April 28, 2017

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

  • CSBS vs. OCC on charters
  • Vulnerable mobile banking apps
  • A win for the good guys
  • RT payment solutions for FIs
  • P2P mobile money app
  • A virtual payments partnership
  • Blockchain: The Ripple effect
  • Cyber and operational risk
  • A competitive edge
  • 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.

CSBS vs. OCC on charters
When the OCC announced plans to accept applications for charter from eligible fintech providers, the regulatory agency opened Pandora's Box. The OCC's proposal has been met with opposition from banking groups, consumer advocacy groups, Congress, and even some fintech companies for various reasons. The Conference of State Bank Supervisors (CSBS) has taken legal steps to halt the fintech charter proposal. Get the details at: Tech Talk.

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Vulnerable mobile banking apps
Consumers often cite security concerns as the primary reason for their reluctance to adopt mobile banking. Recent vulnerability assessments of mobile banking apps from some of the leading banks in North America conducted by Global consulting firm Accenture and mobile security provider NowSecure pinpoints the security risks, and how banks can mitigate those risks. Get the details at: Tech Talk.

A win for the good guys
The expression "Chalk it up" dates back to when it was customary for a business to write a customer's outstanding charges on a chalkboard. Today, it's used to give credit where credit is due for a job well-done. In an unprecedented case, a Russian hacker who stole 2.9 million card numbers and defrauded banks at least $170 million was extradited to the U.S., where he was tried and convicted of 38 counts related to hacking, and sentenced to 27 years in prison – a record sentence handed down to a hacker in this country. Chalk one up for the good guys. Get the details at: Tech Talk.

RT payment solutions for FIs
Facing increased competition from the growing fintech market, the financial industry is turning to innovative technology to meet customer demands. Immediate payments could be a game-changer for banks. Banking and payments solutions provider ACI Worldwide is offering U.S. banks a cloud-based real-time payments solution, reports ATM Marketplace. For banks who want to jump on the real-time payments bandwagon sooner rather than later and without all the "heavy lifting," global fintech leader FIS and The Clearing House Payments Company have launched a service that streamlines the process. Get the details at: Tech Talk.

P2P mobile money app
Before the Internet and mobile technology, people easily kept track of phone numbers, PINs, and even account numbers. With technology changing the way we access and store most of our personal data, consumers can't – or just don't want to – remember all the details to send a friend or family member funds. With global money transfer provider Azimo's new P2P mobile money app, users can send payments effortlessly to any contact stored in their mobile phone. Get the details at: Tech Talk.

A virtual payments partnership
With the growing demand for faster, more secure B2B payments to improve cash flow and mitigate fraud, virtual payments technology is being leveraged by some industries. Amadeus, a leading provider of advanced technology for the global travel industry, has partnered with U.S. Bank on a virtual card solution for the Amadeus B2B Wallet. Get the details at: Tech Talk.

Blockchain: the Ripple effect
What began as a concept in 2009 has emerged as an innovative solution to connect banks all over the world and transact real time cross-border payments efficiently and cost-effectively. In what may prove to be a major contender for SWIFT's international financial network, distributed financial technology provider Ripple has added ten banks to its growing global blockchain network. Get the details at: Tech Talk.

Cyber and operational risks
Evolving, sophisticated criminal attacks targeting financial services providers have banks struggling to meet the growing challenge of connecting the dots between cybersecurity and operational risk. In addition to criminal activity, human error as well as system and software flaws that can cause potential operational and service interruptions should be factored into the institution's cyber response plan for overall risk management. Get the details at: Tech Talk.

A competitive edge
The revolutionary move toward open banking and standardized APIs (application program interfaces) – allowing third-party access through open source technologies for the development of financial apps and services – is poised to transform the banking landscape. Providing open access to others might seem counterproductive, but spurring rapid innovation and more progressive product development could give banks a competitive edge. Get the details at: Tech Talk.

Andy Zavoina
in a 2-hour

Social Media:
Deal with It

May 18, 2017

The FFIEC guidance on Social Media applies to all financial institutions. If you have a social media presence, or are considering one, you must know what this guidance says and means, and the associated compliance risks. This webinar will walk you through the common applications of the FFIEC guidance to your institution, what it means, why it is good advice, and what you need to do. It will also cover the pros and cons of embracing social media from the perspective of bank management and risk management.

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On the lighter side...

Springtime invokes that slightly lazy, footloose feeling that comes over us when the nights are shorter and the days grow warmer. In today's tech-savvy world, there are time and energy-saving apps to get some of those mundane tasks done so you can slack off on these spring days.

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