Tech Talk: Pandemic, payments and phishing, fintech for SMBs, and more!

• Pandemic, payments, and phishing
• Withdraw the card, not the ATM
• Digital piggy bank heist
• Checking for push payment fraud
• Old trojan learns new tricks
• B2B2C banking services
• Innovative fintech for SMBs
• Digital-first pros and cons
• Libra revamp for regulators
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Pandemic, payments, and phishing
Appearing in nearly every news headline and on the top of everyone's minds is the growing concern (and fear) surrounding the Coronavirus (COVID-19) pandemic that began in China and is spreading around the world. The crisis is impacting the global economy and every industry – including the financial industry. The World Health Organization has issued a warning that COVID-19 could be spread via banknotes that can carry the virus for weeks and is advising consumers to consider using contactless payments, reports Finextra. The widespread hysteria generated by this type of global crisis creates the perfect storm for cybercriminals who prey on fear. According to cybersecurity firm Check Point, more than 4,000 coronavirus-related domains have already been registered by scammers hoping to spread their nefarious computer viruses via email and phishing schemes. Vox has the details.

Forego the card, not the ATM
Despite the predictions that cash is becoming obsolete, many consumers still access ATMs to withdraw cash and perform basic account transactions. To meet the growing demand for cardless cash access – particularly at a time when consumers are not only concerned about exposure to ATM skimming and fraud but also physical health risks – banks and ATM deployers can leverage the latest ATM technology to maintain ATMs as a relevant and safe banking channel. ATM Marketplace has the details.

Digital piggy bank heist
Technology has changed the way society does nearly everything, including how consumers are saving their pennies for a rainy day. Ceramic piggy banks and savings jars have been replaced with digital piggy banks, such as Loqbox – a free service that lets consumers take out a "loan" they can't touch and rack up savings (and boost their credit rating) by paying it off. The risk consumers take with digital savings (or anything digital these days) is unauthorized access by nefarious actors. Hackers have pulled off a digital piggy bank heist targeting the U.K. fintech firm, stealing customers' sensitive personal data and partial bank account and card number details. Infosecurity has the details.

Checking for push payment fraud
Authorized Push Payment (APP) fraud – when fraudsters trick consumers or corporate employees into sending bank transfer payments under false pretenses – is on the rise around the world as criminals deploy sophisticated tactics that appear legitimate to victims. Banks are stepping up their efforts to mitigate APP fraud. In the U.K., a new name checking service designed to mitigate push payment scams has been implemented by the Bank of Scotland. The service that verifies the name on the transfer matches that on the account number before a transfer is completed will be adopted across the industry by the end of March. Finextra has the details.

Old trojan learns new tricks
When it comes to teaching an old dog new tricks, malware authors are the masters. Bred in 2016, the TrickBot banking trojan has constantly evolved over the years with new tricks designed to enhance its functionality. The latest tricks added to the malware's arsenal of malicious tools is the addition of a Windows 10 ActiveX control to execute malicious macros in boobytrapped documents. Threatpost has the details.

B2B2C banking services
A fintech startup still in its growth stage that offers a B2B2C (business to business to consumer) cloud-based platform of banking services has raised $83M in funding. Thought Machine, currently operating in Europe and Asia, powers a full range of banking services for financial firms of all sizes. Their VaultOS platform enables banks and other financial services firms to migrate into the next generation of consumer banking services and banking infrastructure. The additional financing will help boost the startup's activities in the U.S., including opening an office in the States later this year. TechCrunch has the details.

Innovative fintech for SMBs
According to the U.S. Small Business Administration, there are 30.2 million small businesses (fewer than 500 employees) in the United States, which account for 99.9 percent of all business in the U.S. That is huge market potential for the financial services industry, which is experiencing a new wave of fintech innovation tailored for SMBs, reports Banking Dive. Online lending provider Kabbage is one of the many fintech firms expanding its reach in the small business market with its newly launched financial management platform tool, Kabbage Insights, which leverages machine learning to provide small businesses with a snapshot of their cash flow. Banking Dive has the details.

Digital-first pros and cons
As consumers increasingly turn to digital banking options, many banks are adopting a digital-first strategy to enhance the customer experience and improve operating efficiencies. Transforming to digital-first banking offers many benefits for both customers and financial institutions in the form of more personalized services and improved branch effectiveness. There are inherent challenges to consider when formulating a digital-first strategy, including competing with innovative fintechs, regulatory obstacles, and new avenues for fraud – all of which drive up adoption-related costs. PYMNTS.com has the details.

Libra revamp for regulators
Facebook's intended launch of its Libra cryptocurrency project in 2019 was derailed by intense regulatory pressure and political pushback. As the old adage goes, "If at first you don't succeed...," the social media giant is back at it with a revamp of its digital payments strategy. Reports have surfaced that the Libra project will support multiple digital coins and existing government-backed currencies, i.e., the US dollar and the euro, in addition to the proposed Libra token. Bloomberg has the details.

Spams, Scams and Breaches

• DOJ: New National Elder Fraud Hotline
• Sophos: Tech support scammers hacked
• Security Week: Mobile payment fraud is on the rise
• Krebs on Security: Beware risky browser extensions
• Sophos: Phishing scam spoofs payment firm Stripe emails
• Threatpost: Recycled macOS malware targets Apple devices

Updates, Patches and Alerts...

• US-CERT: Current Activity
• ZDNet: Android security: Google patches a dangerous flaw in these phones
• Security Week: Patches Released for WordPress Plugin Vulnerabilities Exploited in Attacks

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 increasingly being leveraged to automate many everyday tasks at home, work and even in the vehicles we drive. In some cases, these forward-thinking features come in handy just when we need them most.