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Tech Talk: Automated branches, outsourced cybersecurity, CNP fraud and more!

  • Fintech solutions and protections
  • Automated bank branches
  • Stealthy global bank attacks
  • Outsourced cybersecurity concerns
  • Banking and payment bots
  • PayPal money laundering probe
  • CNP fraud up – or not?
  • Blockchain for IT security
  • Platform for PSD2 compliance
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Fintech solutions and protections
Lacking the resources to compete in today's technology-driven industry, smaller financial institutions are turning to fintech providers for innovative digital and online solutions. Fintech start-up Zikher is offering an online lending platform for small banks and credit unions to better serve the lending needs of their customers, reports Banking Technology. In a recent speech, Federal Reserve Bank of Philadelphia President Patrick Harker discussed the need for fintech regulation to provide innovators and consumers adequate protections, particularly in the area of fintech lending. Finextra has the details.

Automated bank branches
From self-serve gas pumps to self-service retail checkout lanes to autonomous cars, technology is steering us toward a self-service society. A major U.S. bank is testing the concept of self-serve banking. Bank of America has opened three automated mini-branches (aka robo-banks), equipped only with ATMs and videoconferencing. Reuters has the details.

Stealthy global bank attacks
It's difficult to defend against an enemy you don't know you have. More than 140 banks and other businesses across the globe have been infiltrated with invisible, fileless malware that is embedded in the infected device or server's memory, where it goes undetected by conventional security programs. The sophisticated attacks are targeting computer systems that control ATMs. Help Net Security has the details.

Outsourced cybersecurity concerns
With many smaller banks outsourcing their growing IT needs, including cybersecurity detection and protection for their networks, Philadelphia Federal Reserve Bank President Patrick Harker has expressed his concern about cyber threats targeting these institutions through third-party security providers. Reuters has the details.

Banking and payment bots
Banks and fintech providers are leveraging the power of bots (computer programs that perform automated tasks) to deliver enhanced customer service and appeal to today's tech-savvy consumers. Mobile-only ImaginBank has launched a Facebook Messenger Chatbot that provides its 90,000 customers with special offers based on their location, reports Banking Technology. A UK-based payments start-up has unveiled its Revolut Intelligent Troubleshooting Assistant, aka Rita, to provide customer support. And U.S. digital payments giant PayPal now offers its five million users the convenience of moving their funds during a chat session. Banking Technology has the details.

PayPal money laundering probe
While PayPal is reaching out to its customers with its new payments bot, the Department of Justice is reaching out to the digital payments giant – with subpoenas. The DOJ is reportedly seeking information from the global money transfer company related to its anti-money laundering program, reports Security Week.

CNP fraud up – or not?
A new study released by Javelin Strategy cites a record increase in the number of ID fraud victims and a 40 percent increase in card-not-present (CNP) fraud. But global payments provider Visa came up with different CNP fraud statistics. CSO Online has the details.

Blockchain for IT security
As the use of blockchain technology becomes more widely implemented in financial services and other sectors, there is a growing demand to secure blockchain transactions. Professional services giant Accenture has launched a blockchain security hardware solution that provides complex and effective security measures for digital keys. Finextra has the details.

Platform for PSD2 compliance
The global banking and payments industries have been on a fast track to change. Europe's adoption of the revised payments directive (PSD2) will drive increased competition, innovation and transparency across the global payments market, and enhance the security of payments. Consulting firm Capgemini is rolling out an open banking platform to help banks comply with PSD2 rules. PYMNTS.com 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...

"There's a way of transferring funds that is even faster than electronic banking. It's called marriage" — James Holt McGavran



First published on 02/10/2017

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