FSB sparks uniform FIRE framework Cyber and operational incidents increasingly present substantial risks to the stability of the financial system. The Financial Stability Board (FSB) has finalized the Format for Incident Reporting Exchange (FIRE), a global framework designed to streamline financial firms' reporting of operational and cyber incidents and enhance cross-border cooperation. Financial Stability Board has the details.

ACH scam liability: What you don't know The well-known quote by 18th century poet Thomas Gray "Where ignorance is bliss, 'tis folly to be wise" takes on new relevance after a recent court decision underscores how not knowing certain details can shield financial institutions from liability. In Studco Buildings Systems US, LLC v. 1st Advantage Federal Credit Union the US Court of Appeals for the Fourth Circuit ruled that institutions are only liable for ACH scams if they have "actual knowledge" of the discrepancy. JD Supra has the details.

Cyber threat sharing bill up for renewal With cyber threats rapidly evolving, robust information security measures act as the first line of defense against malicious activities that compromise sensitive data and disrupt operations. Much like seeing smoke on the horizon before a wildfire reaches your town, information sharing plays a critical role in detecting threats before they hit. A pair of U.S. senators have teamed up to renew a 10-year-old cyber threat information sharing law that is set to expire in September, reports Cyberscoop.

Swifter payment investigations solution Each year, financial institutions spend more than $1.6 billion to resolve delayed payments across various technologies and networks. Global financial messaging platform Swift has launched an enhanced solution for managing cross-border payment investigations that streamlines the process to swiftly identify and resolve delays in international transactions and could save the industry millions of dollars. Fintech Finance News has the details.

AI-powered mortgages for small lenders A Seattle-based startup is lending a helping hand to smaller banks and lenders who offer mortgage services. Leveraging Friday Harbor's AI-powered mortgage origination platform, mortgage service providers of any size can match (or even surpass) the speed, cost-efficiency, and borrower experience of mega-lenders like United Wholesale Mortgage, which just announced its partnership with Google Cloud to integrate AI and machine learning tools into its lending platform. Get the details at Finextra.

BaaS challenger branches out to U.S. Digital only Starling Bank is branching out to the U.S. with its Banking-as-a-Service (BaaS) platform. The UK-based challenger bank will target smaller U.S. financial institutions, i.e., mid-tier banks, community banks, and credit unions, that are looking to modernize and compete in the digital age, reports Finextra.

GenAI-powered ID theft tool The emergence (and enhancement) of generative AI tools is democratizing cybercrime, giving rise to zero-knowledge threat actors – individuals with no technical skills who use advanced tools to execute sophisticated cyberattacks. Researchers have discovered that anyone can create realistic fake passports within minutes leveraging ChatGPT's image generator, – posing a substantial risk for identity fraud and highlighting the need for proactive AI security strategies. Cyber Security News has the details.

• PYMNTS: OCC hack prompts information sharing limits from big banks
• Finextra: Unmasking the pig butchering scam and how banks can fight back
• BizTech: Next-Gen AI scam clones broker Exante, opens JPMorgan bank account
• Cybersecurity Ventures: How AI Is Reshaping Cyberattacks And Cybersecurity
• PYMNTS: Crypto firm Anchorage Digital Bank investigated by Homeland Security
• gbhackers: Threat actors manipulate search results to lure users to malicious websites
• The Hacker News: Phishing campaigns use real-time checks to validate victim emails before credential theft

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

• US-CERT: Current Activity
• Help Net Security: Open-source fraud prevention platform
• gbhackers: Cloud misconfigurations – a leading cause of data breaches
• Computerworld: Now companies can patch Windows 11 without rebooting
• Help Net Security: Microsoft vulnerabilities: What's improved, what's at risk
• The Hacker News: Majority of browser extensions can access sensitive enterprise data
• The Register: Don't delete that mystery empty folder. Windows put it there as a security fix

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


For more technology news and alerts, visit the Tech Talk page on BankersOnline.com.