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Three Ways Banks Can Improve Identity Authentication and Customer Data Privacy

CIO Business Intelligence

Digitalization is a double-edged sword for banks, especially when it comes to security. As financial services become more digital in nature, it’s important that banks think differently when using data analytics, security tools, and education to improve identity authentication and customer data privacy.

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Beware of Bank of America data breach if you own an account

Dataconomy

Bank of America data breach has been confirmed by the officials and customers are worried. Data breaches have become a significant concern for individuals and businesses. The Bank of America data breach occurred last year when one of its service providers, Infosys McCamish Systems (IMS), experienced a cybersecurity incident.

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Mobile Malware Uses Deepfakes, Social Engineering to Bypass Biometric Authentication

SecureWorld News

A sophisticated form of mobile malware dubbed "GoldPickaxe" has been uncovered, which collects facial recognition data to produce deepfake videos, enabling hackers to bypass biometric authentication protections on banking apps. It's believed the biometric data is used to produce deepfake videos of victims.

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Madrona backs WaFd Bank spinout developing consumer software for regional banks

GeekWire

(Archway Photo) Key Takeaways Archway , spun out of Washington Federal (WaFd), provides digital banking infrastructure to regional banks. The Seattle-area startup raised $15 million in a round co-led by WaFd Bank and Madrona Venture Group. The goal is to help community banks stay competitive with giants like J.P

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Making Banking a More Effortless Experience

CIO Business Intelligence

Along with nearly every other industry, banking is facing greater competitive pressure than ever. As banks continue to face this reality, they’re also tasked with addressing a variety of rapidly changing issues, including those surrounding data protection, adoption of cryptocurrency, and anonymizing data (AI models). .

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Provisional Authenticity and Functional Privacy

Phil Windley

Summary: Provisional authenticity and confidentiality can help us manage the trade offs between privacy and authenticity to support online accountability along with functional privacy. Authenticity is often driven by a need for accountability 1. That's why, when you open a bank account, they ask for numerous identity documents.

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Privacy, Authenticity, and Confidentiality

Phil Windley

Summary: Authenticity and privacy are usually traded off against each other. The tradeoff is a tricky one that can lead to the over collection of data. At a recent Utah SSI Meetup , Sam Smith discussed the tradeoff between privacy, authenticity and confidentiality. The following diagram illustrates these tradeoffs.