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The rise of generative AI in payment security: A double-edged sword for data privacy

The Payments Association

The dual impact of generative AI on payment security, highlighting its potential to enhance fraud detection while posing significant data privacy risks. It underscores the need for payment firms to balance AI innovation with robust privacy and regulatory compliance to protect sensitive consumer data. Why is it important?

Privacy 88
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Payments Security Now Influences Travel Purchase Decisions, Finds New Outpayce Study

Fintech Finance

In fact, 63% of travelers are reluctant to store their payment details with travel companies due to concerns over fraud, data privacy, and unauthorized charges. A third of respondents said they do not trust travel companies to keep their payments data secure at all, fearing details would be lost during a data breach.

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Beyond the Firewall: Rethinking Payment Data Security

Finextra

Payment details often reside in multiple locations across an organisation — from shared folders to manual payment files — making it hard to track who has access, where data is stored, and how it’s being used. The original bank data stays protected, while the business uses the token for processing payments as if it were the real thing.

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Cybertech: Securing the Foundations of Finance

Fintech Review

It covers the tools, platforms, and strategies that defend against data breaches, fraud, identity theft, and financial disruption. This is where cybertech comes in, the application of advanced cybersecurity technologies to protect digital finance. Cybertech sits at the intersection of cybersecurity and fintech. What Is Cybertech?

Finance 59
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Understanding PCI DSS, PSD2, and AML in Payment Processing: A Practical Guide

Finextra

Non-compliance, on the other hand, can lead to data breaches and legal troubles. PCI DSS: Safeguarding cardholder data If you handle card payments, PCI DSS compliance is non-negotiable. How PCI DSS affects your digital payment operations When you’re PCI DSS compliant, you reduce the risk of costly breaches.

PCI DSS 52
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What is Click to Pay and How Does It Work?

Stax

Enhanced securitytokenization and two-factor authentication reduces the risk of data breaches As we mentioned earlier, Click to Pay uses a data security approach called tokenization to protect sensitive financial data from malevolent actors. Minimal security; customer data is not retained for future use.

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Analysed: The future of point of sales (POS) systems

The Payments Association

However, high implementation costs and privacy concerns currently restrict adoption to high-security environments. Security and compliance demand strategic attention POS security has evolved from a compliance checkbox to a business-critical investment as breach costs reach record levels. Average global data breach costs hit US$4.9