April 20, 2018

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

  • Updated NIST cybersecurity framework
  • Financial crime fighting solutions
  • Insider ATM fraud
  • Privileged access threats
  • BEC fraud prevention tool
  • Bank buying into fintech
  • What ATM users really want
  • ATM wireless modem upgrades
  • Online banking security solution
  • 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.

Updated NIST cybersecurity framework
Following two years of compiling public and stakeholder input, the National Institute of Standards and Technology (NIST) has issued version 1.1 of its cybersecurity framework for managing critical infrastructure and enterprise cyber risks and threats. The framework includes updates on authentication and identity, self-assessments, managing supply chain cybersecurity, and vulnerability disclosure. The Department of Homeland Security has announced its plans to release a new national cybersecurity strategy that will tailor its cybersecurity services to the needs of each sector, including the financial services industry. Get the details at: Tech Talk.

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Financial crime fighting solutions
Financial institutions are increasingly challenged with fighting fraud while adhering to regulatory compliance requirements. Data analytics company FICO has unveiled upgrades to the firm's fraud and financial crime solutions that integrate machine learning and AI technology to help banks and other financial services firms combat financial crimes. Get the details at: Tech Talk.

Insider ATM fraud
While third-party risks and cyber threats are at the forefront of bank and IT security these days, insider threats continue to pose a real and present danger for financial institutions. Even with internal monitoring and defensive measures in place, trusted employees can find ways to circumvent policies and processes to pilfer funds. In an elaborate ATM embezzlement scheme, a credit union teller who figured out how to electronically create money that didn't exist embezzled more than $80,000 from the institution for three years before the credit union caught on. Get the details at: Tech Talk.

Privileged access threats
External and internal threats to an organization or institution's network are not always the result of malicious intent. According to the 2018 Privileged Access Threat Report released by access management solutions provider Bomgar, the number of privileged users is growing exponentially – leading to an increase in security incidents caused by staff or third-party vendors and careless employee actions. Get the details at: Tech Talk.

BEC fraud prevention tool
Business Email Compromise (BEC) is becoming one of the fastest growing financial crimes, costing businesses hundreds of millions of dollars in losses every year. Total global losses from BEC scams are predicted to reach $9 billion in 2018, with an average loss of $132,000 per BEC incident. To help mitigate BEC fraud, security firm Trend Micro has announced a new AI-powered solution to flag emails that are suspected of impersonating an executive or other high-profile user. Get the details at: Tech Talk.

Bank buying into fintech
In 2016, one of the leading global investment banking, securities and investment management firms merged its deposit and loan lines to form Marcus (named after Marcus Goldman), an online-only consumer banking platform. This week, Goldman Sachs announced the firm's acquisition of Clarity Money, a fintech startup that helps its users track their finances by aggregating data from all of their accounts. The financial management app will be integrated with Marcus. Get the details at: Tech Talk.

What ATM users really want
Digital technology that helps streamline the management of their finances is a growing expectation for today's tech-savvy consumers. Global financial services technology provider Fiserv recently released it latest Expectations & Experiences consumer survey that provides insight into consumer financial behaviors and attitudes. The survey revealed consumers' desire for cardless cash access at ATMs and the ability to transfer funds from one ATM to another for a friend or family member to access. Get the details at: Tech Talk.

ATM wireless modem upgrades
The efficiency of smartphones, modems, and other wireless devices relies on the technology that powers the device and its connectivity. That's why consumers purchase the latest devices to keep up with manufacturer and telecom upgrades that afford faster speed and more reliability. Keeping your ATM wireless modems updated is essential to maintaining uptimes and avoiding potential revenue loss. Get the details at: Tech Talk.

Online banking security solution
A new browser standard developed by the FIDO Alliance, an industry consortium of tech and financial companies, will go a long way toward enhancing the security of online banking. The W3C web standards organization is working with the FIDO Alliance to bring the new WebAuthn standard – which provides two-factor and biometric authentication options – to all major web browsers. Get the details at: Tech Talk.

Deborah Crawford
in a 2-hour

New CTR and New SAR – Line by Line
May 22, 2018

FinCEN's new CTR and SAR filing formats bring new fields and changes to existing requirements. With them come new challenges. During this program we will cover the two new filing formats line-by-line, and how to complete them. You will receive a SAR Handbook and a CTR Handbook with examples and all the guidance available on each report.

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Order the CD ROM of the program now.

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On the lighter side...

People who commit financial and other crimes are motivated by numerous factors. Sometimes those who find themselves in a position of power, simply can't handle the responsibility or practice self-control, which leads them to do things that don't produce the desired outcome.

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