Theft of payment card data online is in relative decline as hackers become increasingly interested in stealing personal data to commit identity fraud, a major report has found.
Biometric authorisation continues to take the payments industry by storm despite warnings from legal experts that impending EU data laws could introduce stringent new requirements.
European authorities will target big companies after the passing of a trio of rules on payments, data protection and online security, according to the executive of a major compliance body.
The European Commission is seeking to harden consumer control over personal information as it tries to persuade citizens that their data is already being used as a form of payment.
Payment providers and other financial services groups could be particularly exposed to draft data protection reforms agreed last week by the EU’s main bodies, according to legal experts.
Payment service providers under mounting regulatory pressures can breathe slightly easier today as the sector escaped inclusion in a long-delayed EU cybersecurity directive at the 11th hour.
Disagreements over incoming European data protection laws could risk widespread industry confusion and an excessive compliance burden for financial firms, experts have warned.
Optimal Payments said customer data has been compromised as it investigates what could potentially be a much bigger breach, triggering a big drop in share price of the newly FTSE250 listed company.
Lessons must be heeded following the Carphone Warehouse data hack, as new EU laws regarding such incidents could lead to hefty fines or legal battles for those in the payment space, legal experts...
Financial businesses storing biometric information could face higher penalties if they fail to handle that data securely, legal experts have warned, due to impending regulatory changes at EU level.
The number of data breaches reported by UK financial services firms and banks has more than doubled in the last two years.

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