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Tech Talk: Global threats, central bank digital currency, mobile biometrics, and more!

Combating global threats
New attack targets online bank users
Mitigating the latest ATM threats
Fuze cards for criminals
Central bank digital currency report
Competing for bank deposits
ID fraud impacts P2P payments
Mobile biometrics tech
Capturing customers attention
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

Combating global threats
Many small and midsized businesses (SMBs) fail to take cyber threats as seriously as they should, and many of them are even unaware of the risks their companies face. To increase awareness and educate SMBs, the National Counterintelligence and Security Center (NCSC) has launched a "Know the Risk Raise Your Shield" campaign with free resources to help private sector companies understand and defend against nation-state attacks, reports Dark Reading. For the financial sector, information sharing is the key to combating sophisticated attacks by organized crime groups or nation-states. Help Net Security has the details.

New attack targets online bank users
Enterprising criminals are increasingly devising new stealthy tactics to reel in unwitting victims and pilfer account credentials. Security firm Proofpoint has discovered a first-of-its-kind phishing attack fraudsters are casting out that uses fake web fonts to render well-crafted phishing pages with stolen branding to impersonate banks Security Week has the details.

Mitigating the latest ATM threats
The popularity and ubiquity of ATMs makes the cash-laden machines a prime target for identity thieves, fraudsters and other industrious criminals. Rapidly-changing technology, shifting consumer demands, and evolving methods of attacks targeting ATMs are creating new challenges for banks and ATM deployers. Increased physical security and more advanced (and effective) digital security measures are needed to mitigate the latest ATM security threats. Security Week has the details.

Fuze cards for criminals
Fuze Cards – data storage devices that look like a normal credit card but store account data for up to 30 individual credit cards – aren't new. The card devices, which can be used to select specific card numbers for retail transactions and ATM withdrawals, have been around for nearly two years. What is new is that card theft rings are taking advantage of the convenience of Fuze Cards to avoid shuffling through multiple counterfeit cards at the register and drawing unwanted attention, reports Krebs on Security.

Central bank digital currency report
Weighing the risks (and challenges) of implementing central bank-backed digital currencies (CBDC) with the benefits, a recent survey revealed that most central banks are erring on the side of caution and are holding out on issuing CBDCs. According to the survey conducted by the Bank for International Settlements (BIS) – a global forum for central banks – only five central banks are piloting digital currency and even fewer are likely to issue CBDC in the next six years. Finextra has the details and a link to the full BIS report.

Competing for bank deposits
Competition among online banks and smaller institutions for checking and savings deposits continues to increase. Goldman Sachs is advancing in the deposits race with a strategic move to boost interest rates for savings accounts offered by the investment bank's new online retail bank Marcus. CNBC has the details.

ID fraud impacts P2P payments
Identity fraud is rising at an alarming rate. According to Javelin Strategy & Research's 2018 Identity Fraud Report, there were 16.7 million victims of identity fraud reported in 2017 – a record high that followed a previous record the year before. Verification and authentication technology provider GIACT Systems has published a new infographic highlighting the latest fraud trends impacting P2P mobile transactions and best practices for preventing identity-based payment fraud that is increasing financial risks for businesses and their customers, reports PR Newswire.

Mobile biometrics tech
A growing trend in the fintech market is biometric identification systems. Biometric authentication is increasingly being used to replace (or enhance) traditional and outdated security measures. According to a report research and consultancy firm Goode Intelligence released as part of its Biometrics for Financial Services series, mobile biometric payments are projected to total more than $1.67 trillion annually by 2023. Planet Biometrics has the details.

Capturing customers attention
A study by Microsoft Canada in 2015 revealed that the average human attention span is only 8 seconds – shorter than the attention span of a goldfish (which is nine seconds average). While digital technology is believed to be partly responsible for the decrease in attention spans, banks can leverage digital technology to grab customers' attention and enhance their customer experience. ATM Marketplace 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...

Mastercard recently announced that they are dropping their name and letting the iconic interlocking yellow and red circles logo speak for itself. While enjoying your lunch or some office downtime, take this quick quiz to see how skilled you are at identifying a logo just by looking at part of it.

First published on 01/11/2019

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Tech Talk

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