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Tech Talk: Data privacy penalties and protections, mobile banking kiosk, ATM security gaps, and more!

Record data privacy penalties
A call for national data privacy standards
Data protection conundrums
Encrypted data sharing platform
New financial crime tool
Bank debuts mobile banking kiosk
ATM security gaps
Robo advisor branches into banking
Fintech accelerator for CUs
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

Record data privacy penalties
Data privacy was the hot topic on the front burner for legislators and regulators this week. In what is the largest-ever settlement for a data breach, credit reporting firm Equifax could shell out up to $700 million for exposing the private data of nearly 150 million Americans in 2017, reports CNBC. The Senate Banking Committee is reportedly working on legislation that would require companies to better protect consumer data. The DOJ and FTC have hit Facebook with a record-setting $5 billion fine – the largest ever imposed by the FTC against a tech company – for the social media giant's data privacy failures. CNBC has the details.

A call for national data privacy standards
While tech companies and other firms are only recently coming under fire for failing to protect consumer data, data privacy protections have existed in the financial sector for twenty years. In 1999, the Gramm-Leach-Bliley Act (GLBA) was enacted to ensure that U.S. financial institutions safeguard sensitive data and disclose their data-sharing practices to their customers. The Independent Community Bankers of America (ICBA) is calling for legislation that would hold all industries in the U.S. to the same privacy and data security standards the financial sector is subject to under the GLBA, reports Banking Dive.

Data protection conundrums
The personal data collected by technology companies is typically aggregated or "anonymized" – meaning its encrypted or some PII (personally identifiable information) is removed or modified to protect the privacy of the data. According to a new study, this method of data protection is far from failproof. Using a computer algorithm they developed, a group of scientists have reported that they were able to reverse engineer anonymous data and identify 99.98 percent of Americans from almost any available data set, reports MarketWatch. Data protection laws and data security methods must evolve as emerging threats target consumer and financial data, and enterprises in all sectors need to have robust security measures in place to protect that data. As evidenced in the Equifax breach, the fallout for failing to do so can be felt long after the incident occurs. Help Net Security has the details.

Encrypted data sharing platform
Global wealth management firm Morgan Stanley has added an extra layer of protection for its clients to securely share data and documents with the institution's staff and financial advisors. Powered by cloud-based content management and file-sharing provider Box, the firm has launched Digital Vault – an encrypted document sharing platform that enables its clients to submit documents via the firm's website or mobile app. CIO Dive has the details.

New financial crime tool
As fraud and money laundering schemes continue to proliferate and criminals devise sophisticated tactics to deploy their nefarious attacks, the financial industry is increasingly turning to data analytics to detect anomalies and mitigate financial cybercrime. ThetaRay, a leading provider of AI-based Big Data analytics, has upgraded its advanced analytics platform ThetaRay 4.0 with IntuitiveAI to help global banks detect the first signs of illicit behavior and prevent fraud, money laundering and other financial crimes, reports PR Newswire.

Bank debuts mobile banking kiosk
To bring banking services to low-to-moderate income communities, Cincinnati-based Fifth Third Bank unveiled their innovative Banking to Go mobile kiosk at the 110th NAACP convention in Detroit this week, which touched on the economic well-being and financial literacy in the Detroit area and other disadvantaged communities. The mobile banking kiosk is equipped with computers and Wi-Fi and Fifth Third representatives are available to assist customers with opening new accounts, financial education, obtaining credit reports, and more, reports ATM Marketplace.

ATM security gaps
Armed with a plethora of resources via the information highway that provides today's criminals with access to a treasure trove of data about systems, software and internal processes, hackers can quickly and easily map out their plan of attack against financial institutions and their networks. Methods and instructions for launching physical and cyber attacks against ATMs are readily available with a simple Google search. ATM Marketplace has the details and highlights five of the most common ATM security gaps.

Robo advisor branches into banking
Robo Advisors – digital platforms that provide automated, algorithm-driven financial planning – have grown in popularity as today's tech-savvy and information-savvy consumers prefer digital tools that streamline the management of their finances. Joining the ranks of start-ups that have launched traditional banking accounts to lure in new customers, robo wealth advisor Betterment has branched out with checking and high-yield savings accounts. CNBC has the details.

Fintech accelerator for CUs
Faced with growing competition from fintechs and banks who have bolstered their digital banking strategies, credit unions are joining the fintech revolution to innovate, grow, and better serve their members. To provide a secure and efficient way for credit unions to test and launch new fintech products and services, CMFG Ventures (the venture capital arm of CUNA Mutual Group) and Filene Research Institute have launched a fintech accelerator. The FinTech Catalyst Incubator will enable credit unions to test innovative products and services that could fill credit union system gaps and meet evolving member needs, reports
Finextra.

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...

Most people prefer order over chaos, but cryptologist Elonka Dunin thrives on creating order out of chaos through solving puzzles and cracking codes. She has met her match though with a puzzle that can be found in the heart of the CIA headquarters in Langley, Virginia. It's an encrypted work of art that has (so far) stumped Dunin and cryptologists who have been trying to break the code for thirty years.

First published on 07/26/2019

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