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September 26, 2014

Here are the selections Tech Talk Editors George Milner and Teri Wesley have collected from this week's tech news:
  • ATM fraud tips
  • The key to FI security
  • Crime alert system
  • Retailer needs more DIY
  • Mitigating insider fraud
  • Compliance is costly
  • Everyday low price banking
  • The tech challenge
  • Ripple for real-time transfers
  • Spam, Scams & Breaches
  • Updates, Patches and Alerts
  • and on the lighter side...
ATM fraud tips
According to a FICO report earlier this year, ATM skimming fraud increased by 48% from 2012 to 2013, most of which was linked to card data skimmed from bank-owned ATMs. ATM fraud costs banks and their customers around the world billions of dollars annually. Regulators have urged banks to be alert for increasingly popular ATM fraud and to perform frequent checks for intrusions targeting their ATM networks. ATM Marketplace has some best practices that banks can put in place to minimize ATM-related losses, and an infographic that can be distributed or displayed on ATMs to educate their customers about ATM fraud.

The key to FI security
With the increase in incidents of DDoS (distributed denial-of-service) attacks targeting financial institutions, banks are looking for ways to detect and filter attack traffic while securely keeping websites online. Online security provider CloudFare has developed an encryption solution that will help financial institutions do just that. CloudFare's new Keyless SSL feature will prevent banks' private SSL (secure sockets layer) keys from being stolen by cybercriminals who use the keys to intercept traffic or set up fake websites that appear to be legitimate. SecurityWeek has the details.

Crime alert system
In the wake of JP Morgan's recent breach, Benjamin Lawsky, superintendent of the New York's Department of Financial Services, said the world needs to prepare for an "Armageddon"-sized attack on bank IT systems. The British Banking Association (BBA) is making preparations to ward off such an attack. The BBA, in conjunction with BAE Systems Applied Intelligence, is developing a financial crime alert system that will provide real-time alerts from domestic and international bodies, including the National Crime Agency and 11 other government and law enforcement agencies, to warn banks of the latest threats, reports Finextra.

Retailer needs more DIY attention
Large organizations and retailers not only experience huge monetary losses but also take a heavy reputational hit when a major data breach occurs. The brand damage that ensues in the wake of a breach can be further exasperated if word gets out that the breach could have been avoided. Former Home Depot IT employees and members of its cybersecurity team have gone on record saying that the nation's largest DIY retailer was more interested in "selling hammers" than securing its networks. Help Net Security has the details. As the idiom goes, an ounce of prevention is worth a pound of cure.

Mitigating insider fraud
Organizations and banks expend a lot of effort to protect their networks from external intrusions. But, often the greatest threats lie within. According to Verizon's 2014 Data Breach Investigations Report, insider misuse was the cause of 88 percent of reported security incidents – many of which go undetected for long periods of time. Monitoring access privileges on a regular basis is crucial to early detection of insider misuse and mitigating the losses. Help Net Security has some tips to protect sensitive data from those who should be on your side.

Compliance is costly
Recent regulatory changes have impacted the industry in many ways – some of them costly, reports Help Net Security. Lending and mortgage servicing are areas that have been targeted with increased regulatory focus, propelling financial institutions toward the need for improved technology and automated solutions to meet regulatory mandates. Bank Systems & Technology has more on how new regulations are driving innovation in mortgage compliance.

Everyday low price banking
One of the nation's largest retailers who touts its "always low prices" and advertises "Save Money. Live Better." wants to help consumers save on bank fees and manage their everyday finances better. Walmart has announced the rollout of a checking account that doesn't charge fees for overdrafts, minimum balances or monthly maintenance (with qualifying direct deposits). Beginning in October, Walmart shoppers can sign up for a GoBank checking account, backed by Green Dot bank, at their local Walmart store. Washington Post has more details about the new service that could give the retailer a decisive edge over other non-bank competitors.

The tech challenge
Apple doesn't just sell phones anymore; it is now a mobile payments provider. Walmart is expanding its bargain retail business to include economy financial services. Traditional banks aren't just facing mounting regulatory changes, they are up against growing contenders who are vying for – and meeting – the banking needs of consumers and small businesses. Financial institutions who want to remain leaders in the financial services game need to rethink and improve the customer experience, reports Forbes.

Ripple for real-time transfers
The SWIFT network that links thousands of financial institutions in hundreds of countries for the purpose of securely sending and receiving financial transactions may be facing some competition of its own. San Francisco-based software firm Ripple Labs offers banks the opportunity to quickly and seamlessly transfer financial information via its open-source peer-to-peer payment protocol. The firm has signed up its first two U.S. banks, who will take advantage of the real-time settlement for cross-border money transfers, reports Finextra.

Updates, Patches and Alerts...

On the lighter side ...
New cell phones, new readers, new electronic toys. Why can't the industry come up with new ways to advertise?
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