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Tech Talk: Risky banking, AML solution, AI-based credit scoring, and more!

  • The risky business of banking
  • Teaming up against cyber adversaries
  • Dutch banks tied to money laundering
  • An innovative AML solution
  • Mobile banking attacks momentum
  • SMB funding marketplace
  • AI-based credit scoring
  • The top U.S. challenger bank
  • Endpoint behavioral analytics tool
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

The risky business of banking
Relying heavily on technology for operations, content distribution or customer engagement exposes any industry to inherent risks. In a new report released by Moody's Investors Service, banking and securities were ranked among the top four sectors with greater exposure to cyber risks, reports Investment Executive. To test their ability to respond to advanced threats, fourteen leading financial services and trade associations participated in a FS-ISAC-organized simulated attack exercise. Finextra has the details.

Teaming up against cyber adversaries
Just as traditional bank robberies may involve one lone bandit or a heavily-armed gang of thieves busting into a branch, cyber adversaries range from organized global crime gangs to insider threats to hacktivists who employ a diverse range of attack techniques. At the annual RSA cybersecurity conference (an international conference series on IT security) held this week in San Francisco, FBI Director Christopher Wray called for public-private partnerships to mitigate and combat today's emerging sophisticated cyberthreats and secure our nation's critical infrastructure. FBI.gov has the details.

Dutch banks tied to money laundering
A group of Dutch banks are under scrutiny for their potential involvement in an alleged money laundering scheme known as "Troika Laundromat" that channeled billions of dollars from Russia. Prosecutors began looking into the banks' involvement following a report released by the Organized Crime and Corruption Reporting Project (OCCRP) based on leaked documents detailing transactions worth more than $470 billion sent in 1.3 million transfers from 233,000 companies. Dutch prosecutors are evaluating the actions of ING, ABN AMRO and Rabobank for any indication they may have been involved in illegal payments, reports PYMNTS.com.

An innovative AML solution
Financial regulators recently emphasized the importance of exploring technological advances for the detection of illicit financial activity and encouraged financial institutions to engage with the private sector on the development and adoption of innovative technology to improve AML compliance. Regtech provider Beam Solutions has raised additional funding for its financial compliance platform that uses data and machine learning to help banks, fintechs, and other financial services firms prevent money laundering and other financial crimes, reports Mobile Payments Today.

Mobile banking attacks momentum
Digital banking is experiencing explosive growth in both mobile banking users and attacks targeting financial services apps. According to digital security firm Threatmetrix's biannual report on global cybercrime, attacks targeting mobile banking services are evolving and attacks on mobile account logins have risen more than 100 percent in just six months. The most noticeable increase in mobile attacks involves mobile account logins, which enable criminals to deploy account takeovers and identity spoofing attacks. PR Newswire has the details.

SMB funding marketplace
With the exponential growth in new or expanding small businesses who need quick access to capital and funding, marketplace lending has emerged as a popular alternative to traditional lending – and fintechs are marking their territory in the small business lending space. Cloud-based SMB business software provider Company.com is integrating a Business Funding Marketplace into its next-generation STAC (Services & Technology Application Cloud) platform to help match SMBs with funding solutions that fit their needs. PYMNTS.com has the details.

AI-based credit scoring
In an effort to make more accurate lending decisions and reduce default rates, credit card issuer Discover Financial Services is partnering with fintech firm ZestFinance on a credit scoring solution that will use artificial intelligence (AI) to determine a creditor's worthiness. The companies expect to put their first machine learning model into production later this year. ATM Marketplace has the details.

The top U.S. challenger bank
Appealing to today's tech-savvy millennial consumers with attractive features, such as fee-free accounts, automatic savings features, and no-fee paycheck advances, challenger bank Chime has received an additional $200 million in funding – valuing its business at $1.5 billion and making it the top challenger bank in the U.S. With more than 3 million accounts, the mobile-only bank plans to use the funds to accelerate growth and launch new services, including lending and credit products, reports Finextra.

Endpoint behavioral analytics tool
Armed with stolen valid credentials, malicious actors impersonate users or devices to launch attacks against network hosts, steal data, spread malware or bypass access controls. To help mitigate these attack vectors by detecting and responding to the use of stolen credentials, BlackBerry Cylance has introduced a proactive endpoint behavioral analytics solution. Combining continuous biometric behavior and user conduct monitoring, CylancePERSONA is designed to identify malicious and anomalous activity in real-time. Security Week 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...

In today's technology-driven and social media society, people are spending more time online and less time reading. An innovative startup is placing short story-dispensing vending machines in public places that provide commuters with a selection of stories based on how much time they have to stop and read.

First published on 03/08/2019

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