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Tech Talk: Crime-fighting superheroes, cryptocurrency rules, ATM tech, and more!

  • The price tag for BSA/AML Noncompliance
  • Crime-fighting Superheroes
  • Trojan searches for bank sites
  • Global cryptocurrency rules are coming
  • Universal cardless ATM solution
  • Biometric ATM withdrawals
  • Mobile cyber training unit
  • A secure B2B payments platform
  • BofA beefs up Erica
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

The price tag for BSA/AML noncompliance
In July 2015, The Office of the Comptroller of the Currency (OCC) took enforcement action against Capital One, N.A., and Capital One Bank, citing weaknesses in the bank's Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program and related controls, deficiencies in its risk assessment, remote deposit capture and correspondent banking processes, and the bank's failure to report suspicious activity. At that time, Capital One committed to taking all necessary and appropriate steps to remedy those deficiencies and enhance its BSA/AML program. Fast forward three years and the bank has failed (again) to live up to its part of the bargain, prompting the OCC to assess a $100 million civil money penalty against Capital One for its BSA/AML deficiencies and failure to comply with the 2015 consent order. ACFCS has the details.

Crime-fighting superheroes
Batman, Superman and Spiderman are just a few of the superheroes kids look up to and want to be when they grow up. On October 31 children across the country will don their favorite superhero cape and roam the neighborhoods amidst ghosts and goblins in search of goodies. Not all superheroes wear capes. Sometimes, they wear business suits or dresses and serve in the back offices of financial institutions. Today, October 26, those superheroes are being recognized and honored for their efforts to protect the financial industry from evil spirits on what is the inaugural National Financial Crime Fighter Day (aka, BSA/AML Professional Day). Bankers Toolbox has the details.

Trojan searches for bank sites
Security researchers have uncovered a stealthy, sophisticated malware that is outfitted with reconnaissance features and the Ramnit banking trojan. The sLoad is a PowerShell downloader that collects information about the infected system, including a list of running processes, and checks browser histories for specific, targeted bank sites. Threatpost has the details.

Global cryptocurrency rules are coming
The convenience, anonymity and inability to track digital currencies provide a natural appeal for money launderers. In an effort to establish international standards for cryptocurrency and combat the use of the digital currency for money laundering, terrorism financing and other financial crimes, the watchdog agency responsible for overseeing rules that pertain to global money-laundering is taking action to mitigate these crimes. The Financial Action Task Force (FATF) has announced that it will develop and recommend new regulations pertaining to the international use of cryptocurrencies by June 2019. PYMNTS.com has the details.

Universal cardless ATM solution
At one time mobile banking and ATMs were two distinctly separate channels. Advances in technology have welded the physical and digital worlds, providing innovative solutions to meet the growing demands of today's mobile consumers. Global payments provider Mastercard has joined forces with multivendor ATM software and security provider KAL to provide universal cardless ATM cash withdrawals, reports ATM Marketplace.

Biometric ATM withdrawals
Artificial intelligence (AI) is transforming many aspects of our lives and changing the way businesses interact with customers. Financial institutions are leveraging the technology to enhance customer interaction and remain competitive in today's innovative financial landscape. Combining the benefits of cloud computing technology and artificial intelligence, Microsoft and National Australia Bank are testing facial recognition biometrics at the ATM. Finextra has the details.

Mobile cyber training unit
In today's evolving threat landscape, businesses and financial institutions are expanding their focus beyond detection and protection to cyber incident response planning. IBM Security has rolled out the industry's first mobile Security Operations Center. The IBM X-Force Command Cyber Tactical Operations Center (C-TOC) performs onsite cybersecurity training, preparedness, and response. The first-of-its-kind, fully operational mobile security unit will travel around the United States and Europe to conduct incident drills with clients. QR Code Press has the details.

A secure B2B payments platform
To facilitate more secure, streamlined global cross border business-to-business payments for financial institutions, global payments provider Visa will launch its distributed ledger-based B2B Connect platform with secure digital identity features in the first quarter of 2019. Visa has partnered with IBM on the project to leverage the technology firm's open-source blockchain protocol with its integrated Hyperledger Fabric framework, reports Planet Biometrics.

BofA beefs up Erica
Just as smartphones quickly grew from niche devices to mainstream use, there has been exponential growth in consumer use of voice-activated virtual assistants. Boasting more than 3.6 million users, Bank of America's popular AI-based virtual financial assistant Erica is being enhanced with new features designed to give users more insight into their finances and help them tackle more complex tasks, such as tracking their credit rating and monitoring their spending habits. Payments Journal 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...

Today's Millennial job seekers often approach a job opportunity with inflated confidence in their abilities, with many of them viewing themselves as technology wizards. A Millennial job interview that might go something like this can catch hiring managers off guard.

First published on 10/26/2018

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