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New mobile MFA technology
As mobile banking surges and criminals increasingly devise sophisticated methods to circumvent traditional authentication methods, such as SMS (short messaging system) two-factor authentication (2FA), innovative technology is being developed to offer consumers more secure access to their financial accounts. A new form of authentication pioneered by mobile security firm Averon takes multi-factor authentication (MFA) to the next level with instant and frictionless authentication of mobile users using technology built-in to every smartphone. Get the details at: Tech Talk.
Small Banks, Big Regulations:
How Small Banks Can Use a Value Approach for Third-Party Vendor Risk ManagementThis white paper explains how small banks and credit unions can effectively manage their third-party vendor risks using a V.A.L.U.E approach.
Mobile biometrics for banking
The use of biometric technology, particularly fingerprint scanning, is fast becoming the most common and preferred authentication method for online and mobile banking platforms. Javelin Research has published their 2018 Mobile Biometrics Platform Scorecard. The report, which compares the functionality, innovation, and flexibility of mobile biometrics platforms, is a valuable resource for financial institutions who are considering biometric authentication. While the technology provides a convenient way for customers to access accounts, criminals can exploit vulnerabilities in the software that runs these systems. Get the details at: Tech Talk.
A digital mortgage solution
The tedious process of purchasing a new home or other property has become less burdensome with advancements in lending technology. One of the top U.S. banks is leveraging the latest technology to provide its customers with a digital mortgage lending service. TD Bank has partnered with digital lending platform provider Roostify to allow customers to complete the entire mortgage process, from shopping and applying for the loan to a streamlined, all-digital process for moving their loan through closing. Get the details at: Tech Talk.
Mastering personal finances
For many of today's tech-savvy consumers, credit cards and mobile apps have replaced checks and checkbook registers for personal financial management. Personal finance software provider Quicken has teamed up with U.S. Bank and Mastercard to make it even easier for consumers to manage their finances with a co-branded Mastercard that provides real-time transaction notifications in the Quicken mobile app. The Quicken credit card is enabled for contactless transactions and integrates with Quicken desktop software. Get the details at: Tech Talk.
Robotic customer service
Advances in technology have created opportunities for banks to automate traditional processes and offer more enhanced customer service. Banks are increasingly leveraging innovative technology, such as AI (artificial intelligence) and robotic automation, to deliver a more customer-centric experience. Tencent's WeBank in China is enhancing its online customer service with the use of virtual robots. Banking and retail technology provider Emerico has unveiled its latest self-service technology for banking – a customizable robot for in-branch banking that is equipped with a pinpad, biometric scanner, cash box and card dispenser. Get the details at: Tech Talk.
Competition breeds innovation
Faced with rising competition from major tech players, increased regulation, and open banking that provides consumers with greater control over their financial data, banks must reconsider how they build and manage products and experiences for their customers. Establishing an innovation lab – a place within an organization to spearhead new ideas and innovative product development – is one way financial institutions are developing and managing new technologies to enhance customer service, streamline operations, and give them a competitive edge over nonbank contenders. The Financial Brand highlights how seven major banks are innovating in-house. Get the details at: Tech Talk.
BEC: no phishing required
Business Email Compromise (BEC) and Email Account Compromise (EAC) scams are costing businesses billions of dollars in losses. Through sophisticated social engineering tactics and clever phishing expeditions, employees are duped into giving up sensitive information and wiring funds. Today ingenious criminals have devised new, more expeditious methods to hook BEC victims without going phishing. Security Week has the details and measures your institution can take to mitigate these risks. To take a peek at what the future holds for cyber threats targeting the financial sector, download the new Cyberthreats to Financial Institutions 2019: Overview and Predictions report from Kaspersky Labs. Get the details at: Tech Talk.
Rogue network devices
Physical and network attacks targeting ATMs are on the rise. The United States National ATM Council recently issued a warning about ATM attacks using rogue network devices. It only takes a matter of seconds for criminals to install these rogue devices on ATMs (or internal networks). Help Net Security has the details and some tips for monitoring and protecting ATMs. Get the details at: Tech Talk.
An online map to fraud
Search engine giant Google has become the go-to source for consumers to find and contact local businesses. The Google online map service allows users to submit helpful changes and corrections to listings – a feature that is being exploited by scammers. Fraudsters are changing the contact details listed for banks on Google maps to a bogus number so that unwitting bank customers call the number listed and provide scammers with their bank account information. Get the details at: Tech Talk.
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