Tech Talk: Credt reporting reform, cardless ATMs, blockchain uses, and more!
- Credit reporting reform
- The onboarding-KYC challenge
- Immobilizing money mules
- The rise (and risk) of cardless ATMs
- Combating cross-channel fraud
- Blockchain-as-a-Service solution
- Bank files ATM blockchain patent
- Balancing SMB banking demands
- Wholesale banking trends
- Spam, Scams & Breaches
- Updates, Patches & Alerts
- and on the lighter side...
Credit reporting reform
In the wake of the massive Equifax breach in 2017, several bills to increase oversight of credit reporting companies were proposed in 2018 but were pushed to the back burner when lawmakers disagreed on what action to take. The issue is expected to become a front burner topic again as the new Democratic regime takes over the House of Representatives. Rep. Maxine Waters (D., Calif.), the incoming head of the House Financial Services Committee, and her panel will focus on credit reporting reform, reports PYMNTS.
The onboarding-KYC challenge
In 2018 innovators introduced new ways for banks to onboard customers and regulators released more stringent Know Your Customer (KYC) requirements for banks to identify the ownership of businesses before they open bank accounts. Recent research revealed that fines related to anti-money laundering (AML) and KYC deficiencies in the last decade totaled $26 billion – 91 percent of that total incurred by U.S. banks. Managing an increasingly stringent KYC process when offering the convenience of the latest technology is the challenge banks face in 2019, reports PYMNTS.com.
Immobilizing money mules
The recent release of Clint Eastwood's new movie "The Mule" – in which he portrays a broke, dejected Korean War veteran who becomes a drug running "mule" for a Mexican drug cartel – has attracted renewed attention on the growing use of money mules in complicated, international money laundering schemes. The FBI and international law enforcement agencies are beefing up their efforts against these deceptive schemes. Security Week has the details.
The rise (and risks) of cardless ATMs
To combat the exponential rise in ATM skimming fraud, banks are increasingly deploying cardless ATM technology. While cardless ATMs offer customers the security and convenience of conducting ATM transactions from a mobile device without using a physical card, the technology is not a silver bullet for stopping fraudsters. Enterprising criminals can hack mobile devices and change settings to access customers' bank information. ATM Marketplace has the details.
Combating cross-channel fraud
Just as banks are increasingly using emerging technologies, such as artificial intelligence and machine learning, to enhance the customer experience and protect data, today's sophisticated criminals are leveraging that same technology to target institutions remotely and via multi-channels. Traditional machine learning techniques are proving to be an ineffective defense against cross-channel fraudsters, reports Global Banking & Finance Review.
Blockchain-as-a-Service solution
A growing trend we've seen in banking and other sectors this past year has been the adoption of distributed-ledger technology (DLT). In the financial industry, blockchain – the DLT that underpins bitcoin – is being used to decrease the risk of fraud and increase the transparency of bank transactions. Similar to software-as-a-service (SaaS), Blockchain-as-a-service (BaaS) is an emerging cost-effective solution that allows enterprises to use cloud services for building, hosting, and deploying blockchain applications. Digital Journal has the details.
Bank files ATM blockchain patent
Hoping to leverage the power of blockchain technology, one of the largest banks in the U.S. has filed a patent to enable shared networks of ATMs. Bank of America's blockchain patent for ATM transactions would not only facilitate faster transactions but would also provide "ATM-as-a-Service" capability, enabling customers and non-customers to transfer money across the same ATM network, and more. ATM Marketplace has the details.
Balancing SMB banking demands
To compete in today's evolving financial market, banks are leveraging the power of technology, like analytics and AI (artificial intelligence), to provide enhanced digital services and products for consumers and businesses. Beyond digital platforms, advisory services are in high demand by small businesses. Banks can more effectively service small businesses, increase efficiencies and improve customer insights by balancing digitization and advisory services for SMBs. PYMNTS.com has the details.
Wholesale banking trends
With the rise in fintech competitors challenging the banking industry to find more innovative ways to meet the growing demands of consumers and businesses, the wholesale banking market is expected to take a more digital approach to serving clients. Customer-centric strategies and open banking APIs for corporate transactions are two emerging trends taking shape in the wholesale banking industry. Forbes has the details.
Spams, Scams and Breaches
- Tripwire: Beware of SMiShing scams
- Security Week: Evasive malware, meet evasive phishing
- Xconomy: New year, new data security threats on the horizon
- Krebs on Security: Phone-based phishing scams targets Apple users
- Threatpost: Data-stealing trojan masquerades as legitimate Android apps
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...
Millions of kids around the world are spending their holiday vacation playing on iPads and other cool tech they received for Christmas. See what happens when today's tech-savvy generation tries to figure out how older technology works.
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