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December 19, 2014

Here are the selections Tech Talk Editors George Milner and Teri Wesley have collected from this week's tech news:
  • On the naughty CTO list
  • Cyber grinch season
  • Banks on consumers' nice list
  • Biometrics for phone banking
  • Costly fraud prevention
  • The year of EMV
  • The more mobile the merrier
  • Leading the payments market
  • The power behind the scenes
  • Spam, Scams & Breaches
  • Updates, Patches and Alerts
  • and on the lighter side...
On the naughty CTO list
"Don't do the crime, if you can't do the time" was a hip catchphrase in the 60s and 70s that referred to not doing something risky unless you are ready to accept the full weight of the consequences. Mark Marmilev, former Chief Technology Officer of Liberty Reserve, will do time for his role in operating an unlicensed MSB (money transmitting business) that processed more than $16 billion in digital currency transactions. Finextra has the details.

Cyber grinch season underway
It's the most wonderful time of the year for holiday shopping – and for cyber grinches to steal Christmas from consumers and retailers. Cyber criminals continue to devise myriad methods to exploit the millisecond window of time when a point-of-sale terminal can become a point-of-theft device. Until current outdated payment card systems in the U.S. are replaced with more secure smart-card systems, Networkworld has some tips for retailers and shoppers to keep their holidays merry and bright.

Banks on consumers' nice lists
Closing out a year that has been fraught with high-profile data breaches, a recent Bizrate Insights survey revealed that consumers are not merry when it comes to the security of their credit card and personal information among retailers. When making their list and checking it twice to see who's protecting their personal information, banks are high on the trusted list while online retailers and internet technology providers fall short, reports Finextra.

Biometrics for phone banking
When it comes to wire transfer fraud and card fraud schemes involving call centers, back offices, or branch telephone banking, voice biometric technology is increasingly being deployed by financial institutions for transaction monitoring. Bogus ACH wire requests, social engineering and account takeover scams can be identified using voice biometric analysis for confirmation calls to the customer to confirm the legitimacy of the request. Bank Systems & Technology has the details.

Costly fraud prevention
A group of anti-fraud elves (researchers) in the Netherlands have come up with what they feel is a foolproof scientific approach to fraud proofing credit cards, reports PC World. The Quantum-Secure Authentication approach is just one of many complex card security solutions making the rounds. According to a recent Federal Reserve payments fraud survey, fraud prevention costs are exceeding the actual fraud losses for many types of payments, especially wire, cash, and ACH payments. Krebs on Security has the details.

The year of EMV
According to the Chinese lunar calendar, 2015 is the Year of the Sheep. In China, Sheep is the eighth earthly branch and symbolizes good fortune, peace, and abundance. In the United States, 2015 will be the year EMV (Europay, MasterCard, Visa) technology will finally replace the less secure magnetic stripe technology that aided in the misfortune of multiple merchant data breaches in the past several years. A new report by analyst firm Celent brings good tidings of great news about the migration to EMV that will bring peace to consumers and retailers. Banking Technology has the details.

The more mobile the merrier
Children across the world are on their best behavior this time of year when they believe St. Nicholas is watching and knows if they've been bad or good. More than any other industry, banks are privy to a lot of detailed information about their customers. They can use what they know and leverage it to engage their users with more personalized mobile communications. Finextra has three critical ways banks can take advantage of the mobile engagement revolution.

Leading the payments market
Like the navigational prowess of "the most famous reindeer of all" who lights Santa's way on Christmas Eve, Apple Pay is leading the mobile payments market. With dozens of other players joining in the Apple Pay game, banks representing up to 90 percent of credit purchase volume in the US are using Apple's new mobile payments service, reports Finextra. There are early reports that Apple Pay has set its sights on a global launch. PYMNTS.com has the details.

The power behind the scenes
The big jolly man in the red suit and white beard is the universal symbol of Christmas. He's the go-to guy for all good boys and girls who want the latest toys. But hard at work behind the scenes in Santa's workshop are all the elves who make those Christmas wishes come true. The same is true of the "secret" work of data mainframes that power the millions of financial data transactions throughout the financial industry. Bank Systems & Technology has more on how mainframes remain a core component of banking data practices.


Updates, Patches and Alerts...
All of us at BOL wish all of you a Happy Holiday season shared with family and friends. In observance of Christmas, there will be no Tech Talk next week.
We'll be back with the latest tech news in two weeks.
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Recent FFIEC releases have reemphasized bank regulators' concerns over cybersecurity and increasing risks of significant attacks on financial institutions to compromise the wealth of customer personal financial data they hold. In this two-hour presentation, Susan Orr analyzes the most recent FFIEC cybersecurity release to help financial institutions understand their federal regulators expect to see in the institutions' information security programs.



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On the lighter side ...
Need to keep track of last-minute holiday gift lists and quickly find stores that carry those cool tech toys? There's an app for that! And when it comes time to wrap up those geeky gifts, BOL's own Andy Zavoina shares his annual gift wrapping tips.
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