Tips for Tech

Tech Talk: New NIST standards, BEC fraud prevention, ATM upgrades, and more!

Updated NIST cybersecurity framework
Financial crime fighting solutions
Insider ATM fraud
Privileged access threats
BEC fraud prevention tool
Bank buying into fintech
What ATM users really want
ATM wireless modem upgrades
Online banking security solution
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

Updated NIST cybersecurity framework
Following two years of compiling public and stakeholder input, the National Institute of Standards and Technology (NIST) has issued version 1.1 of its cybersecurity framework for managing critical infrastructure and enterprise cyber risks and threats. The framework includes updates on authentication and identity, self-assessments, managing supply chain cybersecurity, and vulnerability disclosure. CyberScoop has the details. The Department of Homeland Security has announced its plans to release a new national cybersecurity strategy that will tailor its cybersecurity services to the needs of each sector, including the financial services industry, reports NextGov .

Financial crime fighting solutions
Financial institutions are increasingly challenged with fighting fraud while adhering to regulatory compliance requirements. Data analytics company FICO has unveiled upgrades to the firm's fraud and financial crime solutions that integrate machine learning and AI technology to help banks and other financial services firms combat financial crimes. Finextra has the details.

Insider ATM fraud
While third-party risks and cyber threats are at the forefront of bank and IT security these days, insider threats continue to pose a real and present danger for financial institutions. Even with internal monitoring and defensive measures in place, trusted employees can find ways to circumvent policies and processes to pilfer funds. In an elaborate ATM embezzlement scheme, a credit union teller who figured out how to electronically create money that didn't exist embezzled more than $80,000 from the institution for three years before the credit union caught on. CU Times has the details.

Privileged access threats
External and internal threats to an organization or institution's network are not always the result of malicious intent. According to the 2018 Privileged Access Threat Report released by access management solutions provider Bomgar, the number of privileged users is growing exponentially – leading to an increase in security incidents caused by staff or third-party vendors and careless employee actions. Global Banking and Finance Review has the details.

BEC fraud prevention tool
Business Email Compromise (BEC) is becoming one of the fastest growing financial crimes, costing businesses hundreds of millions of dollars in losses every year. Total global losses from BEC scams are predicted to reach $9 billion in 2018, with an average loss of $132,000 per BEC incident. To help mitigate BEC fraud, security firm Trend Micro has announced a new AI-powered solution to flag emails that are suspected of impersonating an executive or other high-profile user. Enterprise Innovation has the details.

Bank buying into fintech
In 2016, one of the leading global investment banking, securities and investment management firms merged its deposit and loan lines to form Marcus (named after Marcus Goldman), an online-only consumer banking platform. This week, Goldman Sachs announced the firm's acquisition of Clarity Money, a fintech startup that helps its users track their finances by aggregating data from all of their accounts. The financial management app will be integrated with Marcus, reports Bankrate.

What ATM users really want
Digital technology that helps streamline the management of their finances is a growing expectation for today's tech-savvy consumers. Global financial services technology provider Fiserv recently released it latest Expectations & Experiences consumer survey that provides insight into consumer financial behaviors and attitudes. The survey revealed consumers' desire for cardless cash access at ATMs and the ability to transfer funds from one ATM to another for a friend or family member to access, reports ATM Marketplace.

ATM wireless upgrades
The efficiency of smartphones, modems, and other wireless devices relies on the technology that powers the device and its connectivity. That's why consumers purchase the latest devices to keep up with manufacturer and telecom upgrades that afford faster speed and more reliability. Keeping your ATM wireless modems updated is essential to maintaining uptimes and avoiding potential revenue loss. ATM Marketplace has the details.

Online banking security solution
A new browser standard developed by the FIDO Alliance, an industry consortium of tech and financial companies, will go a long way toward enhancing the security of online banking. The W3C web standards organization is working with the FIDO Alliance to bring the new WebAuthn standard – which provides two-factor and biometric authentication options – to all major web browsers. eWeek 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...

People who commit financial and other crimes are motivated by numerous factors. Sometimes those who find themselves in a position of power, simply can't handle the responsibility or practice self-control, which leads them to do things that don't produce the desired outcome.

First published on 04/20/2018

Briefing type:

Tech Talk

Report a problem with this page