Tech Talk: Composable banking, embracing blockchain, fraud management, and more!

• Digital Banking: What customers really want
• Cash management firm dives into ‘composable’ banking
• Overdraft fees plummet FIs monetize ‘alerts’
• Why banks must embrace blockchain
• Banks aim AI at fraud management
• Apple is taking a bite out of banking
• Gen Z frustrated with bank authentication
• Private bank integrates tether payment rails
• Crypto.com targets everyday transactions
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Digital Banking: What customers really want
Digital services have become the key battleground in banking. New entrants offering pure online banking are challenging traditional banks, and the rapid evolution of AI and machine learning technology means that struggle is only likely to intensify in the years ahead. The Banker has the details.

Cash management firm dives into ‘composable’ banking
Composable banking, a flexible and technology-enabled approach to financial product delivery, offers a remedy to these issues, giving banks and their business customers the ability to show payments from credit card, ACH, and even FedNoW all on one screen. Banking Dive has the details.

Overdraft fees plummet as FIs monetize ‘alerts’
Banks have turned to innovative ways to help educate and alert customers as to their spending habits and when they might be in danger of exceeding comfortable thresholds. Overdraft fees are dropping as banks get creative on monetization. PYMNTS.com has the details.

Why banks must embrace blockchain
For banks, blockchain has a potentially significant upside with key, sector-specific applications such as cross-border transactions, fraud reduction and trade finance, to name just a few. The trust and data security that blockchain enables can benefit financial institutions on a number of fronts. Information Week has the details.

Banks aim AI at fraud management
The “Digital-First Banking Tracker®,” a collaboration with NCR, examines the evolving threat of digital fraud targeting FIs and how banks can leverage cutting-edge technology to protect themselves and their customers from cybercrime. PYMNTS.com has the details.

Apple is taking a bite out of banking
Dave Wallace, of Fintech Futures, writes, "I have followed Apple's trajectory from the earliest Mac models, stood at the front of the queue to get the original iPhone, bought (cough) every one of the watches, bought some AirPods, and happily watch its TV and films. So recently, I have repeatedly been asking myself, Why are they going into banking? What if Apple has a bigger play?" Fintech Futures has the details.

Gen Z frustrated with bank authentication
Consumers want more security from banks. Cross-referencing generational belonging with income levels, a recent study deduced that consumers are generally comfortable with the transactional authentication offered by financial institutions, but there’s room for improvement. PYMNTS.com has the details.

Private bank integrates tether payment rails
Xapo Private Bank, the fully licensed private bank that combines traditional banking with access to Bitcoin and stablecoins, has become the first bank in the world to integrate Tether (USDT) payment rails. Finextra has the details.

Crypto.com targets everyday transactions
While the crypto sector’s former appeal may have been dulled by ongoing scandals and regulatory uncertainty, Crypto.com on Wednesday (May 31) announced it is expanding its crypto payment capabilities and support for U.S.-based app users. PYMNTS.com has the details.

Spams, Scams, and Breaches

• TechCrunch: Enzo Biochem says ransomware attack exposed clinical test data of 2.5 million patients
• SecurityWeek: Toyota Discloses New Data Breach Involving Vehicle, Customer Information
• Dark Reading: 130K+ Patients' Social Security Numbers Leaked in UHS of Delaware Data Breach
• Help Net Security: The root causes of API incidents and data breaches
• Dark Reading: 421M Spyware Apps Downloaded Through Google Play
• Krebs on Security: Discord Admins Hacked by Malicious Bookmarks
• Finextra: Two-thirds of all online shopping scams now start on Facebook and Instagram
• TechCrunch: Ransomware attack on US dental insurance giant exposes data of 9 million patients

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• SecurityWeek: Moxa Patches MXsecurity Vulnerabilities That Could Be Exploited in OT Attacks
• Dark Reading: Jetpack WordPress Plug-in API Bug Triggers Mass Updates
• SecurityWeek: Zyxel Firewalls Hacked by Mirai Botnet
• Help Net Security: Critical zero-day vulnerability in MOVEit Transfer exploited by attackers!
• SecurityWeek: Many Vulnerabilities Found in PrinterLogic Enterprise Software
• Dark Reading: What Apple's RSRs Reveal About Mac Patch Management
• SecurityWeek: Barracuda Zero-Day Exploited to Deliver Malware for Months Before Discovery
• SecurityWeek: Millions of WordPress Sites Patched Against Critical Jetpack Vulnerability
• Help Net Security: Zyxel patches vulnerability in NAS devices (CVE-2023-27988)
• SecurityWeek: Spyware Found in Google Play Apps With Over 420 Million Downloads
• Dark Reading: Mirai Variant Opens Tenda, Zyxel Gear to RCE, DDoS
• SecurityWeek: Chrome 114 Released With 18 Security Fixes

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...

There has been lots of talk about robots and AI taking over. As long as we have our pets to protect us, we'll be in good shape.