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Tech Talk: CBDCs and crypto, ATM attacks, bundled tech for banks, and more!

  • A hypothetical digital currency
  • OCC projects crypto's future in banking
  • Scammers cash out at Santander Bank ATMs
  • Stronger defense at ATMs is needed
  • Bank trojan rebooted with updates
  • Amex acquires fintech lender
  • Bundled tech for community banks
  • A digital accounting platform for SMBs
  • Samsung and Curve team up on digital wallet
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

A hypothetical digital currency
While the debate over establishing a fed-created Central Bank Digital Currency (CBDC) in the U.S. has been ongoing, China is planning a major expansion of testing for its central bank-led digital yuan dubbed DC/EP (digital currency/electric payment). Not rushing the development of a CBDC in the U.S. without a greater understanding of the widespread implications of digital currencies, the Federal Reserve Bank of Boston is taking a more conservative approach on CBDCs. The Fed has partnered with the Massachusetts Institute of Technology (MIT) to develop a "hypothetical" digital currency platform to explore the opportunities and limitations of the technology. Banking Dive has the details.

OCC projects crypto's future in banking
Last month, the Office of the Comptroller of the Currency (OCC) gave banks the green light to provide cryptocurrency custody services for customers. In a recent podcast interview, OCC's chief Brian Brooks took a stand for a decentralized system of payment rails led by companies versus one that is government-owned. Brooks predicts that banks will be connecting to blockchain in three to five years the way they now connect to the SWIFT financial network and that stablecoin will be a game changer, reports Banking Dive.

Scammers cash out at Santander Bank ATMs
More than 100 alleged scammers were arrested in several Northeastern states this week following a software "glitch" that allowed them to cash out at Santander Bank ATMs using fake or valid preloaded debit cards to withdraw more funds than the cards were storing. A video providing details about how to hack the bank's ATMs went viral on social media before local authorities were able to intervene and the bank shut down all their ATMs. Details about the vulnerability were shared or sold among members of ATM and banking fraud groups for days, reports ZDNet.

Stronger defense at ATMs is needed
In response to today's emerging cyber threats, enterprises are constantly reevaluating their cybersecurity strategies for early detection of network attacks and rapid response. While ATM hackers are deploying more sophisticated malware attacks to cash out at ATMs, there hasn't been much innovation in threat mitigation measures to protect ATMs. Security researchers at last week's Black Hat and Defcon security conferences explored recent evolutions in ATM hacking and analyzed two different ATM jackpotting techniques that exploit vulnerabilities in the digital systems used to manage an ATM's services. Wired has the details.

Bank trojan rebooted with updates
For what was a brief respite before the global pandemic sent shock waves across the world, we weren't hearing quite as much about banking trojans. But like many other criminals leveraging the COVID crisis, threat actors deploying trojans have come out in full force and stepped up their game. Security firm Juniper Networks has identified a phishing campaign targeting business users that uses a tricked-out version of the IcedID banking trojan targeting businesses with new evasive techniques, reports Threatpost.

Amex acquires fintech lender
Global financial services provider American Express (Amex) has announced its acquisition of fintech lending platform Kabbage. Amex will take on the digital lender's team, products, data, and other small business products that include flexible lines of credit, online bill payment, cash flow visualization tools, e-gift certificates, and the company’s recently launched checking account for mom and pop businesses. The acquisition will enable Amex to offer a broader set of cash flow management tools and working capital products to its small business customers. TechCrunch has the details.

Bundled tech for community banks
Without the budget and resources that big banks have, community banks and other smaller institutions often lag in their efforts to remain competitive in today's digital banking game. With the global pandemic highlighting the growing demand for more innovative solutions, fintech leader FIS is offering community banks pre-integrated bundle of technologies in an affordable, subscription-based model. With ClearEdge from FIS, banks can choose from packaged solutions that include core processing, payment processing, digital functionality, and more. Business Wire has the details.

A digital accounting platform for SMBs
With banking services and payments rapidly shifting from physical transactions to online amid the global pandemic, banks are extending a helping hand to their small business customers who need to adapt during these unprecedented times. In partnership with financial accounting firm Autobooks, TD Bank is launching an online accounting and integrated payment service for its small business customers. The self-service, digital onboarding platform will accelerate transaction settlements from credit cards and electronic payments, reports ATM Marketplace.

Samsung and Curve team up on digital wallet
South Korean-based tech giant Samsung has teamed up with British fintech firm Curve to launch a new Mastercard Pay Card in the U.K. The Samsung Pay Card lets users consolidate multiple existing bank cards into a single card and digital wallet. The partnership also offers Pay Card users access to other Curve features, such as their "Financial Time Travel" option that allows users to retroactively switch the card they initially paid with to a different card within a designated time frame. TechCrunch 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...

Some people are technically-challenged while others are natural or seasoned tech wizards. When the CEOs of four of the largest tech companies had to rely on technology while testifying in front of the House Judiciary Committee recently, even these high-powered techies struggled with awkward moments and technical difficulties.

First published on 08/21/2020

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