August 17, 2018

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

  • ATM cash-out warning and attack
  • ATM security management
  • Bank offers fintech solutions
  • National fintech day
  • Card control solutions for CUs
  • The P2P payments market race
  • FIs technology wish list
  • Testing new technology
  • Embracing digital transformation
  • 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.

ATM cash-out warning and attack
A dire warning that the FBI reportedly sent to banks last week and hit financial news headlines this week has financial institutions across the country on high alert for global large-scale cash-out attacks. Investigative journalist Brian Krebs said the imminent attacks are "highly choreographed" with the intent to withdraw millions of dollars from ATMs around the world in just a few hours. ATM Marketplace has the details. Just days following the warning, Indian co-operative Cosmos Bank was hit with a sophisticated malware and ATM cash-out attack that resulted in $13.4 million stolen via 14,000 ATM transactions across 29 countries. Get the details at: Tech Talk.

ATM security management
With the rise in sophisticated criminal gangs and hackers developing more complex and subtle ways to infiltrate bank networks and launch targeted attacks on ATMs, a multi-layered approach to ATM security, and throughout all channels, is critical to mitigating threats. Implementing the right tools, conducting in-depth training, and diligently vetting third-party vendors can increase overall security levels and help safeguard future software and systems. Get the details at: Tech Talk.

Bank offers fintech solutions
In the U.S., fintech firms can now apply for special purpose bank charters to offer retail banking services to consumers. In the U.K., third parties without a banking license are being offered a workaround to having their own license with the launch of the country's first ever Banking-as-a-Platform service. Digital bank Starling will allow third parties to offer their own unique retail banking services by piggybacking on the bank's platform APIs. Get the details at: Tech Talk.

National fintech day
While the fintech charter war rages between federal and state regulators and banking groups who oppose the OCC's decision to issue special purpose bank charters to fintech firms, an independent community bank has established the first "National Fintech Day." In collaboration with its digital banking partner, Malauzai (a Finastra company), Somerset Trust Bank has declared August 20 as National Fintech Day to recognize the collaboration between financial institutions and technology providers for the development of innovative financial services and solutions. Get the details at: Tech Talk.

Card control solution for CUs
Consumers who have financial accounts at credit unions that are serviced by PSCU (Payment Systems for Credit Unions) are getting more control over their finances. PSCU has partnered with mobile payment services provider Ondot on a card control solution that will enable credit union members to lock and unlock their card, set spending limits, and create real-time alerts to mitigate fraud. Get the details at: Tech Talk.

The P2P payments market race
PayPal's popular P2P (peer-to-peer) payment service Venmo has fallen behind in the digital wallet market race. Square's Cash App, also a free P2P service that comes up with the added benefit of an attached debit card (dubbed the Cash Card), has surpassed Venmo in number of total downloads currently at 33.5 million, compared to Venmo's 32.9 million app downloads. In addition to the lure of the Cash Card, Cash App users also have the option to store their money in bitcoin instead of U.S. dollars. Turns out that Square and other P2P services are also becoming more popular with criminals. Researchers have discovered vulnerabilities present in mPOS (mobile point-of-sale) machines that could be exploited by nefarious actors to steal credit card data. Get the details at: Tech Talk.

Testing new technology
We live in an era of advanced technology that relies heavily on systems that are operated and maintained efficiently. Today's tech savvy consumers not only demand but expect the channels they use for conducting financial transactions to perform at optimum levels. One of the biggest challenges the financial and payments industries face today is changing and testing legacy systems when enhanced functionality and new services are added. In the throes of today's digital transformation, testing payment systems, ATMs, and other financial networks is mission-critical. Get the details at: Tech Talk.

FIs technology wish list
Summer is coming to an end and kids are heading back to school, signaling the arrival of fall, which is closely followed by the holidays. Before we know it, boys and girls across the world will be making their wish for Saint Nicholas (aka Santa). In a recent survey conducted by TD Bank, finance and treasury professionals shared their technology wish list, with real-time payments at the top as the most innovative tech they expect to have the most positive impact on the industry. Get the details at: Tech Talk.

Embracing digital transformation
Just as Facebook changed the way people connect, Amazon changed the way consumers shop, and Uber has changed the way commuters travel, today's tech-savvy customers expect their financial providers to deliver the same transformative experience. Financial services firms need to embrace digital transformation to remain competitive in today's evolving financial landscape and take advantage of increased opportunities to reach consumers. Get the details at: Tech Talk.







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On the lighter side...

Last week our lighter side featured kids' reactions to old-school technology and terms that are foreign to their generation. This week the tables are turned when an older family member receives a traditional gift with a twist he wasn't expecting.



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