April 19, 2019

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

  • A SWIFT cyber threat report
  • New web payments collaboration
  • Dynamic duo teams up on ATM security
  • T-Mobile breaks into banking
  • RT voice banking platform
  • Biometric payments for SMBs
  • POS financing for merchants
  • Banking on APIs
  • The risky side of open banking
  • 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.

A SWIFT cyber threat report
It's been more than three years since fraudsters hacked their way into the Bangladesh central bank via software tied to the SWIFT global financial messaging platform. The industry has learned some valuable lessons and gained some thoughtful insight into the adversaries that continue to target financial institutions today. Based on investigations over the past 15 months, SWIFT has released a new report on the evolving nature of today's threats and attackers' sophisticated tactics to avoid detection. 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

New web payments collaboration
The payments industry has experienced exponential growth in electronic payments and remarkable growth is expected to continue according to a new Global Payment Security Market study released by global research and market intelligence firm HTF. With a focus on web payment security, development of use cases, gap analysis, liaisons with other organizations, and the identification of standardization opportunities among different technologies, the FIDO Alliance, EMVCo, and the World Wide Web Consortium (W3C) have created a new Interest Group to collaborate on secure web-based payments. Get the details at: Tech Talk.

Dynamic duo teams up on ATM security
One of the most widely known and popular partnerships of all-time was DC comic's legendary Dynamic Duo, Batman and Robin, heroic fighters of crime and defenders of justice. BS/2 banking technologies has joined forces with lock and security company Sargent and Greenleaf (S&G) on a mission to provide unbreakable ATM security. This dynamic duo will work together on a unique ATM access management system and cash management solution designed to benefit banks and secure their ATM networks. Get the details at: Tech Talk.

T-Mobile breaks into banking
Another dynamic duo has teamed up – with a mission to disrupt the consumer banking market. U.S.-based wireless network operator T-Mobile joined forces with Customers Bank's digital banking platform BankMobile to launch a no-fee, interest-earning, mobile-first checking account. The T-Mobile MONEY app features a Mastercard debit card, mobile check deposits, direct deposit, P2P transfers, and can be integrated with Apple Pay, Google Pay and Samsung Pay. Get the details at: Tech Talk.

RT voice banking platform
With consumers having myriad choices in today's competitive financial marketplace, financial institutions are striving to provide fast, convenient, and frictionless services delivered as securely as possible. Global payments technology firm FSS has launched a real-time voice banking platform that leverages machine learning technology to deliver a personalized experience and multifactor authentication, including one-time passcodes and biometrics, to mitigate fraud. Get the details at: Tech Talk.

Biometric payments for SMBs
Following on the heels of its March announcement to launch a trial of biometric fingerprint technology for card payments, UK retail and commercial bank NatWest bank has unveiled a biometric payment system for businesses. Available via their Bankline Mobile app, the new feature will allow business and commercial banking customers to make payments of any size using iPhone's Face ID facial recognition technology or Touch ID fingerprint technology, without the need for a card reader. Get the details at: Tech Talk.

POS financing for merchants
Emerging fintech startups are driving exponential growth in the buy-now-pay-later market. Mastercard is making its foray into the retail financing space with the acquisition of installment payments platform Vyze. Using simple APIs (application program interfaces) to reroute credit requests to customer banks, the credit card giant will leverage the Vyze platform to provide merchants and their customers with a wide range of credit options online and in-store at the point of purchase. Get the details at: Tech Talk.

Banking on APIs
As we enter a new era of open banking, APIs are the latest fintech trend impacting the financial industry with their ability to promote the development of new apps and financial products through shared access to account and transaction data. With APIs gaining traction in B2B, P2P, and real-time payment transactions, and providing consumers with greater access to the latest financial products and services, banks need to embrace and harness the power of APIs to remain competitive in today's financial marketplace. Get the details at: Tech Talk.

The risky side of open banking
APIs and open banking benefit consumers with greater access to emerging products and services and more control over their finances. As with nearly all technological innovations, however, there are inherent risks. Shared data access with open banking makes it possible for attackers to not only target consumers' primary banks, but third parties and other financial providers they share access with as well. The challenge for banks will be formulating a strategy to defend against the risks open banking presents. 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.

Rayleen Pirnie
in a 2-hour

Wire Transfer Fraud Prevention Programs
June 5, 2019

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On the lighter side...

This weekend kids across the country will be searching for brightly colored eggs to fill their Easter baskets. What if they had a little help from technology for their search? A San Francisco start-up held Easter egg hunt 2.0 with a Silicon Valley twist on the holiday tradition.

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