Tech Talk: Cyber warnings, biometric authentication, digital AP solution, and more!

• Cyber warnings for the financial sector
• Bank trojan targeting U.S. banks
• Behavioral biometric authentication
• Fast forwarding fintech innovation
• Instant pay by bank account
• Digital AP payments platform
• PPP assistance for gig workers
• Universal payment ID
• Crypto prepaid Mastercard
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Cyber warnings for the financial sector
Last week, the FBI issued a warning about malicious cyber actors targeting mobile banking apps in an attempt to steal money due to the exponential rise in online banking spurred by the coronavirus pandemic. While criminals have set their sights on the financial sector long before online or mobile banking, the spike in attacks related to the COVID-19 crisis has highlighted the cyber risks. This week, a House Financial Services subcommittee received a dire warning about the danger of hackers zeroing in on financial institutions as prime targets during the COVID-19 pandemic. In response, the Subcommittee on National Security, International Development, and Monetary Policy rolled out proposed legislation aimed at addressing fraud and cybersecurity vulnerabilities. The Hill has the details.

Bank trojan targeting U.S. banks
In his 1951 farewell address to the U.S. Congress, General Douglas MacArthur said, "old soldiers never die; they just fade away." The same can be said for trojans and other malicious malware, such as the bank keylogging malware Qbot, which has been around more than a decade. After fading away for a while, the bank trojan has resurfaced with new evasion techniques that mask its code from scanners and signature-based tools. Getting in on the phishing action that has spiked during the COVID crisis, Qbot is targeting major U.S. banks, including JPMorgan, SunTrust, Capital One, and Bank of America. SC Magazine has the details.

Behavioral biometric authentication
Faced with increased risks, banks are exploring innovative ways to strengthen security and enhance the customer experience. One of the U.K.'s major retail banks, NatWest, has partnered with global payments provider Visa to test behavioral biometrics to authenticate payments and comply with new Strong Customer Authentication (SCA) requirements that are part of the PSD2 regulation. Designed to prevent payment fraud by authenticating the cardholder, the technology analyzes the unique ways a customer interacts with their device when making an online purchase. Finextra has the details.

Fast forwarding fintech innovation
The COVID-19 pandemic has dealt a devastating blow to New York since the state's first case was confirmed in New York City in March. By May, New York City had more confirmed cases than any country other than the United States. To encourage fintech innovation for the post-COVID economic recovery as the state slowly and cautiously begins to reopen, the New York Department of Financial Services (DFS) has launched DFS FastForward, a new program to support and assist fintech firms and other innovators with regulatory compliance. Bloomberg Law has the details.

Instant pay by bank account
While the open banking movement is providing consumers with greater access and control over their finances, it has presented some challenges for merchants. To simplify the process for its Worldpay merchant clients and their consumers, financial technology provider FIS has launched an Open Banking Hub that enables online shoppers to pay for purchases directly from their bank account, without having to enter payment card or account information into a third party site. Users can even view their bank account balance during online checkout, reports Business Wire.

Digital AP payments platform
During these unprecedented times, finance teams have faced new challenges related to working remotely, particularly with regard to manual AP processes. To help businesses operate more efficiently during and after the COVID crisis and to mitigate fraud risks, accounts payable software provider Nvoicepay and AP automation solutions provider Beanworks have teamed up to deliver a digital AP payments platform that enables organizations and their suppliers to electronically manage payments and securely from anywhere, reports ATM Marketplace.

PPP assistance for gig workers
Businesses across the country have been impacted by the COVID pandemic. While many of those businesses have taken advantage of government-funded economic relief programs, independent contractors, such as Uber and other delivery drivers, face unique challenges qualifying and applying for assistance and loans. Fintech lender Kabbage has extended a helping hand to those gig workers with a streamlined PPP (Paycheck Protection Program) application process via the Kabbage app, reports Banking Dive.

Universal payment ID
A newly-formed Open Payments Coalition made up of more than 40 fintech firms, digital currency companies, and nonprofits teamed up to make transferring money as easy as sending an email. The group has launched PayID, a universal payment ID that will enable customers to send and receive money across any digital payment network without using a credit card or bank account number. The network complies with relevant federal and international regulations regarding money transfers and satisfies both FinCEN requirements and FATF recommendations. PYMNTS.com has the details.

Crypto prepaid Mastercard
The use of Bitcoin and other cryptocurrencies has been steadily on the rise. According to Statista.com, the number of Blockchain wallets users was over 47 million at the end of March. To further drive adoption and purchasing power of cryptocurrency, global blockchain payments provider BitPay has launched the first-of-its-kind crypto prepaid Mastercard. The card enables customers to convert cryptocurrency instantly into fiat currency and use it for online purchases or anywhere Mastercard debit is accepted. The card can also be used to withdraw cash from ATMs. ATM Marketplace has the details.

Spams, Scams, and Breaches

• ZDNet: Italian cyber company provided malware services to criminals
• Sophos: MS Azure users leave front door open for cryptomining crooks
• Help Net Security: Cybercriminals banking on finance: Mitigating escalation
• Security Week: CIA unit that develops hacking tools lacked proper security
• FBI: Tech company helped FBI identify and arrest hacker who stole their data
• Security Week: Oracle e-business suite vulnerability puts corporate financial records at risk

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• Security Week: Intel outfits CPUs with malware protection
• Threatpost: Adobe patches 18 critical flaws in out-of-band update
• Security Week: Drupal patches code execution flaw and other vulnerabilities
• Bleeping Computer: Cisco fixes severe flaws in Webex Meetings for Windows, macOS

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...

Since the Great Depression, the world has seen awesome advances in science and technology that make our everyday lives so much better. Comedian Gary Gulman shares some insights into today's fast-paced world and how things have changed over the years.