By Jim Bulling, Felix Charlesworth and Wendy Li
With the prevalence of smartphones in everyday life, momentum has been building for the use of biometrics to replace traditional passwords. To date, the most popular biometric authentication is fingerprint technology, followed by facial recognition technology. Less used types of biometrics also include eye-scanning, heartbeats and voice pattern.
Read MoreBy Ted Kornobis
On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) instituted its first data security enforcement action, in the form of a consent order against online payment platform Dwolla, Inc.
The CFPB joins several other regulators that have recently issued statements or instituted enforcement actions in this space, including the Securities and Exchange Commission (“SEC”), Commodities Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”), the National Futures Association (“NFA”), the Department of Justice (“DOJ”), state attorneys general, and the Federal Trade Commission (“FTC”), which has been active in this area for several years.
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