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Tech Talk: A cybersecurity task force, P2P fraud, mobile wallets, and more!

Cybersecurity task force activated
More SWIFT bank attacks
P2P payments fraud
Tax fraud with a twist
GDPR ransomware risk
Mobile wallet guidance
Selfie authentication as-a-service
Data analytics tool for FIs
Fintech implications for the FI
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

Cybersecurity task force activated
The U.S. Department of Justice plays a key role in protecting Americans from criminals and enforcing laws when bad actors break them, such as the nation's largest elderly fraud case in history reported this week by VOA. The DOJ is extending that reach to the world wide web with the launch of a task force designed to defend our nation and its people from cyber threats and targeted attacks aimed at our country's critical infrastructure. Security Week has the details.

More SWIFT bank attacks
Remember the old-school music "app," the record player, listening to your favorite album, and realizing it's repeating the same lyrics over and over? Bank attacks leveraging the SWIFT financial network are starting to sound like a broken record. A recent central bank report on digital thefts in the Russian banking sector tells the all-too-familiar story of more attempted and successful cyber bank heists involving fraudulent wire-transfer requests to the tune of roughly $6 million in losses, reports Security Week.

P2P payments fraud
Scams targeting a popular, new payments app are evidence that criminals are more sophisticated than the average consumer and highlight the need for consumer education – especially when the payment platform is founded and backed by banks. Online scammers are leveraging the trust consumers have in the Zelle payment network that is integrated in many U.S. mobile banking apps to lure buyers into purchasing goods or services they never receive. Mobile Payments Today has the details.

Tax fraud with a twist
Tax filing season is well underway, with millions of consumers anticipating the return of some of their hard-earned wages that were withheld throughout the year. Some consumers are getting refunds deposited into their bank accounts much sooner than expected, and in some cases before they even filed their returns. The IRS is alerting banks and consumers about an old tax fraud scam with a new twist. Using personal data pilfered from tax professionals, creative crooks are filing fake returns and having refunds deposited into taxpayers' real bank accounts. Then, posing as the IRS or a debt collector, they use various tactics to trick the taxpayer into turning those funds over to them. Krebs on Security has the details.

GDPR ransomware risk
The financial industry and other sectors that conduct business transactions in Europe are preparing for the May enforcement deadline of the General Data Protection Regulation (GDPR) – new rules designed to strengthen data protection for individuals within the EU and the export of personal data outside the EU. Researchers at security firm Trend Micro believe that criminals will use the GDPR compliance deadline to extort money from enterprises. CIO Dive has the details.

Mobile wallet guidance
Advances in mobile technology have turned cell phones into advanced communication platforms, navigational devices, personal assistants, and digital wallets. With innovation comes inherent threats and risks for both consumers and financial institutions. The U.S. Payments Forum Mobile and Contactless Payments Working Committee analyzed market trends and innovations in mobile and digital wallets and released a white paper that provides guidance for merchants and financial institutions on the varied wallet models, technologies, and security approaches they should consider when formulating a mobile wallet strategy. ATM Marketplace has the details.

Selfie authentication as-a-service
Faced with an ever-evolving threat landscape and increased regulatory oversight of personal and financial data security, banks and other financial services firms are turning to enhanced authentication solutions to protect data and transactions. A new biometrics authentication-as-a-service solution launched by UK software provider SmilePass offers financial service providers a cloud-based selfie authentication solution for KYC ID verification, staff monitoring, and fraud prevention. Finextra has the details.

Data analytics tool for FIs
The advent of digital banking has provided banks with treasure troves of consumer data that can be leveraged to better serve customers and drive profitable growth. Payments technology company WorldPay has launched a secure web-based data and analytics tool for financial institutions that provides immediate access to credit and debit card portfolios through a single dashboard. PR Newswire has the details.

Fintech implications for the FI
With the exponential growth in fintech and its inherent impact on banks, the Basel Committee on Banking Supervision (BCBS) launched a task force to explore the development of fintech and its potential implications for banks and bank supervisors. Gathering research and analyzing the trends, the BCBS has published a research paper which outlines ten key implications of fintech and related considerations for the industry. Banking Technology has the details and a link to the full paper.

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...

Wireless charging is one of the latest trends in mobile technology – even though users still have to plug in a charging pad and lay the phone on it versus directly attaching the phone. A group of engineers at the University of Washington have developed a true wireless charging solution that relies on laser technology and looks like the high-tech deathtrap from James Bond's Goldfinger.

First published on 02/23/2018

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Tech Talk

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