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Tech Talk: Cyber fraud task force, risky digital currency, innovative card solution, and more!

  • New cyber fraud task force
  • Bank trojan group goes global
  • Major jackpotting attack hits Belgium bank
  • Stable but risky digital currency
  • The social impact of Bitcoin ATMs
  • A bank-branded AP solution
  • SoFi's second attempt at bank charter
  • Railbank branches out and debuts innovative card solution
  • Fintech launches advanced mobile bank app
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

New cyber fraud task force
The convergence of traditional financial crime and cybercrime requires new approaches and strategies to prevent, detect, and mitigate these growing crimes. To improve data sharing, interoperability, and the development of investigative skills, the U.S. Secret Service has launched a Cyber Fraud Task Force (CFTF). The CFTF combines the agency's Electronic Crimes Task Forces (ECTFs) and the Financial Crimes Task Forces (FCTFs) into a single unified network to help identify and prosecute those who commit these crimes. Security Week has the details.

Bank trojan group goes global
While some criminals are satisfied sticking with their status quo, those with more of an entrepreneurial spirit will ramp up their techniques and expand their target market. A group of Brazilian cybercriminals behind four banking Trojans collectively dubbed "Tetrade" have taken their malicious activities global. Security firm Kaspersky’s researchers report that the Tetrade group has begun targeting users in North America, Europe, and Latin America. Finextra has the details and tips to protect your financial institution from these threats.

Major jackpotting attack hits Belgium bank
Even with all the innovative new ways criminals have devised to steal from banks, ATM jackpotting attacks – installing malware that forces the machines to dispense cash – remains an ongoing threat for banks across the world. Belgium's Argenta bank was forced to shut down 143 of their ATMs following jackpotting attacks that targeted older ATM models the bank had scheduled for replacement, reports ATM Marketplace.

Stable but risky digital currency
Facebook's Libra currency project and other cryptocurrency movements have garnered the attention of regulatory watchdogs who are weighing the benefits and risks of these emerging "stablecoins." Last year, the international G20 (Group of 20) forum called on the Financial Action Task Force (FATF) to look into these cryptocurrencies. In its report, the FAFT notes that stablecoins have the potential to spur innovation and improve financial inclusion but warns that they could be attractive to criminals and terrorists if they reach mass-adoption. The agency notes that putting suggested revised standards into place can mitigate the risks, as long as the crypto coins are centralized, reports Finextra.

The social impact of bitcoin ATMs
At a time when cash has become king and the U.S. coin shortage has stirred up the controversial "cashless society" debate, Bitcoin ATMs have grown increasingly more popular. This is particularly the case among the underbanked and those in low-income communities who transact primarily in cash and use the cryptocurrency machines to transfer money, pay bills, and more. Bitcoin ATMs have come under greater scrutiny by the U.S. and other countries for tax and AML purposes. In light of current world events that highlight the need for financial inclusion, legislatures and the industry may need to acknowledge the social impact of Bitcoin ATMs. ATM Marketplace has the details.

A bank-branded AP solution
More than ever before, the global pandemic is driving the need for businesses to automate manual processes. To help meet the growing demand for B2B payment automation and enable banks to easily connect payment and treasury platforms to their corporate customers' AP or ERP system for electronic payments, Regal Software has rolled out a cloud-based, ERP-integrated solution for B2B payments. With RegalPay, financial institutions can offer their corporate customers an automated AP technology that includes a bank-branded virtual card, reports

SoFi's second attempt at bank charter
Fintech startup Social Finance Inc, aka SoFi, is making another run at becoming a bank. SoFi submitted an application to the OCC for a proposed de novo national bank that will be based in Utah to deliver a more complete suite of deposit products to its members. By funding its lending activities in part with deposits, the fintech asserts that it will be able to compete on a more 'level playing field' with bank competitors. Banking Dive has the details.

Railbank branches out and debuts innovative card solution
A London-based fintech has not only branched out into the U.S. with its open banking platform but has also introduced the first-of-its-kind Credit Card as a Service (CCaaS) solution. Railbank's CCaaS technology is designed to enable fintechs to enter the U.S. credit card market easier, faster, and cheaper. The fintech has already lined up its first CCaaS customer. San Francisco-based Unifimoney, a neobank that caters to high-earners, will launch its Unifimoney credit card later this year as an integrated part of its single mobile account. Finextra has the details.

Fintech launches advanced mobile bank app
Fintech lending firm MoneyLion has partnered with South Dakota-based federally chartered savings bank MetaBank and global payments giant Mastercard to launch an advanced mobile banking service called RoarMoney. The on-demand deposit account offers consumers early payday deposits, near real-time transaction alerts, Tap & Go contactless payments, cashback rewards, and a full array of personal financial management tools. PR Newswire 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...

If you've ever had to interview a suspected thief, you know how the conversation can become convoluted – much like it does in this skit when Sgt Joe Friday, aka Jack Webb, puts Johnny Carson through a line of questioning about a Copper Caper.

First published on 07/17/2020

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