Skip to content
Tips for Tech

Tech Talk: Third-party risk, combating ATM attacks, mobile bank solutions, and more!

  • Bank blunder transfers billions
  • Third-party risk reminder
  • The ABCs of cyber defense
  • Tech to combat ATM attacks
  • Bank rolls out cardless ATMs
  • Mobile banking support
  • Banks share security solutions
  • Payments provider boosts security
  • Ghostly attack targets gift cards
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Bank blunder transfers billions
Cyber attacks targeting the financial industry are costing victimized institutions millions of dollars per incident, reports ComputerWeekly. To counteract these attacks, it's critical for banks to stay up-to-date on the latest technology and take enhanced measures toward reducing human errors to mitigate further risks. A German bank is examining its internal processes after the bank inadvertently transferred more than $5 billion to four banks due to a technical glitch – not the bank's first time under fire for a costly mistake. Bloomberg has the details.

Third party risk reminder
In today's evolving financial marketplace, many financial institutions increasingly rely on third-party vendors to provide a variety of services ranging from core processing, technology services, payment processing and other functions. In the wake of new state cybersecurity regulations that went into effect on March 1, New York has reported a record number of data breaches in 2016 that exposed personal data of 1.6 million New Yorkers. Nearly half of the total records lost were from a third-party vendor breach. CSO has the details.

The ABCs of cyber defense
Former Soviet Union leader Joseph Stalin said, "Education is a weapon whose effects depend on who holds it in his hands and at whom it is aimed." An important element of effective cybersecurity defense starts with knowing and implementing the basics, i.e., proper testing, patching, encryption, etc., before expanding your arsenal of cyber defense tactics. Security Week has the details.

Tech to combat ATM attacks
Exploding dye packs have been used at branch teller windows for years to render a bank robbery pointless by permanently staining the stolen loot with bright red dye. According to a recent EAST report, explosive attacks on ATMs are on the rise in Europe and around the world. Anti-skimming technology provider TMD Security has released game-changing technology that will deter thieves from physical ATM attacks. ATM Marketplace has the details.

Bank rolls out cardless ATMs
Despite some controversy over the adoption of mobile wallets, including a recent report that suggests consumers aren't ready to leave their physical wallets at home, the use of digital wallets is growing exponentially. Wells Fargo is banking on consumers replacing their wallets with smartphones as it rolls out cardless cash access at all of its ATMs throughout the U.S. Finextra has the details.

Mobile banking support
Originally chartered in 1934 as First National Bank in Manistique and formerly known as BRE Bank, mBank began serving its retail customers as the first online bank in Poland in 2000. In 2014, it was redesigned to become the first bank-invented mobile social solution. Today, the bank wants to help financial institutions around the world create new fintech solutions with its mAccelerator project. ATM Marketplace has the details.

Banks share security solutions
There was a time when financial institutions were not so inclined to share their strategies and methodologies. But nothing brings an industry together like a mutual desire to fight financial fraud and cybercrime. As biometric technology becomes more mainstream to safeguard customer data and financial networks, some banks are sharing their technology and know-how with smaller institutions for the greater good of the industry and consumers. PYMNTS.com has the details.

Payments provider boosts security
In an effort to combat payment fraud, payments provider giant Mastercard is acquiring global anti-fraud technology provider NuData to enhance its digital payments security. Mastercard plans to integrate NuData's technology, which uses session and biometric indicators for fraud prevention, into its fraud management and security products. Banking Business Review has the details.

Ghostly attack targets gift cards
We've all heard the old adage "it's better to give than to receive." That's not the case when recipients are fraudulently taking their gifts from unwitting consumers. Thieves are hacking into gift card accounts and quickly draining them of money or, if auto-load is preset, racking up charges on the compromised gift card accounts within seconds. A botnet, identified as GiftGhostBot, has been discovered trolling thousands of online retailers at a rate of millions of requests per hour in search of gift card balances. Security Week 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.

And on the lighter side...

Major league baseball season is starting up in the U.S. Fans are lining up to fill stadiums, cheer their favorite teams, and boo their least favorite umpires. Just as technology is replacing tellers at some innovative branches, robotic umpire technology was tested by an independent baseball team last year that may one day eleminate umpires as key decision-makers at baseball games. Umpires may not go away entirely, but like commercial flights that have a pilot in the cockpit, most flights are controlled by autopilot technology.

First published on 03/31/2017

Briefing type: 

Banker Tools View All

A collection of useful resources for various areas of the bank which have been developed by members of the BankersOnline staff or have been created and contributed by users of the BankersOnline site.

Banker Tools

Penalties View All

Search Briefings

Briefing Archives