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Tech Talk: Credit reporting reform, biometric ID and cards, P2M app, and more!

  • Credit reporting reform is coming
  • State beefs up data breach law
  • Chasing POS financing
  • Facial IDs at ATMs
  • Biometric EMV payment cards
  • Bank testing P2M app
  • Cost-saving chatbots
  • Fintech's foray into banking
  • SMBs prefer banks for merchant services
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Credit reporting reform is coming
On Capitol Hill this week, lawmakers grilled the CEO's of the three U.S. credit reporting bureaus, referred to the system that determines credit scores as "broken," and accused Equifax, Experian, and TransUnion of forming an "oligopoly." In the wake of the massive Equifax breach nearly two years ago, House Financial Services Committee Chairwoman Maxine Waters, D-Calif., who called for the hearing, is proposing future legislation to reform the current credit reporting system. PYMNTS.com has the details.

State beefs up data breach laws
In the absence of national data breach notification legislation, all fifty states in the U.S. have implemented their own breach notification laws. California was the country's first state to pass data breach notification legislation in 2003, and the state continues to have the strongest data notification rules in the U.S. A new California data breach law that goes into effect in 2020 will include breaches of biometric data and passport numbers, providing even greater privacy protections for California residents. Security Week has the details.

Chasing POS financing
Following last week's announcement of becoming the first bank to create its own cryptocurrency, JPMorgan is back in the news with POS (point-of-sale) installment financing options. The bank has launched a new tool that allows card customers to finance purchases of $500 or more. Customers will also soon be able to borrow money against their unused credit card balances through their Chase mobile app, reports PYMNTS.com.

Facial IDs at ATMs
In partnership with Japanese IT solutions provider NEC Corp., E. Sun Commercial Bank Ltd. of Taiwan has launched the world's first facial recognition automation ATMs with one-time password technology. Using innovative NeoFace anti-spoofing AI (artificial intelligence) technology, the facial recognition-equipped ATMs can distinguish between a real person or an inanimate photo, image or mask to mitigate fraud at ATMs. ATM Marketplace has the details.

Biometric EMV payment cards
To provide stronger authentication for contactless payments without impacting the user experience, digital security provider Gemalto has partnered with Sweden-based biometric firm Fingerprints to offer banks next generation biometric EMV payment cards. Fingerprints' T-Shape bio sensor integrated in payment cards allows for storage of biometric templates and image matching to be conducted securely on the card. Bank Innovation has the details.

Bank testing P2M app
To compete with growing competition from fintechs expanding in the financial services market and to provide a digital payment system for merchants, U.K. bank HSBC is beta testing a person-to-merchant (P2M) payments app. The PayMe for Business app will connect participating merchants to HSBC's P2P PayMe app users to accept digital payments via a mobile device anytime, anywhere. The new digital business payment app will initially be available to HSBC Business Banking customers in Hong Kong only. Finextra has the details.

Cost-saving chatbots
The financial industry has seen exponential growth in the use of artificial intelligence (AI)-driven chatbots – software that simulates a conversation with a user in natural language through messaging applications – to reduce costs, improve efficiency, and enhance consumers' digital experience. A new report released Juniper Research indicates use of mobile banking chatbots will continue to rise and significant cost savings for banks who deploy chatbot technology. ATM Marketplace has the details.

Fintech's foray into banking
San Francisco-based fintech startup Figure Technologies, Inc., has had a successful first year using blockchain technology to provide home equity loans online in as little as five days. The firm has raised another $65 million in funding to accelerate its growth and help propel it foray into banking. According to the firm's co-founder and CEO, Michael Cagney (former founder and CEO of SoFi), by the end of the year Figure plans to provide a robust financial platform of services that will include wealth management, checking accounts, and other credit options, such as unsecured consumer loans and mortgage loans, reports Bloomberg.

SMBs prefer banks for merchant services
The explosive growth in ecommerce and digital payment options has retailers and small businesses are relying even more heavily on merchant services providers. According to a recent study conducted by research and advisory firm J.D. Power, large banks are outperforming fintechs and scale processors in merchant services customer satisfaction with small businesses. The report highlights relationships, cost of service, and innovative technology as key drivers that influence customer choice, satisfaction, and loyalty. PR Newswire 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...

Abraham Lincoln said, "You can fool some of the people all of the time, and all of the people some of the time, but you cannot fool all of the people all of the time." Analytical, or left-brain, thinkers (also known as geeks) rely on facts and are hard to fool. This magician's tricks leaves even the most analytical thinker stumped.

First published on 03/01/2019

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