase business growth, according to the Wall Street Journal blog. The credit card giant is looking to deploy certain technologies to appeal to those customers who are typically underserved by financial services companies, including mobile users who are looking to use digital payments, those with little or no credit, and consumers who prefer not to use credit and

5th Internet Finance and Payment Innovation 2014

20-21 November 2014 Shanghai, China We will gather no less than 250 leaders from commercial banks, payment service or solution providers, P2P, e-commerce companies, handset producers, airlines, funds, assurance, telecom carriers, government, central banks, association and others. They will focus on the hot topics including “The Roadmap of P2P and Crowdfunding in the Context of Internet Finance”, “Bank’s Mashup Practice in Internet Finance”, “Mobile Finance 3.0”, “Develop Cloud-Payment Platform to Safeguard Payment Security”, “Innovate Payment Services, Improve Process Efficiency and

VoiceTrust secures major new customers in 2012

VoiceTrust has announced that in 2012 it successfully secured major new customers and several pilot projects in North America, Europe, Latin America and the Middle-East. The company’s new customers and pilot projects include a major U.S.-based bank, Irish Bank, global US-based apparel manufacturer, European insurance provider, European government agency as well as several financial service providers and a Telco in the Middle-East. VoiceTrust is a voice biometrics and digital payments company based in Dubai. The company’s voice biometrics platform can

Indian biometric info safe after fire at data center

Recently, a fire damaged the lower floors of the building that houses the data center which stores the personal information, and biometric records of Indian citizens. The Economic Times reported that a spokesperson from the Unique Identification Authority of India said that no data was damaged when the fire hit the building located in Greater Noida in the Gautam Budh Nagar district of India. Although the fire did not reach the third floor where the data center is located, the carbon

Credit union to use DigitalPersona fingerprint biometrics solutions

Service Credit Union has chosen DigitalPersona, a global provider of multi-factor authentication and access management solutions, for its employee authentication solution. The credit union will use DigitalPersona’s Pro Enterprise software with U.are.U Fingerprint Readers to provide its nearly 600 employees with secure access to its customer information system. “Our employees had so many logins they couldn’t remember them all, so they were just writing them down anywhere,” said William Arnold, chief information officer at Service Credit Union. “With DigitalPersona’s software and

Cegedim and CIC to provide European-compliant financial software solutions

The European Parliament has set February 1, 2014 as its deadline for enterprises to fully migrate their system to a Single Euro Payments Area (SEPA) for simplification and harmonization of member state money transfer systems. In line with this, a specialist in global payment systems and dematerialization, Cegedim Global Payments and Communication Intelligence Corporation (CIC), a recognized leader in biometric signature verification, has teamed up to help enterprises to integrate their systems to comply with eMandates or SEPA electronic mandates.