Fintech protection bill moving forward
The use and acceptance of digital assets has been rapidly accelerating. As of late 2023, it is estimated that over 400 million people globally own cryptocurrencies. Also on the rise is the increased use of the technology by terrorists and money launderers for illicit gain. The Financial Technology Protection Act introduced by Rep. Zach Nunn (IA-03) to protect Americans’ digital assets has passed the House and is on its way to the Senate. Get the details at: Tech Talk.

Bank trade groups ask for delay of new data rules
The Consumer Financial Protection Bureau (CFPB) finalized its Personal Financial Data Rights rule in June with an effective date of July 11, 2024. While the rule is a significant move toward open banking in the U.S., the four major banking trade groups have asked the CFPB to give banks for more time to establish new systems and processes to comply with the new rule and to minimize any customer disruption. Get the details at: Tech Talk.

Major banks unprepared for operational risks
The OCC identifies operational risk – ranging from IT failures and business disruptions, human error and fraud, to flaws in business processes – as one of the most significant threats facing the banking industry today. A confidential assessment conducted by the key banking regulator found that half of the large U.S. banks it oversees has insufficient or weak management of operational risks. Get the details at: Tech Talk.

Major IT outage highlights third party risks
The banking sector is increasingly dependent on third-party providers for technology services, risk management, mortgage lending, and more. What experts are calling the largest IT outage in history last week that was triggered by a flawed software update at cybersecurity vendor CrowdStrike highlighted the vulnerabilities associated with this outsourcing trend. Get the details at: Tech Talk.

Financial firms under fire for surveillance pricing
With the increasing reliance on technology and digital banking services, data privacy is a significant concern for U.S. banking regulators. One federal regulator is taking a hard look at how AI and other technologies are being used to exploit consumers' personal data to charge them higher prices for some products and services. JPMorgan Chase and Mastercard are among eight companies being investigated by the FTC over "surveillance pricing." Get the details at: Tech Talk.

Digital banking fraud prevention strategies
Digitization has enabled banks to expand their reach and stay relevant in today's competitive market. Studies have shown that 78% of adults in the U.S. prefer banking via a mobile app or website. This growing trend has led to the digital banking landscape becoming a breeding ground for increasingly sophisticated and ever-evolving fraud and an erosion of trust in the industry. Having effective strategies to fend off digital fraud is critical for financial institutions to secure the future of digital banking and foster consumer trust. Get the details at: Tech Talk.

Deep dive into deep insert skimmers
Deep insert ATM skimmers, wafer-thin devices that are inserted directly into the card reader of an ATM, represent a sophisticated and serious threat in the realm of ATM fraud. Understanding how these skimmers are deployed and taking preventative measures are essential for banks and ATM operators to enhance ATM security and safeguard their customers from ATM fraud losses. Get the details at: Tech Talk.

Combatting ATM fraud
ATM fraud remains highly prevalent today, with significant increases reported in recent years. According to FICO, scammers are increasingly targeting bank ATMs and free-standing terminals in convenience stores. In 2023, FICO reported that more than 315,000 cards and at least 3,500 financial institutions were impacted by ATM skimming (a 109% year-over-year increase), underscoring these growing threats and the need for effective solutions to combat ATM fraud. Get the details at: Tech Talk.

Banking on super apps
Due to their ability to deliver a wide range of services in a single application, super apps have revolutionized the way users interact with digital services. There is huge potential for super apps in the financial sector for integrating services such as banking, payments, investments, and insurance, creating a digital ecosystem that enhances user convenience and engagement. Get the details at: Tech Talk.

• Symantec: Growing number of malware threats leveraging AI
• CSO Online: Hackers leak documents stolen from Pentagon contractor Leidos
• Help Net Security: Network of ghost GitHub accounts successfully distributes malware
• SecurityWeek: Safety equipment giant cadre holdings hit by cyberattack
• Dark Reading: Kaspersky is an unacceptable risk threatening U.S. Cyber defense
• PYMNTS: Scammers try to crash the gates for summer hottest events
• Security Week: MediSecure Data Breach impacts 12.9 million individuals
• Help Net Security: AI-generated deepfake attacks force companies to reassess cybersecurity
• SecurityWeek: CrowdStrike incident leveraged for malware delivery, phishing, scams
• PYMNTS: Intellicheck CEO: Fraudsters using AT&Ts call log breach to build consumer profiles
• PCWorld: Check Point Research reports highest increase of global cyber attacks seen in last two years

• US-CERT: Current Activity
• PCWorld: Microsoft boot tool fixes Crowdstrike disaster
• SecurityWeek: Telegram Zero-Day enabled malware delivery
• SecurityWeek: Recent Splunk Enterprise vulnerability easy to exploit
• Security Boulevard: CISA alert calls out operating system vulnerabilities
• Krebs on Security: Global Microsoft meltdown tied to bad Crowdstrike update
• PC World: Intel blames CPU crashes on voltage and microcode, fix due soon
• SecurityWeek: SolarWinds patches critical vulnerabilities in Access Rights Manager
• Help Net Security: The changes in the cyber threat landscape in the last 12 months
• Dark Reading: Microsoft's Internet Explorer gets revived to lure in Windows victims
• Security Week: Nvidia patches high-severity vulnerabilities in AI, networking products

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