January 24, 2020

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

  • Cybersecurity state coordinators
  • New privacy framework published by NIST
  • TCH raises RTP transaction limit
  • An AML platform for secure data sharing
  • Convincing enough to click
  • Criminals cashing out via crypto exchanges
  • Central banks exploring digital currencies
  • BaaS platform launches in the U.S.
  • Palm-reading payments
  • 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.

Cybersecurity state coordinators
To improve communication between the federal government and states, and strengthen cybersecurity preparedness in communities across the country, a group of United States senators has introduced a bill that would require the Department of Homeland Security (DHS) to establish a Cybersecurity State Coordinator program. The Cybersecurity State Coordinator Act of 2020 proposes that each of the 50 states would have its own federally funded State Cybersecurity Coordinator to help states better understand relevant threats, access federal cybersecurity resources and respond to potential attacks. Get the details at: Tech Talk.

New privacy framework published by NIST
In today's digital age there are inherent risks to providing products and services that offer real value while protecting people's data. To help organizations more effectively manage risks and ensure compliance with changing regulations and legislation, such as the GDPR and California’s CCPA, the National Institute of Standards and Technology (NIST) has released Version 1.0 of the NIST Privacy Framework: A Tool for Improving Privacy through Enterprise Risk Management. Get the details at: Tech Talk.

TCH raises RTP transaction limit
Since the launch of The Clearing House Real-Time Payments (RTP) network in 2017, the industry has experienced rapid growth in ACH and Same Day ACH transactions. In response to growing demand from businesses and consumers who want to send higher-value payments, The Clearing House is increasing the maximum transaction limit on the RTP network to $100,000 – four times greater than the current limit of $25,000 – beginning February 1, 2020. Get the details at: Tech Talk.

An AML platform for secure data sharing
In the wake of the $220 billion Danske Bank and Swedbank, Estonian branch money-laundering scandals in 2018, Taavi Tamkivi (formerly with TransferWise) and some of his former colleagues founded anti-money laundering platform Salv to provide banks with a solution to share information without the risk of a data breach. The startup has partnered with software firm Cybernetica to leverage a new technology known as Multi-Party Computation – a cryptographically secure communication technology that allows banks to keep their private data safe while sharing valuable information about a customer's behavior with other financial institutions. . Get the details at: Tech Talk.

Convincing enough to click
Phishing tactics have become far more sophisticated, and identifying these attacks from legitimate emails has become trickier, even for seasoned online users. According to Security firm KnowBe4's Q4 2019 top-clicked phishing report released last week, security-related emails (such as those urging a recipient to change their password immediately) are the most effective phishing emails. Security research team MalwareHunterTeam has discovered a new Citibank phishing scam that exploits a very convincing domain name, TLS (transport layer security) certificates and requests for one-time password codes that could trick victims into believing they are submitting their personal details on a legitimate bank web page Get the details at: Tech Talk.

Criminals cashing out via crypto exchanges
Cybercriminals are using increasingly sophisticated methods to cash out their ill-gotten gains. According to a report by blockchain analysis firm Chainalysis, last year $2.8 billion in bitcoin was sent from criminal entities to cryptocurrency exchanges. The use of cryptocurrencies to fund and support cybercrime is drawing increased scrutiny from U.S. federal agencies and global authorities. The UK's tax authority is exploring the use of cryptoanalysis technology to catch cybercriminals trading in cryptocurrencies. Get the details at: Tech Talk.

Central banks exploring digital currencies
When Facebook revealed its proposed plans last year to develop its Libra permissioned blockchain global cryptocurrency, the concept was met with intense regulatory pushback. But the social media giant's announcement has brought the hot topic of digital currencies to the forefront, particularly with regard to the benefits of establishing central bank digital currencies (CBDC). Four of the world’s largest central banks have teamed up on an initiative to explore the potential use cases for CBDCs, including cross-border interoperability. Get the details at: Tech Talk.

BaaS platform launches in the U.S.
Software-as-a-Service (SaaS) solutions – a software distribution model in which a third-party provider hosts applications and makes them available to customers via the cloud – are a viable option to traditional on-premise installations for many businesses. Banking as a Service (BaaS) allows licensed banks to integrate their digital banking services directly into the products of other non-bank businesses or tech companies to build on existing bank infrastructure. Geneva-based banking software company Temenos AG has launched its BaaS platform in the U.S. The platform offers a range of services and can enable the live launch of a digital banking platform in just 90 days. Get the details at: Tech Talk.

Palm-reading payments
Technology giant Amazon is working on an innovative non-contact biometric payment system that reads consumers' palms when paying for purchases in physical stores. The pay-by-hand tech would enable customers to link their bank accounts to their palm prints and then simply pay at enabled terminals with the wave of their hand. How the terminals would detect fraud and how much personal data the scans would share with the company is unknown at this time. Get the details at: Tech Talk.

Carly Souther
in a 2-hour

Data Protection and Privacy for
Community Bankers

February 12, 2020

Data protection and privacy are regulated by a patchwork of competing laws at the state and federal levels, leaving community banks to face the burden of complying with over- lapping and, oftentimes, contradictory regulations. In this program, discover how to comply with the patchwork of U.S. laws, mitigate legal risks, get ahead of new GDPR-like laws, and learn to conduct a gap assessment to determine whether your existing data protection procedures require revision to comply with current and anticipated state laws.

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Save the Date

On the lighter side...

As we usher in a new decade that is sure to bring more innovative advances in technology, take a look back on what changed in the past ten years.

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