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Tech Talk: Bank threats, fraud solutions, insurtech, and more!

Evolving bank threats
Spam campaigns targeting banks
Omnichannel check fraud solution
Call center fraud solutions
New fraud tool for CUs
Automating threat breach response
Bank launches investing app
Insurtech firm licensed
Unique card with cashback options
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

Evolving bank threats
Thieves have been targeting banks and their assets since America's first recorded bank robbery 220 years ago on August 31, 1798, when the enormous sum of $162,821 was stolen from the vault of the Bank of Pennsylvania at Carpenters' Hall during the night. In today's digital age, customer data is the most valuable resource financial institutions are tasked with safeguarding. Web application attacks have become popular (and vulnerable) entry points for tech-savvy criminals to penetrate internal systems and pilfer funds. BizTech has the details and highlights the tools to mitigate these threats.

Spam campaigns targeting banks
Security firms are alerting the industry to malspam (malware spam) attacks targeting banks. Researchers with Trustwave have reported a spate of emails with a "Payment Advice" subject line and Microsoft Office Publisher file attached that is intended to infect victims' systems with a well-known RAT (remote access trojan), reports Security Week. IBM X-Force researchers have analyzed the activity of a relatively new banking Trojan known as BackSwap that is also delivered to users via malspam, concealed in a file attachment or bundled inside other programs. Security Intelligence has the details.

Omnichannel check fraud solution
According to the 2017 ABA Deposit Account Fraud Survey, fraud against bank deposit accounts cost the industry approximately $2.2 billion in losses in 2016, and check fraud made up 35 percent of those losses. The exponential growth in mobile deposits is driving an increase in fraudulent deposits exploiting paper checks. A joint case study titled "Fighting Check Fraud in Real-Time" released by cybersecurity firm Advanced Fraud Solutions and e-payment solutions provider Alogent reveals how two financial institutions significantly reduced their check fraud losses using an omnichannel partnership solution. PR Newswire has the details and a link to the case study.

Call center fraud solutions
With an increase in mobile banking users and the decline of branch traffic, call centers are seeing a rise in activity with consumers needing assistance with more complex transactions. In the wake of high-profile breaches, today's sophisticated cybercriminals leverage stolen data to perpetrate call center fraud. According to Javelin's 2018 Identity Fraud report, consumers expect financial institutions to safeguard them against fraud. Fintech solutions provider Fiserv has released two enhanced consumer authentication solutions to mitigate card fraud within call centers. Finextra has the details.

New fraud tool for CUs
In response to the rise in financial fraud targeting credit unions and other financial firms, credit union service organization PSCU has released a new fraud-fighting solution for its members. Linked Analysis uses cross-network analytics to obtain data to connect events across platforms, individuals across institutions, and merchants across cards to identify potential entry points for fraudsters. ATM Marketplace has the details.

Automating threat breach response
To compete with digital payment contenders, traditional banks are increasingly providing digital, real-time payment solutions to meet consumers' growing demands – and unwittingly providing cyber thieves with new vulnerabilities to exploit and new avenues to perpetrate fraud. A recent survey by the Association for Financial Professionals revealed that payments fraud has already surpassed 2017 levels. To mitigate these emerging threats, automating threat and breach response is more critical than ever, reports PaymentsJournal.

Bank launches investing app
Whether they are newcomers considering the market or seasoned investors, more than 47 million JPMorgan online or mobile banking customers will soon have access to a digital investing service with valuable perks. The bank's You Invest digital brokerage app comes bundled with free trades, a portfolio building tool and access to equity research – and 100 free stock or ETF trades in the first year. CNBC has the details.

Insurtech firm licensed
Technology has pervaded nearly every industry, including the financial industry. But it has only recently set its sights on the $15 billion title insurance industry, which has remained relatively untouched by innovation – until now. A regulator in California has issued a license to States Title, Inc., the first insurtech title insurer licensed and domiciled in California, reports Bloomberg.

Unique card with cash back options
A new premium card launched by Fintech startup Revolut comes with a host of benefits – and potential restrictions. Designed to appeal to global travelers, the new Revolut Metal card is a single sheet of reinforced steel that gives users cash back on all spending in their currency of your choice, including Bitcoin and other cryptocurrencies. But the challenge for users may be the card's inability to work in magstripe and chipcard readers. The European firm also has plans to launch a commission-free trading platform and expand into North America and Asia later this year. Finextra 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...

Back in "the day," stocking up on school supplies meant buying pens, pencils, folders and backpacks. Today as kids across the country head back to school, they are equipping their learning journey with cool school tech supplies.

First published on 08/24/2018

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Tech Talk

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