Tech Talk: ATM attacks, fraud prevention, progressive vs. traditional banks, and more!
- Manual processes hinder growth
- Avoid a one-size-fits-nobody digital approach
- 'Death by a thousand FinTech cuts'
- Progressive vs traditional banks’ digital progress
- Preventing digital fraud with AML
- Fraud prevention at banks with AI and ML
- “Chain Gang” destructive attacks on ATMs
- Accelerating the path to cashless societies
- What's on the horizon for ATMs?
- Spam, Scams & Breaches
- Updates, Patches & Alerts
- and on the lighter side...
Manual processes hinder growth
There are many high-profile examples of financial firms losing millions, and sometimes billions, of dollars as a result of flawed manual processes, further emphasizing the need for establishing user-driven data control and automation. FinTech Futures has the details.
Move away from a one-size-fits nobody digital approach
Banks must embrace a human-centric approach, offering a wider range of services that meet customer needs – or risk losing those relationships to challengers. Finextra has the details.
'Death by a thousand FinTech cuts'
Big banks have a big problem in the form of encroaching FinTechs looking to cut into their massive consumer bases with specialized services and new efficiencies targeted at the underserved consumer, a group that is much larger than many realize. PYMNTS.com has the details.
Progressive vs traditional banks’ digital progress post Covid-19
Providing a view into the status of financial institutions digital transformation across the US, tech consultancy CCG’s recent survey ‘The Banking Battleground: Views From the C-Suite’ considers the attitudes and capabilities of banks toward digital in a post-pandemic world. Using a set of criteria the report split respondents into two groups, traditional and progressive, and analyzed how the different groups approach the market and positions themselves for the future across four areas. Finextra has the details.
Preventing digital fraud with AML
Threats of digital financial fraud and business money laundering are becoming deadlier for institutions. Look at how implementing innovative AML technologies and solutions such as watchlist screening can help FIs and businesses protect against these and other financial crimes while keeping up with ever-changing regulatory requirements. PYMNTS.com has the details.
Fraud prevention at banks with AI and ML
Cybersecurity is of the utmost concern for financial institutions (FIs) of all types. One survey found that 47 percent of businesses around the world have reported being victimized by digital crime within the past two years, with losses totaling $42 billion. What can you do? PYMNTS.com has the details.
“Chain Gang” destructive attacks on ATMs
Last summer, financial institutions throughout Texas started reporting a sudden increase in attacks involving well-orchestrated teams that would show up at night, use stolen trucks and heavy chains to rip Automated Teller Machines (ATMs) out of their foundations, and make off with the cash boxes inside. It's become a trend. Krebs on Security has the details.
Mobile wallets are accelerating the path to cashless societies
Back in 2019, mobile wallets overtook credit cards to become the most widely used payment type globally and the report reveals that the Coronavirus pandemic has only accelerated adoption further. The Fintech Times has the details.
What's on the horizon for the ATM world?
ATMs went through a challenging year in 2020, but as the industry comes out of the pandemic, a question emerges: What's on the horizon? ATM Marketplace has the details.
Spams, Scams, and Breaches
- PYMNTS.com: FTC: Americans Lost Nearly $500M To COVID Fraud
- SecurityWeek.Com: Coinbase Users Face Ongoing Phishing Attacks
- PaymentsSource: Credit washing scams harm lenders and honest borrowers
- SecurityWeek.Com: Emails Offering Kaseya Patches Deliver Malware
- TechRepublic: Warning: 1 in 3 employees are likely to fall for a phishing scam
- Banking Dive: Morgan Stanley falls prey to lingering effects of Accellion breach
- Help Net Security: What is the cost of an insider data breach?
- SecurityWeek.Com: Fashion Retailer Guess Notifies Users of Data Breach
- TechRepublic: New phishing attack SpoofedScholars targets professors and writers specializing in the Middle East
- CNET: Beware verification scams on Instagram, Facebook and Twitter: 'Red flags going off'
- TechCrunch: Breach simulation startup AttackIQ raises $44M to fuel expansion
- TechRepublic: 600 million LinkedIn members scraped, data offered up for sale on hacker forum
Updates, Patches, and Alerts...
- US-CERT: Current Activity
- Krebs on Security: Microsoft Patch Tuesday, July 2021 Edition
- SecurityWeek.Com: SonicWall Warns of Imminent Ransomware Attacks Targeting Firmware Flaw
- Threatpost: Updated Joker Malware Floods into Android Apps
- Dark Reading: Targeted Attack Activity Heightens Need for Orgs to Patch New SolarWinds Flaw
- Threatpost: Kaseya Patches Zero-Days Used in REvil Attacks
- SecurityWeek.Com: Lenovo Working on Patches for BIOS Vulnerabilities Affecting Many Laptops
- Threatpost: Critical RCE Vulnerability in ForgeRock OpenAM Under Active Attack
- SecurityWeek.Com: Microsoft Patches 3 Under-Attack Windows Zero-Days
- Threatpost: Unpatched, Critical RCE Bug Allows Utility Takeovers
- SecurityWeek.Com: Cisco Patches High Severity Vulnerabilities in BPA, WSA
- Threatpost: WordPress File Management Plugin Riddled with Critical Bugs
- CNN: Microsoft "PrintNightmare" security flaw: Here's what Windows 10 users need to know
- The Fintech Times: Academy for Women Entrepreneurs Search for Second Cohort in UAE
- Threatpost: Microsoft Office Users Face Malware-Protection Bypass
- SecurityWeek.Com: Critical Vulnerability Can Be Exploited to Hack Schneider Electric's Modicon PLCs
- Help Net Security: SolarWinds patches zero-day exploited in the wild (CVE-2021-35211)
- SecurityWeek.Com: ForgeRock AM Vulnerability Exploited in Attacks
- Threatpost: Adobe Patches 11 Critical Bugs in Popular Acrobat PDF Reader
- Help Net Security: July 2021 Patch Tuesday: Microsoft fixes 4 actively exploited bugs
- SecurityWeek.Com: SAP Patches High-Risk Vulnerabilities in NetWeaver
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...
Apple has had a pretty good run, but that doesn't mean t5hat every product is a hit. Let's take a look back. The MacBook Wheel
First published on 07/16/2021