“The growing influence of nonbank companies poses a risk to the financial system, and perhaps a national security threat, the chief executive of BB&T Corp. said.
Commenting on the impact of technology on the industry, Kelly King said that bankers should recognize the potential dangers posed by nonbank players, particularly in the payments industry.
"Think about this: If we're down the road two or three years, and three-fourths of the banks and three-fourths of the merchants are on Apple Pay or whatever system," he said at the Clearing House trade group's annual meeting in Manhattan Thursday. "If you're a smart terrorist, what better way to get in to disrupt the financial condition of the United States of America than go to one of their back rooms."
(Apple did not immediately return a reporter's call Friday. The tech giant has emphasized security in its design of Apple Pay, which adds EMV chips, tokenization and fingerprint authentication to what would otherwise be a swiped magnetic-stripe payment. Apple also requires the use of a bank-issued credit or debit card, and the company has been putting in additional security methods after the theft of celebrities' selfies from iCloud.)”
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