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Tech Talk: A breach penalty, voice fraud, fintech partnerships, and more!

Equifax fined by British regulator
Voice fraud is up
Major U.S. bank joins Ripple
Intelligent and high-powered tech
Unified payment QR code
Open banking hub
A B2B fintech partnership
An Anthill of fintech solutions
Key debit card trends
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

It's been a little over a year since credit reporting agency Equifax disclosed a data breach that impacted 146 million American consumers, 15.2 million customers in the UK, and 8,000 Canadians. Following its investigation into the breach, the UK's Information Commissioner's Office is penalizing Equifax's UK arm, Equifax Ltd. The British regulator fined Equifax Ltd. £ 500000 ($654,000) for failing to take appropriate steps to ensure its American parent was protecting the personal information of Britain's consumers, reports ZDNet has the details.

Voice fraud is up
As data leaks become more prevalent, criminals are increasingly armed with sensitive and personal information that can be used in social engineering schemes to perpetrate cross-channel fraud. Even with advances in voice security and authentication technologies, fraud rate in the phone channel is increasing, according to a new report by security firm Pindrop. The firm's global Pindrop Voice Intelligence Report 2018 reveals an increase in voice fraud of over 350 percent from 2013 through 2017, with banking listed as one of the three most-targeted industries. Business Wire has the details.

Major U.S. bank joins Ripple
More than 8 million customers at one of the nation's top ten banks can now receive instant cross-border payments. Pennsylvania-based PNC Bank has joined some of the world's biggest banks using Ripple's enterprise blockchain network RippleNet. With more than 100 participating financial institutions in over 40 countries, RippleNet connects banks, payment providers, digital asset exchanges and corporations to facilitate real-time transactions. Finextra has the details.

Intelligent and high-powered tech
One of the UK's leading retail and commercial banks is leveraging the power of technology to better serve its customers. NatWest has teamed up with British global security firm G4S to offer an intelligent cash management system for businesses that credits their accounts at the end of the day with their cash intake without having to physically deposit the funds at the bank branch, reports Finextra. The bank is also testing quantum computing power to increase efficiency of some bank tasks – at 300 times the speed of a traditional computer. Banking Tech has the details.

Unified payment QR code
Simplifying the way consumers pay and making it easier for merchants to accept multiple payment types, Singapore has launched the first-of-its-kind unified payment QR (quick response) code. The Singapore Quick Response Code (SGQR) combines multiple payment QR codes into a single SGQR label that merchants can display to show the multiple types of e-payments they accept. Banking Technology has the details.

Open banking hub
To foster collaboration between financial institutions and fintech providers on the development of innovative products, Switzerland's leading telecom company and one of the country's leading IT companies have created an Open Banking Hub. The secure interface provides financial services providers with a simple, no-obligation opportunity to test new third-party applications. Finextra has the details.

A B2B bank-fintech partnership
TD Bank has collaborated with fintech payments provider Bottomline Technologies to enhance the bank's corporate offerings. Integrating Bottomline's Paymode-X technology into its corporate banking offering enables the bank to provide their business customers with the ability to make and customize electronic B2B payments. The technology also includes a tool to facilitate customer onboarding. PYMNTS.com has the details.

An Anthill of fintech solutions
When ants dig underground colonies and deposit the extra soil in one spot, the anthill they form is a doorway to a whole series of tunnels and nests. Ant Financial Services Group is paving the way for financial institutions to access a full suite of technology products and services. The Ant Financial Technology suite will consist of five product portfolios: large-scale financial transaction technologies, financial security technologies, financial intelligence technologies, next-generation interaction technologies and blockchain applications, reports BusinessWire.

Key debit card trends
A recent study commissioned by Houston-based debit/ATM network PULSE revealed that the use of debit cards is on the rise and, despite the increased vulnerability CNP (card-not-present) transactions present, fraud losses per transaction are on the decline. The 2018 Debit Issuer Study highlighted four key trends for debit card issuers, including areas card issuers are focusing on this year, including cardholder self-service tools, provision of virtual cards in mobile wallets, and communication enhancements such as interactive feedback on suspected fraud. Business Wire 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...

Coffee drinkers enjoy their coffee piping hot...sans that first scorching sip. An innovative mug may soon be available that will keep freshly brewed hot coffee scalding hot until the user wants a drink, at which point it will cool the beverage down in just three seconds.

First published on 09/21/2018

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Tech Talk

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