April 21, 2017

Tech Talk Editor Teri Wesley has compiled a summary of this week's tech and cybersecurity news:

  • Faster payments on a fast track
  • BankBot targets banking apps
  • NextGen biometric bankcard
  • Biometrics for online banking
  • Challenger banking apps
  • CNP risk management platform
  • Safeguarding employee credentials
  • Two steps to cybersecurity
  • Distributed ledger liability
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...
For more information, including a direct link to the source articles, visit the Tech Talk page on BankersOnline.com.

Faster payments on a fast track
The Same Day ACH train has left the station and is moving steadily along. A new report released by NACHA revealed the number of all ACH transactions in 2016 exceeded 25.6 billion, worth a collective $43.7 trillion – with zero banks reporting an increase in Same Day ACH fraud. Get the details at: Tech Talk.

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Creating an "Integrated" Bank - April 26th
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— AccuSystems

BankBot targets banking apps
A data-stealing trojan that targets Android banking apps wormed its way into the Google Play store, where it successfully infected more than 400 apps before it was removed. Google is taking proactive steps to tackle malware on Android devices, reports Threatpost. Banking apps make up nearly 43 percent of the mobile phone market. Providing layered authentication measures and educating customers can help mitigate mobile banking attacks. Get the details at: Tech Talk.

Next-generation biometric bankcard
The practice of using passwords, PINs and CVV codes to secure credit card transactions may soon be over as banks and payment providers turn to biometric technology to offer more stringent authentication measures. Global payments giant Mastercard is testing a next-generation biometric card that verifies cardholders using their unique fingerprint. Get the details at: Tech Talk.

Biometrics for online banking
In response to rising levels of financial fraud, banks are increasingly turning to biometric authentication as part of their digital transformation and to meet evolving customer expectations for convenience and security. In partnership with Microsoft, Lloyds Banking Group is testing biometrics for its online banking customers who use Windows 10. Get the details at: Tech Talk.

Challenger banking apps
Banks are facing growing competition from fintech players who are vying for a spot in the digital banking market. Financial consultancy firm DeVere Group recently launched DeVere Vault – an app that lets users access cash and make payments worldwide, reports Banking Technology. Spain's CaixaBank has a new Android banking app that allows users to make fee-free account and card transactions with the convenience and security of biometrics. Get the details at: Tech Talk.

CNP risk management platform
With the proliferation of online and mobile e-commerce, CNP (card-not-present) disputes and fraud are presenting increasing challenges for card issuers, banks and merchants. Global electronic payment and risk management provider Verafi has launched a platform that provides banks and cardholders with real-time access to CNP orders to determine the legitimacy of a sale when a billing inquiry or dispute arises. Get the details at: Tech Talk.

Safeguarding employee credentials
Putting young people through driver education training teaches them the laws and logistics of driving safely. It won't ensure they will never be involved in an accident. With attackers increasingly targeting bank employee credentials via spam, phishing emails, and other nefarious methods, providing employee security awareness training and deploying preventive technology can help mitigate the theft or use of stolen credentials. Get the details at: Tech Talk.

Two steps to cybersecurity
Homeowners install smoke detectors to alert family members when there is a fire so they can respond quickly and exit safely – safety measures that are useless if they fail (which is why the NFPA recommends monthly testing of smoke alarms). The same concept applies to your cybersecurity programs. According to a new report from Accenture, many banks lack practical testing of their cybersecurity program, which can leave their networks vulnerable to evolving attacks. Get the details at: Tech Talk.

Distributed ledger liability
In most cases, merchants bear the liability for fraudulent consumer card transactions. While the distributed ledger technology that underpins Bitcoin is being touted by the industry as a fraud mitigation solution for traditional electronic currency transactions, i.e., credit cards and digital payments, where the liability for unauthorized blockchain transactions will lie remains to be seen. Get the details at: Tech Talk.

BankersOnline.com will undergo routine security maintenance beginning at 8:00 a.m. EST on Saturday, April 22. Some areas of the website may not be available during this time.

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

Rayleen Pernie
in a 2-hour

ACH Basics: Part 2
April 26, 2017

Designed specifically for financial institutions, the second in this three-part webinar series provides attendees with basic knowledge of ACH transactions. It will also explore the involvement of third parties in the ACH Network, and the risks they present to your bank. Other laws and regulations that apply to ACH transactions will be discussed, as well as critical processing requirements that can reduce the bank's exposure to risk.

Can't attend?
Order the CD ROM of the program now.

On the lighter side...

Remember using nothing but your imagination to construct vehicles and structures using Legos building blocks? Today, kids – and adults – can get a lot more creative with the free LEGO Digital Designer. While building things with his son, an engineer created a working Wi-Fi- enabled, palm sized LEGO Macintosh Classic computer.

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