The government of India has formed a committee of experts that will recommend policies on who can use the large amount of data generated from "smart city" projects and for what purposes. What key privacy issues must be addressed?
Threat actors are increasingly targeting the APAC region for payment card fraud, according to a report from Gemini Advisory. For example, a group of hackers recently stole information on more than 1 million credit cards in South Korea. What can be done to stop the fraud?
Authorities in Bangladesh are investigating hacker attacks against at least three banks in that nation last month. Dutch Bangla Bank Ltd. lost as much as $1.4 million in an attack, which apparently involved planting malware in an ATM switch, according to news reports.
The Reserve Bank of India is proposing that financial technology firms be allowed to test new products and services that might require the relaxation of certain compliance regulations in what's called a "regulatory sandbox" approach.
The Reserve Bank of India intends to do away with the one-time password authentication process for online transactions. In a step in that direction, for the first time, it's allowing widespread tokenization of debit, credit and prepaid card transactions to enhance the safety of digital payments.
WhatsApp, the messaging service owned by Facebook, says it's ready to launch its digital payment services, WhatsApp Pay, in India following its beta test. But the Supreme Court says WhatsApp first must comply with RBI's data localization requirements.
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
DSCI is working with the FIDO Alliance in an effort to eliminate the use of passwords for authentication in India. But some security practitioners question whether that's a realistic approach that will prove effective. go