January 19, 2018

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

  • EU cybersecurity legislation
  • A cyber resiliency playbook
  • Executive cyber protection
  • Biometric EMV payments
  • Mobile bank challenger
  • Active mobile payments
  • High-tech ARK bank
  • Customer-centric banking
  • A DLT-AI merger
  • 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.

EU cybersecurity legislation
With the implementation deadline for Europe's General Data Protection Regulation (GDPR) just months away, there has been increased attention given to the landmark legislation and how it impacts the global financial industry. Financial firms around the world need to be prepared for another new European law dedicated to improving security safeguards and information sharing on cybersecurity threats, which also goes into effect in May. Get the details at: Tech Talk.

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A cyber resiliency playbook
In a remarkable display of teamwork during the NFL Divisional Round games, the Jacksonville Jaguars upset six-time Super Bowl champions Pittsburgh Steelers in a 45-42 victory, and the Minnesota Vikings' 61-yard touchdown marked the first time in NFL Playoff history for a game to end with a touchdown at the end of regulation. Just as sports teams outline their offensive plays and defensive strategies in a playbook, the World Economic Forum has released a playbook for developing global cyber resiliency through public-private collaboration. Get the details at: Tech Talk.

Executive cyber protection
Your institution's physical security training program includes (or should include!) training for executives and other bank employees whose positions put them at risk for robbery, kidnaping, and other physical threats. While those remain real and present threats, today's sophisticated criminals are leveraging the power of technology to manipulate executive employees into giving up the valuable goods they want. Get the details at: Tech Talk.

Biometric EMV payments
In a move toward eliminating PINs and signatures and enhancing security for card transactions, global payments provider Visa has begun pilot testing of new EMV dual-interface (chip and contactless-enabled) payment cards with fingerprint recognition technology. Bank of Cyprus and Mountain America Credit Union are the first institutions to test the biometric EMV card for contactless payments. Get the details at: Tech Talk.

Mobile bank challenger
Last summer, mobile banking startup Varo Money applied to the OCC for a national bank charter and to the FDIC for federal deposit insurance to form Varo Bank, N.A. – the first national mobile-only bank in the U.S. Continuing its mission to usher in a new era of financial services innovation, Varo Money has secured an additional $45 million from investors. Get the details at: Tech Talk.

Active mobile payments
Consumers are increasingly using mobile and IoT (Internet of Things) devices to manage nearly every aspect of their lives. Many of these devices can be integrated for multiple uses. Busy and health-conscious consumers can now make payments while keeping track of their fitness goals. In partnership with wearables provider Fitbit, Wells Fargo has launched Fitbit Pay, a smartwatch with contactless payment capabilities. Get the details at: Tech Talk.

High-tech ARK bank
To effectively compete with the influx of digital players on the financial playing field, banks across the world are harnessing innovative technology to merge traditional and digital banking in their overall transformation strategy. With the help of NCR's interactive technology, a leading Philippine bank has unveiled a prototype branch called "The ARK" that introduces its customers to futuristic, self-service banking while maintaining a personal touch. Get the details at: Tech Talk.

Customer-centric banking
It's been well-established that technology has transformed the financial industry in myriad ways in recent years. Today, consumers are driving the way we use technology to deliver a more personalized banking experience. To meet the increased demand for flexible and convenient services, banks can draw from the treasure troves of data already available to them to offer customer-centric banking across all channels. Get the details at: Tech Talk.

A DLT-AI merger
Blockchain – the distributed ledger technology that underpins bitcoin – and Artificial Intelligence (AI) have emerged as two of the hottest topics in the financial industry. Chief analytics officer Dr. Scott Zoldi at data analytics firm FICO predicts a convergence of blockchain and AI that will benefit the industry in the areas of relationship management, fraud detection, and streamlined transactions. Get the details at: Tech Talk.

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On the lighter side...

It's freezing outside in most regions of the country, and cabin fever is beginning to set in for many people who are tired of being cooped up. If camping is your favorite outdoor summer activity, you can improvise with a little animated camping action right at your desk.

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