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Tech Talk: Blockchain benefits, fintech policies, fraud recovery, and more!

  • Fintech politics and policies
  • Bank CEO on fintech
  • Out with the old, in with the new
  • Malware cashing out at ATMs
  • Carbanak back and in control
  • Busted for bank fraud
  • CNP fraud recovery solution
  • Blockchain benefits banks & SMEs
  • Digit financial app
  • Spam, Scams & Breaches
  • Updates, Patches and Alerts
  • and on the lighter side...

Fintech politics and policies
Today the United States embarks on the dawn of a new era with the inauguration of its 45th President. While it remains to be seen how the new Administration will approach fintech policy, the National Economic Council (NEC) – which advises the President on global and economic policies – has published a "A Framework for Fintech" whitepaper, reports Banking Technology. The release of the NEC's fintech policy objectives follows the OCC's announcement of its plans to offer fintech bank charters, which has drawn harsh criticism from state regulators. Finextra has the details.

Bank CEO on fintech
Following its unsavory rogue account scandal, one of the nation's largest banks also has a new chief at its helm. Wells Fargo CEO Tim Sloan, who has pledged to end aggressive sales goals that led its employees to create phony accounts and steal millions from its customers, shares his thoughts on how fintech will shape the future of banking. CNBC has the details.

Out with the old, in with the new
It's a new year. Our country has a new president. Fintech is usurping traditional banking. Security, too, is changing with the times. As technology affords increased access to financial accounts, it also presents inherent risks. Ensuring the safety of digital banking consumers requires newer, more secure methods of authentication. ATM Marketplace has the details.

Malware cashing out at ATMs
While EMV technology is expected to reduce card fraud at ATMs, criminals continue to devise ways to cash out at ATMs without a card. Security firm FireEye has discovered a beefed-up version of an old ATM malware that enables money mules to withdraw thousands of dollars in minutes, reports ATM Marketplace. Proactive ATM security measures should involve bank employees, customers, and ATM vendors...with upper level management leading the way. ATM Marketplace has the details.

Carbanak back and in control
Internet giant Google was founded in the late 90s with the intent "to organize the world's information and make it universally accessible and useful." The company's corporate motto was "Don't be evil" (which was later replaced by "Do the right thing"). The infamous Carbanak crime gang is taking advantage of one of Google's many useful services to aid in its evil malware attacks. Security Week has the details.

Busted for bank fraud
Still reeling from penalties imposed for its predatory sales practices, and taking steps to prevent internal fraud in the future, Wells Fargo is cooperating with investigators to track down runners wanted in a massive fraud ring that involved former bank employees. The ring leader, who recruited bank employees to help him steal more than half a million dollars from the bank and its customers in 2013 and 2014, pleaded guilty and will spend the next seven years in prison. LA Times has the details.

CNP fraud recovery solution
A rapid increase in e-commerce and the transition to EMV technology is driving criminals to CNP (card-not-present) fraud, reports PYMNTS.com. FICO has partnered with collaboration-based technology solutions provider Ethoca to mitigate CNP fraud losses with prevention, detection and real-time monitoring solutions via a secure network platform. Finextra has the details.

Blockchain benefits banks and SMEs
According to a recent Accenture study, distributed ledger technology (DLT) offers valuable benefits for banks – about $8 billion worth, reports Banking Technology. A group of banks in Europe are harnessing the benefits of DLT to develop a global blockchain-based platform for small and medium-sized enterprises to reap the rewards of the innovative technology. Banking Technology has the details.

Digit financial app
Remember when you used to drop all your loose change into the iconic piggy bank? Today's tech-savvy consumers are increasingly turning to digital apps that can help them save money and more effectively manage their finances. A new messaging app allows bank customers to connect to their checking accounts, automatically transfer funds to a dedicated savings account, and initiate transfers with a simple text. Forbes has the details.

Spams, Scams and Breaches

Updates, Patches and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

On the lighter side...

While this video runs a little longer than our normal lighter side content, it delivers a message we can all relate to in this digital age when trying to reduce the amount of unwanted email that floods our inboxes.


First published on 01/20/2017

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