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Tech Talk: A cyber threat alert, PPP funding and fraud prevention, robocall exemption, and more!

Stimulus payment pandemonium
U.S. issues cyber threat alert
FRB on phishing mitigation measures
Risky communication platforms
Fintechs approved for PPP funding
Crisis Small Business Lending app
OCC hosting PPP fraud prevention session
Banks call for robocall exemption
Innovative online banking platform
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

Stimulus payment pandemonium
Pandemonium broke out this week as millions of government relief stimulus payments were released by the IRS. Banks across the nation experienced online banking outages, making it difficult, or in some cases impossible, for many Americans to check their accounts, reported CNET. When some individuals logged into the IRS’s "Get My Payment" app to check on their payments, they discovered the funds had been sent to an outdated or incorrect account number, according to The New York Post. For the many Americans who either didn't file a tax return or whose account information has changed, the IRS set up a website for them to enter new bank account information. However, due to the portal's lax identification requirements, thieves may be able to intercept the stimulus payments. Krebs on Security has the details.

U.S. issues cyber threat alert
A joint alert has been issued by the U.S. Departments of State, Homeland Security, Treasury Department, and the FBI warning of an increase in cyber threats from North Korea that pose a "significant threat" to the global financial system. The Guidance on the North Korean Cyber Threat alert highlights the country's malicious activities that include stealing from financial institutions, identifies resources that provide technical and threat information, and includes recommended measures to counter the threats. Finextra has the details.

FRB on phishing mitigation measures
The global crisis that has sparked a "new normal" in the way businesses operate creates a perfect storm for criminals who prey on fear and vulnerability. The surge in remote workers has led to a marked increase in scams and fraud. One cybersecurity firm reports a more than 500 percent increase in phishing attacks directly related to work from home individuals, reports CNN . The Federal Reserve Bank reminds banks that staff must be properly trained to recognize emerging phishing scams and remain constantly vigilant to avoid being reeled in by fraudsters. The FRB has issued some tips to help banks comply with the agency's security standards and protect their institution against phishing attempts. FRB Services has the details.

Risky communication platforms
The global pandemic has forced individuals and businesses all over the world into unfamiliar territory, with employers navigating the challenges of employees working or servicing customers remotely. For banks that have to adhere to strict regulations, one of their primary concerns with remote workers is cybersecurity and protecting customer data. Due to security issues impacting two of the leading communication platforms, global bank Standard Chartered has advised its employees not to use Zoom or Google's Hangout video conference platforms during the coronavirus pandemic, reports Reuters.

Fintechs approved for PPP funding
In response to the devastating impact COVID-19 has had on America's small businesses, banks across the country have been scrambling to distribute funds to applicants taking advantage of the federal government's $350 billion Paycheck Protection Program (PPP). Last month, fintech trade group Financial Innovation Now (FIN) – which represents Square, PayPal, Intuit, and Stripe – sent a letter to Congress asking that its members be included in the emergency funding program. The Small Business Administration has approved fintech firms PayPal and Intuit as providers to approve and distribute PPP funds, reports ATM Marketplace has the details.

Crisis Small Business Lending app
To help financial institutions manage the thousands of emergency loan applications pouring in from small businesses seeking COVID-19 financial relief, software firm Pegasystems has launched a Crisis Small Business Lending reference app that leverages case management and automation to speed the loan process and reduce the burden on bank staff. Available to the firm's Pega clients, the platform comes with prebuilt templates reflecting new U.S. and U.K. crisis loan guidelines and is configurable in just days. Finextra has the details.

OCC hosting PPP fraud prevention session
Small businesses aren't the only ones looking to take advantage of government relief programs. With millions of PPPP loans being processed, a number of those will be potentially fraudulent applications submitted by criminals or others attempting to defraud the government. To facilitate discussion around solutions that will enable lenders and other financial entities to more effectively identify fraudulent uses of the PPP, including loan stacking (receiving PPP loans from more than one lender), the OCC is hosting a Fraud Identification listening session on April 20. OCC.gov has the details.

Banks call for robocall exception
The 1991 Telephone Consumer Protection Act (TCPA) was enacted to safeguard consumer privacy and restrict telemarketing communications via auto-dialed and prerecorded calls to wireless phones and automated SMS text messages. Banks who violate the TCPA could face fines of $500 or more. Banking trade groups are urging the FTC to make an emergency exception during the global coronavirus pandemic so that banks can quickly disseminate calls to their customers related to fraud alerts, data breach notifications, servicing calls, and loans. Banking Dive has the details.

Innovative online banking platform
The current COVID-19 pandemic has Americans staying home and relying on technology more than ever before for practically all their needs, including accessing their financial accounts. Digital bank Quontic has teamed up with banking technology firm MANTL to offer Quontic customers an enhanced digital deposit platform that allows them to open an account in less than three minutes and earn high interest rates. Finextra 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...

During the global pandemic, nearly all meetings are being held virtually. Imagine the constant beeps, the awkward pauses, and the guy who forgets to use the mute button as it might play out in a conference call in real-life.

First published on 04/17/2020

Briefing type:

Tech Talk

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