Tech Talk: AML controls, biometrics, mobile wallets, and more!

• Bank fined for inadequate AML controls
• Biometrics can help merchants reduce fraud
• FIs maximize the opportunity for youth accounts
• Fintech Fail: Opportunity for banks
• Embedded finance: A marketplace differentiator
• ATM trends to watch
• Mobile wallets fit the bill
• SaaS platform for transaction monitor
• OCC: ‘Too-big-to-manage’ banks could be split
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Bank fined for inadequate AML controls
UK regulator the Financial Conduct Authority (FCA) has fined Al Rayan Bank £4 million for “failing to put in place adequate anti-money laundering (AML) controls”. Fintech Futures
has the details.

Biometrics can help merchants reduce fraud
Given consumers’ approval of facial recognition for digital transactions, it’s understandable that merchants are adopting the technology for in-person fraud prevention. PYMNTS.com has the details.

How can FIs maximize the opportunity for youth accounts?
Banks and fintechs typically research new market opportunities using one of two techniques: they rely on industry reports, or open accounts with competitors to try out their features and functionality for themselves. Fintech Futures has the details.

Fintech Fail: Opportunity for bargain-hunting banks
Following a challenging year for the fintech sector, which has experienced a global drop in funding and mass layoffs, enterprising banks may be able to acquire startups whose previous valuations put them out of reach in prior years, said Jonah Crane, a partner at regulatory advisory firm Klaros Group. Banking Dive has the details.

Embedded finance: A marketplace differentiator for banks
Banks and financial institutions must take lessons learned from retail embedded finance use cases and overcome issues related to bolstering their role within the ecosystem by leveraging APIs, to ensure they are viable competitors. Finextra has the details.

ATM trends to watch
Longer product lead times, higher product prices and a continued "just in case" inventory philosophy will all negatively impact the ATM manufacturing industry in 2023. ATM Marketplace has the details.

Mobile wallets fit the bill
More than half of Generation Z consumers say that their mobile wallet can replace most of the features of their physical wallet. PYMNTS.com has the details.

SaaS platform for transaction monitor
The dynamically scalable computing capacity enabled by AWS also allows Sentinels users to create and run powerful, data-heavy business rules in real-time, with consistent accuracy, allowing them to detect and react instantaneously to potential suspicious and criminal activity. Finextra has the details.

OCC: ‘Too-big-to-manage’ banks could be split up
Banks whose size inhibits their abilities to address internal weaknesses and comply with regulations may need to be broken up, the acting head of the Office of the Comptroller of the Currency said Tuesday. Banking Dive has the details.

Spams, Scams, and Breaches

• SecurityWeek.Com: Attackers Can Abuse GitHub Codespaces for Malware Delivery
• TechRepublic: Threat Attackers Can Own Your Data in Just Two Days
• SecurityWeek.Com: Meta Slapped With 5.5 Million Euro Fine for EU Data Breach
• CNET: Taco Bell, KFC Parent Company Hit by Hackers, Temporarily Closing Hundreds of Restaurants
• PYMNTS.com: ShipManager Hack Puts 1,000 Vessels' Data at Risk
• SecurityWeek.Com: Website of Canadian Liquor Distributor LCBO Infected With Web Skimmer
• SecurityWeek.Com: PyPI Users Targeted With 'Wacatac' Trojan in New Supply Chain Attack
• SecurityWeek.Com: 18k Nissan Customers Affected by Data Breach at Third-Party Software Developer
• Dark Reading: ICS Confronted by Attackers Armed With New Motives, Tactics, and Malware
• SecurityWeek.Com: Credential Leakage Fueling Rise in API Breaches
• TechCrunch: Mailchimp says it was hacked — again
• SecurityWeek.Com: Website of Canadian Liquor Distributor LCBO Infected With Web Skimmer
• TechRepublic: Cloud-delivered malware poses key security challenges

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• SecurityWeek.Com: Cisco Warns of Critical Vulnerability in EoL Small Business Routers
• Computerworld: Patch now to address critical Windows zero-day flaw
• SecurityWeek.Com: Fortinet Says Recently Patched Vulnerability Exploited to Hack Governments
• Help Net Security: Critical RCE vulnerabilities found in git (CVE-2022-41903, CVE-2022-23251)
• Dark Reading: Ethically Exploiting Vulnerabilities: A Play-by-Play
• SecurityWeek.Com: Most Cacti Installations Unpatched Against Exploited Vulnerability
• Dark Reading: Microsoft Patches 4 SSRF Flaws in Separate Azure Cloud Services
• SecurityWeek.Com: Azure Services SSRF Vulnerabilities Exposed Internal Endpoints, Sensitive Data
• SecurityWeek.Com: Oracle's First Security Update for 2023 Includes 327 New Patches
• Help Net Security: Oracle's First Security Update for 2023 Includes 327 New Patches
• SecurityWeek.Com: Critical Git Vulnerabilities Discovered in Source Code Security Audit
• SecurityWeek.Com: Exploited Control Web Panel Flaw Added to CISA 'Must-Patch' List
• SecurityWeek.Com: Vendors Actively Bypass Security Patch for Year-Old Magento Vulnerability

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...

You've seen Boston Dynamics robots here before. One step closer to I, Robot...Atlas Gets a Grip