Tech Talk: Big tech regulation, KYC for corporates, a smart bank, and more!

• Big tech regulation in the U.K.
• CRA branching out to digital footprints
• How a Cyber Grinch stole $100M
• KYC registry for corporate treasurers
• Smart bank launching in Europe
• A digital ID service
• A B2C payments partnership
• Mobile app fraud
• A digital piggy bank
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Big tech regulation in the U.K.
Big tech companies have fallen under intense scrutiny from global lawmakers and regulators for their data use and privacy practices and rising dominance that is negatively impacting fair trade competition. Following a market study interim report published by the Competition and Markets Authority (CMA) outlining new regulatory oversights for the tech sector, the U.K.'s competition watchdog announced that a new technology regulator will be created next year to police companies such as Facebook and Google. PYMNTS has the details.

CRA branching out to digital footprints
Many banking laws and regulations, such as the Community Reinvestment Act (CRA), went into effect long before online and digital banking channels provided banks with the ability to reach consumers beyond their geographical market. Enacted in 1977, the CRA requires financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods. The OCC and FDIC are proposing changes to the CRA that would expand assessment areas to include those outside the bank's physical location, reports Banking Dive .

How a Cyber Grinch stole $100M
The fictitious story of the disgruntled Grinch who disguises himself as Santa and crafts dozens of gadgets that help him pull off his Whoville heist is shared often during this most wonderful time of the year. But very real, modern-day Grinches whose hearts are "two sizes too small" reside across the globe, devising nefarious methods to steal what rightfully belongs to others. The DOJ is offering a $5 million bounty for information leading to the apprehension of the mastermind behind the Evil Corp criminal network that stole roughly $100 million from businesses and consumers. Krebs on Security provides an in-depth look at the back-end operations led by the world's most wanted cyber Grinch.

KYC registry for corporate treasurers
Know Your Customer (KYC) regulations are designed to prevent banks from being used, intentionally or unintentionally, by criminal enterprises for money laundering or other illicit financial activities. The KYC process can be complex and challenging, particularly for corporate treasurers. Global messaging network SWIFT's KYC registry is now available for corporate groups to manage and share KYC data with global partners, reports Finextra.

Smart bank launching in Europe
Smart technology has pervaded nearly every aspect of our lives. There are smartphones, smartwatches, smart glasses, smart TVs, smart homes – and, coming soon to Europe, a smart bank. Data aggregator and financial management service Sync., founded by a former executive from challenger bank Revolut, is launching what the firm asserts is the world's first "Smartbank" that will offer an all-in-one hub enabling instant account opening, the ability to link other financial accounts and cards, and multicurrency exchange payments, reports Finextra.

A digital ID service
The rise in digital and mobile usage and the way individuals and businesses transact across digital and physical worlds has made verifying identities more complex – and more vital – than ever before. Global payments provider Mastercard is testing a new digital ID service that could verify a person’s identity immediately, safely and securely without the need for multiple documents. The data would reside with the user, eliminating the need for a centralized identity database. Help Net Security has the details.

Citi partners with PayPal on B2C payments
In response to the exponential growth in mobile and digital wallets as alternative payment methods for consumers and businesses, Citi has teamed up with leading online payments provider PayPal to enable Citi’s institutional clients to make payments into their customers’ PayPal digital wallets. The payments can be sent to anyone anywhere using only an email or mobile number as opposed to providing bank routing information or other sensitive data. Business Insider has the details.

Mobile app fraud
During the holidays the Salvation Army kicks off its traditional Christmas red kettle campaign to raise funds for housing the homeless, feeding the hungry and helping families overcome poverty. With many consumers no longer carrying cash, the organization is providing cashless payment options via Apple and Google payment apps. The increase in businesses of all types accepting digital payments in lieu of cash is not only appealing to consumers, but also to fraudsters who are targeting mobile payment app transactions. ATM Marketplace has the details and tips for businesses to protect their apps and customer payment data.

A digital piggy bank
For all the boys and girls across the world who save their hard-earned allowance to get the newest toys or latest video games instead of waiting for a delivery from St. Nick, traditional piggy banks are being replaced by mobile budgeting and money management apps for children. Digital bank Revolut is the latest contender getting in on the pocket money market with its upcoming launch of Revolut Youth. Revolut Youth customers (ages 7 to 18) will be secondary users on their parents' account, have their own personal debit card, and can download a child-friendly version of the bank's app. CNN has the details.

Spams, Scams and Breaches

• Sophos: The lifecycle of stolen card data
• CIO Dive: The latest emerging strain of ransomware
• FBI: Prominent estate attorney bilked millions from clients
• Krebs on Security: Ransomware gangs outing victims that don't pay
• Threatpost: Business networks vulnerable to attacks via TP-Link routers
• Engadget: Remote malware controlled by bad actors pilfering card data at gas pumps

Updates, Patches and Alerts...

• US-CERT: Current Activity
• Security Week: Intel patches privilege escalation flaw in RST
• Sophos: Chrome 79 patched after Android WebView app chaos
• Sophos: Google adds Verified SMS and anti-spam feature to Messages app
• Security Week: Vulnerability related to processing of archive files patched in Drupal

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...

Technology is helping homeowners not only deck the indoor halls but also engineer impressive outdoor light displays with remote control features. For some, displaying their Christmas spirit becomes a competitive sport between neighbors. Next, check out BOL Guru Andy Zavoina's annual gift wrapping guidance.