Tech Talk: Privacy protections, banking threats, next generation ATM guidance, and more!
- Proposed consumer privacy bill
- DOJ investigating historic ML case
- Android banking threats
- RBS launches digital challenger app
- Robinhood retreats from banking
- Next generation ATM guidance
- Bitcoin ATM compliance and oversight
- Merry mobile payments
- Holiday help from on chatbots
- Spam, Scams & Breaches
- Updates, Patches & Alerts
- and on the lighter side...
Proposed consumer privacy bill
Lawmakers on Capitol Hill have been busy reviewing proposed bills addressing both privacy and security. The Consumer Online Privacy Rights Act (COPRA) introduced November 26 touches on broad cybersecurity requirements for private companies, but its main focus is to establish strict privacy and security rules and a dedicated FTC office to enforce them. The proposed law is designed to prevent companies from mishandling data and engaging in deceptive or harmful data practices. The bill would give individuals explicit rights of access, deletion, correction, and portability over their data and require companies to obtain consent before collecting and sharing sensitive data. JD Supra has the details.
DOJ investigating historic ML case
In what may be the biggest money laundering scheme in history, suspicious payments totaling nearly a quarter of a trillion dollars ($220 billion) flowed from Estonian, Russian, Latvian and other sources through an Estonia branch of Denmark-based Danske Bank from 2007 to 2015, most of which were processed by Deutsche Bank. The U.S. Department of Justice (DOJ) has been working the investigation with Estonian prosecutors for the past year. The DOJ is now looking into Deutsche's role in facilitating the transactions and its possible failure to timely report the suspicious transactions, reports Reuters.
Android banking threats
With a little creativity and a lot of ingenuity, criminals are building banking trojans and outfitting them with innovative features. Security firm ThreatFabric recently discovered an Android banking trojan that has been upgraded from stealing SMS messages to pilfering bank login credentials and credit card data, reports Security Week. App security firm Promon has issued a warning about an Android vulnerability that is being exploited by hackers to steal mobile users' banking credentials and drain their accounts. Help Net Security has the details.
RBS launches digital challenger app
To compete with the growing number of fintech contenders and challenger banks like Revolut, Monzo, N26 and other digital banks in the U.K., Royal Bank of Scotland has launched its own digital bank. Operating under RBS's NatWest brand, the cloud-based mobile-only bank Bo´ (with the Irish fada that makes the O a long vowel) is designed to help users more effectively manage their finances with innovative features including instant transaction alerts, reports IT Pro. New financial services are often targets for fraud as criminals put the security of their systems and controls to the test. Since its public launch last month, the new app-based bank has been actively targeted by fraudsters, reports Finextra has the details.
Robinhood retreats from banking
Following several failed attempts to break into banking, stock-trading app Robinhood is retreating. The fintech has withdrawn its banking charter application filed with the Office of the Comptroller of the Currency (OCC) in April. The fintech startup partnered with several FDIC-insured banks to roll out a high-yield (2.05%) cash management account in October after its attempt to enter the banking space with checking and savings accounts offering 3 percent interest rate in December failed. Business Insider has the details.
Next generation ATM guidance
This year marked the 50th anniversary of the ATM's debut in the U.S. Originally developed to dispense cash, over the past 50 years technology has significantly increased ATM functionality, ease of use and security for customers. With the official end of support date for the Windows 7 OS quickly approaching (January 14, 2020), the industry is preparing for next-generation ATMs. To provide some guidance with regard to hardware and software upgrades and innovative technologies, such as Bluetooth and NFC, the ATM Industry Association (ATMIA) has published a "Next Generation ATM Deployer Guide" for banks and ATM deployers, reports ATM Marketplace.
Bitcoin ATM compliance and oversight
One of the emerging technologies impacting ATMs today and in the future is cryptocurrency and the increased demand for bitcoin ATMs. According to crypto app Coin ATM Radar, the number of bitcoin ATMs in the world has surpassed 6,000. More than half (60%) of those are located in the U.S. Bitcoin ATMs are subject to the same BSA and money laundering rules and reporting requirements traditional banks fall under. While FinCEN governs BSA protocol and enforcement, the primary investigative authority overseeing bitcoin ATMs is the IRS, who has already made it clear that the agency is monitoring bitcoin ATM activity and compliance. ATM Marketplace has the details.
Merry mobile payments
It's the most wonderful time of the year for holiday shopping and consumers making credit card purchases. With the widespread adoption of mobile payments and digital wallets offering quick and easy checkout options in store and online, consumers are less likely to selectively choose which payment card they use and just go with the default card in their app, presenting a challenge for banks to stay "top of wallet," reports CNBC.
Holiday help from chatbots
Amid the hustle and bustle of navigating multiple stores combined with online shopping that now offers a range of various payment options, consumers will unwittingly provide more opportunities for cyber grinches to pilfer payment data from multiple accounts. To keep consumers safe and joyous this holiday season, financial institutions are leveraging the power of AI to provide their customers with 24/7 access to their accounts via chatbots. Banking Dive has the details.
Spams, Scams and Breaches
- Sophos: Hacker jailed for Neverquest banking malware
- Security Week: Hackers pull off $49 Million crypto heist
- Threatpost: New ransomware technique encrypts files without detection
- Krebs on Security: Sale of 4 million stolen cards tied to restaurant breaches
- Threatpost: Magecart groups deploy new skimming/phishing hybrid threat tactic
- Security Week: Dirty RAT malware exterminated by global takedown operation
- Sophos: Russian hacker sentenced to prison for use of NeverQuest banking trojan
Updates, Patches and Alerts...
- US-CERT: Current Activity
- Fox Business: Microsoft fixes login vulnerability
- Security Week: Kaspersky patches several vulnerabilities in web protection features
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...
With less than three weeks to Christmas, it's the most wonderful time of the year as holiday happenings and festive fun is underway. While you're shopping online for the latest geeky tech gadgets, enjoy Comedian Tim Hawkin's parody of a Christmas classic.
First published on 12/06/2019