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Tech Talk: Biometric credit card, keyless ATM access, banking tech for SMBs, and more!

  • Cyber attacks circumventing MFA
  • Bank testing biometric credit card
  • Own IT: Mobile keyless ATM access
  • On-demand ATM service app
  • Central bank digital currency
  • Blockchain boost from bank tech firm
  • Scoring savings with Credit Karma
  • Instant deposits for SMBs
  • Open banking for business accounts
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Cyber attacks circumventing MFA
National Cybersecurity Awareness Month (NCSAM) is underway with this year's theme – "Own IT. Secure IT. Protect IT. – focused on accountability and taking proactive steps to protect personal and corporate data. The Secure IT part of that slogan refers to securing digital assets by applying additional security layers like multi-factor authentication (MFA) to email, social media accounts, financial accounts, and ecommerce sites. The FBI has issued a warning that cybercriminals are deploying common social engineering and technical attacks to circumvent MFA. Forbes has the details.

Bank testing biometric credit card
To help mitigate the rise in card fraud and streamline card transactions, banks and card issuers are exploring innovative technology to Protect IT by securing card transactions without the use of PINs or swiping a card. Following a successful pilot of a biometric debit card, a U.K. bank is test driving biometric credit cards that will offer contactless payments using fingerprint verification, reports CNBC.

Own IT: Mobile keyless ATM access
Traditional access protocols for ATM top boxes, safes and access doors rely on the need for branch staff, cash-in-transit personnel, or service technicians to carry numerous keys and cards with them, which is not only inefficient but presents a security risk if the keys and cards are lost or stolen. ATM security and access management solutions provider TMD Security has launched a fast, easy, and secure mobile keyless ATM access solution. ATM Marketplace has the details.

On-demand ATM service app
The on-demand mobile app economy has experienced exponential growth, providing services well beyond ride sharing and retail delivery. Nearly every industry is leveraging the technology that gets us where we need to be or brings what we need to us in real-time. New Jersey-based startup Techataclick is launching a mobile app that matches ATM owners with skilled service technicians based on their location. Currently operating in New York and available to select cities in early 2020, the app enables financial institutions and other ATM owners to generate service calls for anything from emergency repairs to regularly scheduled software updates and general maintenance, reports ATM Marketplace.

Central bank digital currency
At a community banking conference last week, Philadelphia Federal Reserve bank president Patrick Harker noted that central bank digital currency is "inevitable," reported Reuters, but Harker indicated that the U.S. should not be the first nation to blaze that trail. In a move that could get the central digital currency ball rolling, Swiss National Bank and the Bank for International Settlements (BIS) are teaming up on a new innovation hub for the world's central bankers to explore blockchain-based digital central currency aimed at facilitating the settlement of tokenized assets between financial institutions. CNBC has the details.

Blockchain boost from bank tech firm
Harnessing the power of innovative distributed ledger technology to provide fast and reliable cross-border payments, fintech firm Finastra has teamed up with blockchain network RippleNet. As a major technology provider to more than 9,000 financial firms, including 90 of the world's 100 largest banks, the collaboration will give Finastra customers access to Ripple's global blockchain payments network and provide Ripple’s more than 200 customers with access to Finastra's network of banks, reports Finextra.

Scoring savings with Credit Karma
For more than a decade, consumer technology platform Credit Karma has provided consumers with free credit scores and personal financial insights. The credit scoring firm has announced plans to expand its services to help its 100 million members not only stay on top of their financial profile, but also save for the future with a high-yield, app-based savings account. The Credit Karma Savings account offers no fees, has no minimum balance requirements, and an APY more than 20 times the national average, reports Mobile Payments Today.

Instant deposits for SMBs
Managing cash flow is one of the greatest challenges many small and mid-sized businesses (SMBs) face. Financial software firm Intuit is launching a new service that will facilitate faster merchant settlement and give SMBs real-time access to their funds. In partnership with Visa's Direct push payments platform, the Instant Deposit service will enable QuickBooks Payments customers to process real-time disbursements from their accounts to an eligible debit card. Zachs has the details.

Open banking for business accounts
In collaboration with open banking software firm Crassula, U.K. fintech Paysend is launching open banking services for businesses. With the Paysend Connect business payment account, companies can open multi-currency business accounts, issue Mastercard corporate cards and initiate SEPA and SWIFT transfers. The innovative account enables businesses to offer fintech solutions to their customers and provides financial institutions and payment service providers with the ability to launch additional fintech services. PYMNTS.com 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...

Ever have the vendor that promises security against every threat but never delivers, or the vendor that claims their product or service can do anything and everything and more? Cybersecurity firm Cynet makes light of the CISO and vendor relationship in a series of humorous videos that explore the challenges nearly all CISOs can relate to.

First published on 10/11/2019

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