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Mitigating Password Risk to Reduce Your Chances of a Data Breach

FEBRUARY 18, 2016 — 2 p.m. Eastern 1 p.m. Central 11 a.m. Pacific

CLICK HERE to register.

Passwords are the primary method of accessing financial networks and applications. They are also the primary way hackers gain unauthorized access to an organization’s data and systems.

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NuData Security Named a Winner in 10th Annual Pay Awards

January 28 – Paybefore has selected NuDetect as a 2016 Pay Awards winner in the Judges’ Choice category. For 10 years, Pay Awards has conferred the most prestigious recognition of excellence in the worldwide prepaid, mobile and emerging payments industry. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for payments executives.

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Harland Clarke and Mitek Collaborate to Strengthen Mobile Deposit Security

January 27 – Harland Clarke, a leading provider of integrated payment solutions, and Mitek, a global leader in mobile capture and identity verification software solutions, have announced a new product launch that will improve security of Mobile Deposit® for consumers and financial institutions. As of January 17, 2016, checks printed by Harland Clarke now include new Photo Safe Deposit™ features recognized only by the advanced computer vision embedded in Mitek’s Mobile Deposit software. These features increase the integrity and security of checks deposited through the mobile channel.

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1st Security Bank Announces Completion of Branch Acquisition

January 25 – FS Bancorp, Inc., the holding company for 1st Security Bank of Washington (“1st Security Bank”), has announced that 1st Security Bank has completed the previously announced purchase of four branches of Bank of America.  The four branch locations are located in the communities of Port Angeles (8th Street), Sequim, Port Townsend and Hadlock, Washington.  In connection with the purchase, 1st Security Bank acquired approximately $189 million in deposits and less than $500,000 in loans.

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Studies on Network Security Risks: Most Organizations Should Be Looking Inside, at Their Own Users

January 6 – “The average time between an attacker breaching a network and its owner noticing the intrusion is 205 days,” according to a recent article from CFO.com. The study, “Cybersecurity: The Cost of Immaturity,” goes on to say, “the penalties for getting cybersecurity wrong are steep. Nortel, a Canadian telecoms giant, went bust in part because hackers stole so much of its intellectual property. Target, an American retailer, lost the credit-card details of 40 million customers.”

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Survey Finds Executives Overly Reliant on Compliance Metrics to Measure Security Program Effectiveness

December 14 – New industry research sponsored by CyberArk finds that one-third of CEOs and 43 percent of management teams are not regularly briefed on cybersecurity issues. Additionally, while 79 percent of IT security professionals are reporting on compliance metrics to demonstrate security program effectiveness, 59 percent state that threat detection metrics are most important.

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House Committee Advances Data Security Act

December 11 – In a 46-9 vote, the House Financial Services Committee has advanced an important piece of legislation that will better protect consumer data by ensuring that retailers are held to the data security standards that were adopted by the payments industry years ago. The legislation is designed to heighten information security programs throughout the country and ensure transparent reporting of consumer-threatening data breaches. (more…)

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Visa Brings Token Security to eCommerce

Visa, Inc. (NYSE:V) has announced that it has integrated token technology into Visa Checkout, the company’s online check out service used by merchants and consumers globally to make safe, easy payments in just a few clicks. Visa made the announcement at the Money2020 conference in Las Vegas.

Visa Token Service is a technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual card account details.

Additionally, Visa is working with merchants to apply token technology to “cards-on-file.” These are customer card account numbers that merchants store in their systems to facilitate repeat payments such as monthly subscriptions or billing services.

Today’s announcement, coupled with the transition to EMV® chip technology, the tokenization of mobile payment services, biometrics, and improvements in fraud detection analytics, are all helping to advance payment security for Visa account holders. By working with merchants to integrate tokens into Visa Checkout and tokenize card-on-file accounts, Visa will be paving the wave for its security technology to extend to virtually every type of consumer payment experience – in-store, on-line and in-app.

“Our goal is always to make payments fast, easy and secure,” said Sam Shrauger, Visa’s senior vice president of digital solutions. “This has been a transformative year for payment security with new technologies that bring added protection to consumer accounts while shopping in-store and in-app, and now online, too.”

Visa Checkout issuers and merchants are supportive of the integration, and expressed interest in working with Visa to make tokens available to their e-commerce customers.

“We’re pleased that Visa has added tokenization to Visa Checkout in an effort to keep the payment details of more Visa cardholders safe with advanced security technology,” said Faisal Masud, executive vice president, global e-commerce, Staples, Inc. “Our customers value mobile solutions that let them conveniently, quickly and securely purchase the products they need to run their business.”

“Our highest priority is the security of our customers’ transactions, whether they are paying online or in a physical store,” said Tom Kunz, senior vice president, PNC Digital, PNC Financial Services Group. “That’s why we are working with Visa to integrate their innovative security technology, Visa Token Service, into Visa Checkout on our site. This technology offers greater security and because it can also be used with EMV chip cards, consumers can benefit from this added security feature whether paying online, in-app or in stores around the world and across the web.”

“We are pleased to work with Visa to integrate token technology into Visa Checkout,” said Michelle Moore, head of digital banking at Bank of America. “Bank of America Visa card customers who use Visa Checkout will enjoy even greater peace of mind since this technology will help prevent unauthorized transactions from occurring should their online card information fall into the wrong hands.”

“Our top priority in all aspects of our customer relationships is security, which is why we are working with Visa to extend its token service to the fast growing eCommerce and mCommerce world,” said Dominic Venturo, chief innovation officer at U.S. Bank. “Using tokens helps ensure that the sensitive information found on plastic cards is never shared or stored.”

Visa Checkout: The Easier Way to Check Out

Visa Checkout is an online service from Visa that allows consumers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. With Visa Checkout, consumers can simply enter their username and password, click a button, and complete the purchase.

Since its launch in 2014, more than seven million users have signed up for Visa Checkout accounts. More than 250,000 large and small merchants and over 470 financial institution partners now offer Visa Checkout globally. These represent some of the biggest retailers on the internet, including Staples, Rakuten, Neiman Marcus, Gap, Pizza Hut, Orbitz, Williams-Sonoma and Virgin America.

Visa Checkout is available in 16 countries around the world. These include: Australia, Argentina, Brazil, Canada, Chile, China, Colombia, Hong Kong, Malaysia, Mexico, New Zealand, Peru, Singapore, South Africa, United Arab Emirates, and the United States.

About Visa Inc.

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

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EMV Chip-Card Transition Is Not Silver Bullet, Cybersecurity and Consumer Protection Require Multi-Tiered Approach

October 23 – National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement regarding the recent Europay, MasterCard and Visa (EMV) chip-card transition.

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ABA Survey: 94 Percent of Consumers Say Retailers Should Improve Security Systems to Protect Financial Information

October 19 – An overwhelming majority of consumers think retailers should be taking steps to protect consumer data from hackers, according to a new survey released by the American Bankers Association.

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