Tech Talk: GDPR, EMV tech, cardless cash, blockchain and more!
- Is GDPR coming to America?
- Banking changes on the horizon
- Clarifying EMV technology
- Retail cardless cash ATMs
- Core on-demand digital bank solution
- Central banks delve into blockchain
- Digital card management
- Fintech lender partners with banks
- A banking-tech combination
- Spam, Scams & Breaches
- Updates, Patches & Alerts
- and on the lighter side...
Is GDPR coming to America?
In May 2018, Europe adopted one of the world's strongest data protection rules – the General Data Protection Regulation, a.k.a., GDPR. In the wake of the massive Equifax breach, which has captured the scrutiny and harsh criticism of American lawmakers, the U.S. may follow in the EU's footstops on creating a unified legal framework for protecting personally identifiable information of its citizens. Under the Findings of Fact and Recommendations section in a recently released Senate report on their investigation into the monumental Equifax breach, legislators have proposed the creation of an American version of the GDPR. Security Boulevard has the details.
Banking changes on the horizon
Technology has optimized business operations and transformed customer service in nearly every sector. The banking industry has been significantly impacted by emerging advances in information technology, from the way customers access their finances to the enhanced efficiency of back-end operations. To keep pace with growing consumer demands and changing regulatory developments, banks must stay up-to-date on and prepare for future trends in banking – nearly all of which are being driven by technology. Members of Forbes Finance Council weigh in on the biggest changes they see on the horizon for the banking industry. Forbes has the details.
Clarifying EMV technology
EMV chip technology has become the global standard for credit card and debit card payments, and many card issuers and retailers have adopted the technology. Likewise, consumers are becoming increasingly more comfortable inserting versus swiping their cards at merchant terminals and ATMs and even using their phones to conduct transactions. To help dispel some misperceptions that persist about the technology and its security features, the U.S. Payments Forum has released a "Debunking EMV Myths" guide for all stakeholders communicating about contact and contactless chip technology, reports Global Newswire.
Retail cardless cash ATMs
To mitigate card fraud and provide enhanced customer service, many banks are deploying cardless cash options that allow cardholders to withdraw cash at ATMs without having to insert or swipe their debit card. Cardtronics, the world’s largest ATM owner and operator, has integrated FIS Cardless Cash across its retail ATM network. Using the FIS Mobile Banking app, cardholders can preorder a cash withdrawal and simply scan a QR (quick response) code when they arrive at the ATM to get their cash and an electronic receipt. Finextra has the details.
Core on-demand digital bank solution
Today's tech-savvy and digitally-driven consumers do nearly everything online, including buying groceries, renting movies, scheduling a ride, and shopping for financial services. Provided with the ability to finalize the process digitally (versus going to a branch) and offered more favorable deposit rates, consumers are increasingly being lured by direct-only banks. Fintech provider FIS is offering community financial institutions an innovative and cost-effective solution that enables them to launch a direct-to-consumer digital bank in just 90 days, reports AP News.
Central banks delve into blockchain
Blockchain – the distributed ledger technology that underpins Bitcoin and other cryptocurrencies – has the potential to transform legacy financial systems and enhance cybersecurity efforts. According to a new report by the World Economic Forum, more than forty central banks around the world are exploring cryptocurrencies and blockchain technology and the technology's impact on banking and payments system efficiency, payments security and resilience, as well as financial inclusion. Forbes has the details and highlights the top ten Central Bank use cases of blockchain technology.
Digital card management
When a consumer's debit or credit card is lost (or worse, compromised), the process of notifying the bank or card issuer, in addition to merchants and businesses where the card was used for recurring bill payments or subscriptions, can be a complex and daunting task. Added to their growing frustration is the wait time to get a new or replacement card. That process could dictate the cardholder's future relationship with their bank or card issuer. Digital card management solutions, and how they are designed, could determine the financial institution's future relationship with the consumer. PYMNTS.com has the details.
Fintech lender partners with banks
Not all fintechs want to compete with banks. Startup lending firm Upstart, which has raised more than $160M since inception for its patented artificial intelligence (AI) lending platform, is teaming up with banks. Banks are entering into partnership agreements with Upstart to leverage the company's Powered by Upstart AI platform. Upstart is offering banks a white-labeled lending application to create their own risk modeling and automation lending programs. The company expects to expand its AI platform to other types of credit, including credit cards. PR Newswire has the details.
A banking-tech combination
One of America's favorite candies, Reese's peanut butter cups, were launched with the famous vintage "collision" campaign using the lines "You’ve got chocolate in my peanut butter/You’ve got peanut butter in my chocolate." Like peanut butter and chocolate, some things just naturally complement one another perfectly. Artificial intelligence, already on track to play a big role in financial services, and video banking – being widely adopted throughout the financial services industry – are two technologies that complement one another perfectly, and combining them can deliver tremendous value to financial institutionw. ATM Marketplace has the details.
Spams, Scams and Breaches
- Security Week: Prepare now for AI malware coming soon
- CNBC: New wire fraud scam targets payroll direct deposits
- CIO Dive: OIG finds the FBI's cyber breach notifications not up to par
- Security Week: PayPal and Gmail users targeted in DNS hacking campaigns
- SC Magazine: Cybercrime group changes changes M.O. from POS malware to ransomware
Updates, Patches and Alerts...
- US-CERT: Current Activity
- Sophos: Microsoft lets Windows users off the update leash
- Security Week: Adobe patches 43 flaws across eight products
- Sophos: Chrome, Safari and Opera criticized for removing privacy setting
- Threatpost: Hackers take advantage of tax season to spread Trickbot malware
- Bleeping Computer: Microsoft's April 2019 Patch Tuesday fixes 74 vulnerabilities
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...
Have you ever enjoyed just sitting and listening to an older person regale stories from their past? Comedian Lachlan Patterson shares his thoughts on what it will be like reminiscing with the "new" old people fifty years from now.
First published on 04/12/2019