February 15, 2019

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

  • BSA officers targeted by phishers
  • Proactive ATM security
  • Virtual human loan assistant
  • CX tools for community banks
  • Monzo banking businesses
  • Contactless cross-platform ID tech
  • Global payment solutions for migrants
  • ACI adds omnichannel payments
  • Banking innovation trends
  • 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.

BSA officers targeted by phishers
In the wake of a non-public alert the U.S. Secret Service sent to select financial institutions in late January, BSA officers at credit unions and banks have been targeted by a sophisticated phishing campaign. The campaign spoofs emails from other BSA officers to lure recipients into opening an attachment containing a fraudulent link. FinCEN is advising financial institutions and their staff to ignore the malicious emails. Get the details at: Tech Talk.

Small Banks, Big Regulations:
How Small Banks Can Use a Value Approach for Third-Party Vendor Risk Management
This 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.
— ACA Aponix

Proactive ATM security
Protecting digital banking platforms and sensitive consumer data stored on financial networks has become an essential part of banks' security strategy. ATMs and IoT-connected devices are particularly vulnerable to physical and logical attacks. Proactive security measures, such as data encryption, can protect your institution's ATM networks and customers. Get the details at: Tech Talk.

Virtual human loan assistant
Advances in voice technology and artificial intelligence (AI) have created expanded opportunities for financial institutions to interact with customers via chatbots and other digital assistants. Australian online bank UBank is taking the technology to the next level with the first AI-powered digital assistant with a human face. Mia – short for My Interactive Agent – is available 24/7 to assist customers with online home loan applications. Get the details at: Tech Talk.

CX tools for community banks
While the precise meaning of some of the lyrics from Joe Cocker's 1969 chart-topping song "With a Little Help from My Friends" are deliberately ambiguous, what most take away from the iconic tune is the concept of friends helping them out. Faced with competition from emerging fintechs and banking giants who are equipped with vast resources, community financial institutions are getting a little help from some friends. Backed by the Independent Community Bankers of America (ICBA) and the Venture Center, startup firm Agora Services is bringing advanced customer-facing digital tools to community banks. Get the details at: Tech Talk.

Monzo banking businesses
Even in today's advanced technological age, small businesses face unique banking challenges, in part due to regulatory CIP/KYC requirements and antiquated processes. But today's small businesses want to leverage the same benefits that banking technology affords the corporate and consumer segments. Mobile-only U.K. bank Monzo is dipping into the business banking waters with full-featured business accounts available to a beta testing group. Get the details at: Tech Talk.

Contactless cross-platform ID tech
Biometric authentication technology is increasingly being deployed to provide a higher level of security than passwords and PINs for digital transactions. To combat the rise in sophisticated hacking and spoofing techniques targeting biometric technology, London-based ID authentication provider iProov has launched a contactless, biometric Palm Verifier that can authenticate users across multiple platforms and transaction types. Get the details at: Tech Talk.

Global payment solution for migrants
Millions of migrants living and working in the U.S. send more than $650 billion overseas to their families. Through a partnership with blockchain company Ripple, and backed by Barclays and the Mastercard Foundation, remittance company SendFriend wants to help these workers securely send funds overseas at the lowest rate available. SendFriend plans to launch in New Jersey, opening its first remittance corridor between the U.S. and the Philippines for Overseas Filipino Workers (OFWs) with fees significantly lower than the industry average. Get the details at: Tech Talk.

ACI adds omnichannel payments
To provide retailers with secure omnichannel payments, electronic payments and banking solutions provider ACI Worldwide has acquired the technology assets of the firm that provides software for Apple Pay and a data migration firm. The acquisitions of RevChip and TranSend allow ACI to provide cloud-based omnichannel payments and a suite of integrated point-of-sale technologies within its UP Merchant Payments solution. Get the details at: Tech Talk.

Banking innovation trends
Last year, global fintech financing hit a new record as the proliferation of fintech startups pushed their way into various segments of banking such as lending, savings, and financial management solutions. According to tech market intelligence platform CB Insights' 2019 Fintech Trends to Watch report, there are now 39 fintech unicorns – privately held startups valued at over $1 billion. The exponential growth in fintech and increased competition from tech companies breaking into the financial market is spurring future banking trends. Get the details at: Tech Talk.

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

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On the lighter side...

Whether you view it as human drive or a cultural phenomenon, love is in the air this week as couples celebrate Valentine's Day. For some unwitting shoppers, love wasn't the only unexplained phenomena when magician/comedian Michael Carbonaro was their retail clerk.

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