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Criminals Increase Targeting Personal Data in Payments, Banking Systems

Cybercriminals increase efforts to target payment and banking systems in 2017.

By Roy Urrico | Updated on January 09, 2017

In 2017, criminals will increasingly target consumers’ personally identifiable information data in the payments ecosystem and at financial institutions, according to the Palo Alto, Calif.-based Hewlett Packard Enterprise security experts.

“Retailers are gathering a lot of sensitive information about their customers, but all too often this data is not adequately protected,” George Rice, senior director, payments, HPE Data Security, said. He added, consumers should understand that businesses capture various meta data on every payment made; some explicit (i.e. e-commerce purchases that require name, address, phone number) and some passive (i.e. geo-location like GPS coordinates, IP address, mobile device ID, behavioral information). “Since much of this meta data is categorized as PII, it is often not protected due to uneven government regulation of PII data protection. The European Union has progressively attempted to address this issue through the passing of the General Data Protection Regulation, which some experts believe is a harbinger for similar regulation around the world in the future.”

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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