Tech Talk: New Tech office, crypto security, small bank tech, and more!

• FTC launches tech office to monitor risk
• New York strengthens crypto security measures
• Lawmaker takes action to block CBDC
• Faster payments tech for community banks
• Direct deposit tech for small banks
• What is your open banking strategy?
• Third party risk control is essential
• Cyber resilience needed amid increasing threats
• Consumers (mostly) trust banks' security measures
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

FTC launches tech office to monitor risks
To achieve its mission of staying on top of emerging technology, promoting fair competition, and enforcing consumer protection laws, the Federal Trade Commission (FTC) has launched a new Office of Technology that will strengthen the agency's ability to keep pace with technological challenges in today's ever-evolving digital marketplace. The OT will be comprised of a team of technologists with expertise across a broad range of specialized fields who will help the agency address current and future tech risks and hold technology companies accountable for complying with consumer protection and competition laws. FTC has the details.

New York strengthens crypto security measures
With the spotlight on the virtual currency market, the New York Financial State Department of Financial Services (NYFSD) has taken action to detect fraud and other illegal activity among New York State-regulated entities engaged in virtual currency activity. The implementation of new fraud monitoring tools will not only help strengthen the Department's virtual currency supervision, but will also help the NYFSD combat financial crime, detect illicit activity, and hold regulated entities who are noncompliant accountable. Finextra has the details.

Lawmaker takes action to block CBDC
The prospect of a Federal Reserve-issued CBDC (Central Bank Digital Currency) has been quickly gaining traction on Capitol Hill. Federal Reserve Vice Chairwoman Lael Brainard – now on her way to becoming Biden's top economic advisor – and Fed chair Jeremy Powell have been strong advocates for a CBDC. But not everyone is in support of the Fed backed digital coin. U.S. Congressman Tom Emmer has introduced a new bill, dubbed the "CBDC Anti-Surveillance Act," aimed at blocking the Fed from issuing a CBDC to protect Americans' financial privacy. Finbold has the details.

Faster payments tech for community banks
As the launch of the FedNow instant payments network approaches, the demand for real-time payments and faster payments technology is gaining traction. Community banks who lack the same infrastructure as big banks need to consider how to leverage real-time, instant payments to meet customer needs. To facilitate faster payments for its network of independent community banks in the Fifth Federal Reserve District and contiguous states, Community Bankers Bank (CBB) has teamed up with real-time payments platform Pidgin. Finextra has the details.

Direct deposit tech for small banks
The popularity and use of direct deposit payments for wages or vendor payouts has continued to grow as these payments offer a faster, more reliable, convenient, and environmentally friendly way to get paid. Approximately 94 percent of U.S. employees receive their paychecks through direct deposit. Through a partnership between payroll connectivity platform Atomic and fintech provider Data Center Inc. (DCI), community banks who are part of DCI's network can accelerate direct deposit acquisition by digitizing direct deposit set up and switch processes. ATM Marketplace has the details.

What is your open banking strategy?
Open banking is one of the hottest trends in the ever-evolving financial space, enabling financial providers to offer a broad range of financial services to consumers using any device. Traditional financial institutions have generally viewed this emerging technology as a threat. However, open banking offers some positive ROIs to consider, such as using the technology as a tool to help you to expand your client base, offer more services, and foster customer loyalty. When creating your open banking strategy, there are a few actions you can take to ensure that your firm is best positioned to embrace this innovative technology. Forbes has the details.

Third party risk control is essential
The rapid acceleration of fintech and digital transformation has driven an alarming rise in new risks. According to a VMware Modern Bank Heists study, cyberattacks targeting the financial sector have increased 238 percent since the pandemic. The growing reliance on third party vendors is leaving organizations even more vulnerable to attackers. As these threats continue to grow exponentially, implementing identity and access management tools will be essential. Dark Reading has the details.

Cyber resilience needed amid increasing threats
The financial services sector continues to see a rise in targeted cyber threats, ranging from DDoS attacks to ransomware to organized nation-state groups. Added to that is constantly changing regulations and more stringent cyber incident reporting requirements. To bolster their security posture, financial and technology firms must increase the resilience of their IT infrastructure and processes and have the ability to withstand and recover from a cyber attack. Dark Reading has the details.

Consumers (mostly) trust banks' security measures
In today's advancing threat landscape and with the increasing amount of personal data shared online, headlines about the latest hack and the sale of consumers' PII sold on the dark web are almost a daily occurrence. According to a recent collaborative report issued by PYMNTS.com and FIS, more than half (57%) of consumers trust their banks to keep online credentials and payments safe with digital vaults. PYMNTS.com has the details.

Spams, Scams, and Breaches

• Security Week: Stealthy Mac malware delivered via pirated apps
• SC Magazine: Two data centers used by major tech firms hacked
• Dark Reading: Scammers mimic ChatGPT to steal business credentials
• The Register: Accidental WhatsApp account takeovers? It's a thing
• Security Week: GoDaddy says recent hack part of multi-year campaign
• Dark Reading: Majority of ransomware attacks last year exploited old bugs
• Help Net Security: What can we learn from the latest Coinbase cyberattack?
• Bleeping Computer: FBI is investigating a cybersecurity incident on its network
• Naked Security: Coinbase breached by social engineers, employee data stolen
• Naked Security: Crooks hit GoDaddy with malware, poisoned customer websites
• Dark Reading: Google translate helps BEC groups scam companies in any language
• Help Net Security: ChatGPT is bringing advancements and challenges for cybersecurity
• Dark Reading: Coinbase crypto exchange ensnared in Oktapus-related smishing attack
• Help Net Security: Authorities break up gang responsible for €38 million CEO fraud
• Bleeping Computer: New Stealc malware emerges with a wide set of stealing capabilities

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• The Register: OnlyOffice treated to an update – and fresh plugins
• Security Week: VMware plugs critical Carbon Black App control flaw
• Help Net Security: Admins, patch your Cisco enterprise security solutions!
• Security Week: Apple updates advisories as security firm discloses new class of vulnerabilities
• Bleeping Computer: Windows 11 KB5022905 preview update released with 13 changes
• SC Magazine: CISA urged to add 8 severe ransomware bugs to vulnerability catalog

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...

In a play on Star Wars' famous "join the dark side" slogan, smartphone maker Samsung leveraged a little dark side humor in its Join the Flip Side commercial to entice smartphone users away from their current phone brands of choice and explore Samsung's Galaxy Z Flip phone.