Tech Talk: Cloud services oversight, fraud monitoring solutions, innovative banking, and more!
- FFIEC on standardized cyber assessments
- Oversight for cloud services providers
- Cyber monitoring and compliance solution
- New cyber fraud monitoring solution
- A unique approach to ATM fraud
- Innovative bank branches
- Nefarious underground innovation
- Robotic cash counters
- N26 launches in U.S. with new features
- Spam, Scams & Breaches
- Updates, Patches & Alerts
- and on the lighter side...
FFIEC on standardized cyber assessments
The Federal Financial Institutions Examination Council (FFIEC) issued a statement this week emphasizing the benefits of using a standardized approach to assess and improve cybersecurity preparedness. The FFIEC points out that firms adopting this approach can more effectively track their progress over time and share information and best practices with other financial institutions and regulators. The statement cited the FFIEC's Cybersecurity Assessment Tool (updated in 2017) and other government-developed tools to support institutions in their self-assessment activities. FFIEC has the details.
Oversight for cloud services providers
Citing the Capital One breach as the latest incident demonstrating the perils of financial firms' increasing reliance on cloud services and the risks these systems pose to the safety and stability of the financial system, lawmakers are calling on the U.S. Treasury Department to designate the three leading providers of cloud-based storage systems for the financial industry as systemically important financial market utilities (SIFMUs). The Bank Service Company Act gives the Fed limited oversight of nonbank vendors that provide the software to run banks' deposit and loan platforms. According to the letter two Congresswomen submitted to the Treasury, when Federal Reserve examiners visited an Amazon facility in April they were only afforded "a perfunctory review of a handful of Amazon-selected documents," which the lawmakers assert is not meaningful oversight. Banking Dive has the details.
Cyber monitoring and compliance solution
In light of emerging and evolving threats, financial firms and many other organizations are under heavy regulatory scrutiny. To help increase cybersecurity resilience and reduce the burden of compliance, IT networking and security firm CoNetrix Technology has released a new security incident detection service for its clients. The Cybersecurity Monitoring and Compliance solution can operate as a standalone service or be integrated within the Network Threat Protection (NTP) suite and is compliant with FFIEC, GDPR, PCI and many other regulatory requirements. Benzinga has the details.
New cyber fraud monitoring solution
Financial services firms are targeted by cyber attackers more than any other sector. To combat these evolving threats that disrupt operations and lead to data and monetary losses (not to mention reputational damage!), financial institutions are increasingly turning to advanced technologies to improve their security posture and ward off attacks. Cloud-based cybersecurity and cybercompliance management firm DefenseStorm has launched DefenseStorm FI CyberFraud, a new fraud monitoring solution for banks and credit unions that identifies specific risks around banking applications and monitors for internal and external fraud activities within computer systems, reports Business Wire.
A unique approach to ATM fraud
As fraudsters become increasingly more organized, ATM fraud is evolving and becoming more sophisticated. Financial institutions around the world are faced with growing ATM fraud challenges. While many of those banks are deploying emerging technologies to mitigate ATM fraud, a group of bankers in New Delhi are taking a different approach. The Delhi State-Level Bankers' Committee has suggested implementing a time lag of 6 to 12 hours between cash withdrawals at ATMs and is proposing a ban on ATM transactions that would prohibit customers from being able to withdraw cash during selected nighttime hours when fraud is most prevalent, reports Banking Dive.
Innovative bank branches
Traditional bank branches filled with teller stations and customers waiting in long lines to conduct their financial transactions are becoming obsolete. Today's digital consumers are banking online or via mobile apps and making purchases with payment cards or digital wallets in lieu of cash. To appeal to these digital and socially-conscious consumers, bank branches are transforming into social gathering spots where customers can get refreshments and even attend yoga classes, reports ATM Marketplace. Global investment bank and financial services company Credit Suisse has announced plans to transform its Swiss Universal Bank into a digital "direct banking" unit. ATM Marketplace has the details.
Nefarious underground innovation
Banks are not the only ones innovating to adapt to today's evolving digital landscape. In response to increased global law enforcement actions to dismantle underground criminal networks, cybercriminals are transforming their operations to become more efficient, make more money and keep law enforcement at bay. Learning more about how criminals operate and the tools they use to deploy their nefarious tactics can help organizations remain alert for vulnerabilities, prepare for attacks and build effective defenses. Threatpost has the details and some innovative ways criminals are innovating to develop the next generation of dark markets and operations.
Robotic cash counters
India's ICICI bank is leveraging the power of robotic technology to create a frictionless, automated note-sorting process. The first bank in the country to deploy robotic cash counters, the bank has installed 14 machines in 12 cities to help sort more than six million notes on a typical day at its various currency chests. The technology provides greater accuracy and flexibility to handle large volumes continuously and enables bank personnel to focus on direct customer needs and other value-added services. Finextra has the details.
N26 launches in U.S. with new features
Following a one-month beta period, German fintech N26 has officially launched in the U.S. In addition to mobile account opening (in just five minutes) and fee-free ATM withdrawals, the mobile-only banking contender is offering its American customers some appealing new features, such as advanced access to direct deposit wages and a new P2P (peer-to-peer) lending service. The app's P2P MoneyBeam service allows users to send funds to friends, family or anyone in their mobile device's contacts list, reports ATM Marketplace.
Spams, Scams and Breaches
- CNBC: Former fraudster warns consumers about using debit cards
- ATM Marketplace: Money laundering via Bitcoin ATM and crypto exchange
- Threatpost: Scammers impersonating the IRS to install malware and pilfer personal data
- Krebs on Security: Cybersecurity firm designed to block malicious traffic hit with a breach
- Security Week: U.S. charges 80 defendants in massive fraud and money laundering scheme
- Security Week: The infamous Dridex and Locky malware have updated tactics and expanded target lists
Updates, Patches and Alerts...
- US-CERT: Current Activity
- Security Week: Apple patches re-introduced jailbreak vulnerability
- Sophos: Bumper Cisco patches fixes four new critical vulnerabilities
- Security Week: Free Windows 7 extended security updates for some Microsoft customers
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...
First published on 08/30/2019