Tech Talk: Regulators launch tech programs, personal banker bars, ATM biometrics, and more!

• Regulators launch tech programs
• Technology facilitator tellers
• ATMs vulnerable to attack
• COVID-related breach bubble
• Global innovation hub
• Cash via the palm of your hand
• Open banking payments platform
• Fintechs offer credit-boosting services
• Stripe beefs up business services
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Regulators launch tech programs
Financial institutions submit quarterly reports to the FDIC for the agency's use in monitoring the condition, performance, and risk profile of their institutions and the industry as a whole. In an effort to modernize the age-old quarterly reporting system, the agency that oversees thousands of U.S. banks has launched a competition for 20 data and technology firms to develop a method that provides the regulators with more timely and targeted information on banks’ deposits and credit exposure, reports Banking Dive. To improve consumers' understanding of financial services, reduce regulatory burden, and explore technological solutions to common challenges, the CFPB (Consumer Financial Protection Bureau) has kicked off a Tech Sprints program for industry stakeholders to collaborate on innovative products and services. The CFPB has the details.

Technology facilitator tellers
The global pandemic has driven the demand for digital banking as shutdowns across the country forced consumers to manage their finances online or via mobile devices. As banks and other businesses begin to reopen, the trend toward digital banking is expected to continue. The U.S. subsidiary of Spanish multinational bank BBVA is training tellers to serve as technology facilitators in new (and existing) branches. Instead of traditional teller lines, the branches will feature "personal banker bars" manned by employees who can onboard customers to digital channels and originate accounts, reports Banking Dive.

ATMs vulnerable to attacks
Malware and other attacks targeting ATMs have evolved over the years. ATM jackpotting attacks – when bad actors deploy malware to force ATMs to dispense cash – have grown in popularity. According to an analysis conducted by enterprise security firm Eclypsium last year, 40 device drivers made by 20 companies that are found on ATMs and POS systems contained serious vulnerabilities that could be exploited to deploy persistent malware attacks, such as jackpotting. This week, the firmware security company issued a warning that vulnerabilities in Windows drivers used in ATMs can facilitate malicious attacks. Security Week has the details.

COVID-related breach bubble
Three hundred years ago the British Parliament passed what became known as the Bubble Act in response to the notorious South Sea economic bubble that ruined thousands of investors. With the COVID-19 pandemic causing a steep decline in demand for stolen card-present data on the dark web and increased demand for compromised card-not-present data, fraud experts predict we may be experiencing a breach bubble that is likely to pop, reports Krebs on Security.

Global innovation hub
To advance work on issues of importance to the central banking community, such as digital currency, digital payments, cybersecurity, distributed ledger technology, and artificial intelligence, the BIS (Bank for International Settlements) is expanding its Innovation Hub to other countries and will form a strategic partnership with the U.S. Federal Reserve System. The hubs were established to foster international collaboration on innovative financial technology, spot emerging trends, and formulate policy responses. Finextra has the details.

Cash via the palm of your hand
Palm readers have been predicting the future for thousands of years by reading what they claim to be a "wealth of information" in a person's hand. For consumers who want cash in hand more than knowing what lies ahead in their personal or professional lives, Japanese technology firm Fujitsu has outfitted Hyosung ATMs with PalmSecure biometric authentication that can read palms and accurately predict that the user will walk away with cash – legally, of course. ATM Marketplace has the details.

Open banking payments platform
Five years ago, Europe adopted PSD2 (Payment Services Directive) standards to create a more integrated European payments market and enhance the safety and security of electronic payments. Also commonly known as Open Banking, the trend has gained significant momentum and is one of the most important trends in the industry today as banks across the globe open their systems and their data to third-party providers. UK-based data aggregator Bud has launched an open banking and PSD2 payment API that enables users to initiate payments directly from their bank account. Finextra has the details.

Fintechs offer credit-boosting services
Good credit scores are needed to purchase many financial products and services. With unemployment at an all-time high and many consumers struggling financially during these unprecedented times, having access to credit and other financial services is vital. Two fintech firms have launched credit-boosting products aimed at consumers with subprime credit histories. Challenger bank Chime has launched a Credit Builder credit card that is funded from the customer's spending account and is automatically paid off at the end of each month. Tech giant Apple has debuted a Path to Apple Card initiative that provides rejected Apple Card applicants with suggestions for how to boost their credit and get approved. Banking Dive has the details.

Stripe beefs up business services
Stripe – the payments processing platform that enables companies around the world to accept payments – is leveraging the impact the coronavirus pandemic has had on E-commerce to provide its business users with additional services. San-Francisco-based payments startup is rolling out new products and changes aimed at helping businesses manage recurring billing subscriptions and increase their ability to pay with international bank debits. PYMNTS.com has the details.

Spams, Scams, and Breaches

• Sophos: Secure DNS scam targeting website owners
• Threatpost: Spyware campaign sets its sights on Android devices
• Wired: Beware: New Mac malware with ransomware, data theft capabilities
• Help Net Security: BEC attacks related to invoice or payment fraud are up 200%
• Security Week: Russian hacker sentenced to 9 years for $20M in credit card fraud
• Security Week: Stolen data on tens of millions of people emerges on the Dark Web

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• Security Week: Cisco patches vulnerabilities in small business routers, switches
• Beta News: Firefox 78 and Firefox 78 ESR unveil new privacy protection features
• Threatpost: Microsoft Releases Emergency Security Updates for Windows 10, Server
• Help Net Security: Palo Alto Networks firewalls and VPN appliances open to attack, patch ASAP!

California Consumer Privacy Act officially began Wednesday despite the lack of a final, codified version of the regulation.

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...

Cashless transactions are growing in popularity. For your next game night, grab the new version of a classic game that replaces paper money with a voice-controlled AI banker. The cashless Voice Banking Monopoly takes the responsibility of handling money away from the players and keeps tabs on players' money and properties without the need for "cash" or cards.