FSOC warns about risky emerging tech
The Financial Stability Oversight Council (FSOC) has expressed concerns that the U.S. financial system is unprepared for the emerging forces of fintech and cryptocurrency sectors. The FSOC's 2024 annual report details the systemic risks, as well as the potential benefits, of both sectors as they relate to the traditional banking landscape and emphasizes the need for enhanced regulatory measures to address vulnerabilities associated with these rapidly evolving industries. Get the details at PYMNTS.

Banks failing third party risk management
When it comes to managing third-party risks, U.S. banks are failing to implement robust oversight mechanisms. A recent SecurityScorecard analysis revealed that 97% of the top 100 U.S. banks experienced third-party data breaches in the past year, highlighting growing risks in banking supply chains amid increasing third-party reliance and the critical need for proactive management of vendors, reports Business Wire has the details.

AI-powered same-day ACH payments
Traditional Automated Clearing House (ACH) transfers have long been a staple payment method for businesses but their extended processing times and lack of flexibility can impede business agility, cash flow management, and overall efficiency. Payments technology provider FlexPoint has introduced an AI-powered system that enables same-day ACH payments, significantly reducing the typical processing time from up to five days to within the same business day. PYMNTS has the details.

GenAI financial crime detection tool
Fintech software provider ThetaRay has integrated with Microsoft Azure OpenAI Service to develop a generative AI-powered financial crime detection suite. This collaboration aims to enhance risk detection, investigation support, quality assurance, and reporting for financial institutions, enabling them to adapt to emerging threats and meet regulatory standards. Get the details at Finextra.

New year, new data exchange standard
A new global standard for electronic data interchange between financial institutions is set to transform the financial landscape, enabling faster, safer, and more innovative financial services. Many legacy banks rely on outdated systems that are not equipped to support the new ISO 20022 standard coming in 2025, and high implementation costs for system upgrades has many banks delaying their migration efforts. Payments Dive has the details.

Visa to offer money in a minute
Real-time payments are becoming the industry standard, unlocking significant value for banks through enhanced customer satisfaction, operational efficiencies, and new revenue streams. Payments giant Visa is enhancing its Direct service in April 2025, enabling funds transferred to U.S. bank accounts linked to eligible debit cards to be available within one minute, reports PYMNTS.

Cross-border anti-fraud collaboration Traditional fraud detection systems that rely on siloed data within a single financial institution are no longer sufficient in the face of today's evolving threats. Global messaging platform SWIFT and Google Cloud are collaborating to develop advanced anti-fraud technologies that leverage AI and federated learning to improve the detection and prevention of fraud in cross-border interbank payments. Get more details at Finextra.

• CFO Dive: Credit risk rising as cyber attackers strike larger companies
• Tech Radar: Top Mexican fintech firm leaks details on 1.6 million customers
• Bleeping Computer: Radiant links $50M crypto heist to North Korean hackers
• Infosecurity: New AppLite malware targets banking apps in phishing campaign
• SecurityWeek: Inside a hacker's playbook – How cybercriminals use deep fakes
• Bleeping Computer: Inside the incident: Uncovering an advanced phishing attack
• PYMNTS: Scam-related fraud jumped 56% in 2024, surpassing digital payment crimes

Visit the Scams page for more scam, malware, and breach alerts.

• US-CERT: Current Activity
• Sophos: Network security best practices for the holidays
• Sophos: December Patch Tuesday arrives bearing 71 gifts
• SecurityWeek: Apple pushes major iOS, macOS security updates
• SecurityWeek: Adobe patches over 160 vulnerabilities across 16 products
• Bleeping Computer: WPForms bug allows Stripe refunds on millions of WordPress sites

Visit the Tech Alerts page for more updates, patches, and alerts.


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