March 24, 2017

Tech Talk Editors George Milner and Teri Wesley have compiled a summary of this week's tech and cybersecurity news:

  • Bill tasks board for cybersecurity
  • Cyber attack retaliation
  • Hacker group targets central banks
  • Driving consumers to ATMs
  • Mobile prepaid solution for banks
  • Quicker mobile check clearing
  • Global AML solution for Bitcoin
  • DLT-based ID verification
  • New fintech startup lab
  • 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.

Bill tasks board on cybersecurity
A financial institution's board of directors plays a critical role in overseeing all affairs of the bank. Today, board engagement in the area of cybersecurity is not required but strongly recommended by regulators, but a new bill introduced to the Senate seeks to mandate it. If passed, the Cybersecurity Disclosure Act of 2017 will hold board members accountable for a bank's cybersecurity. Get the details at: Tech Talk.


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Audit Export Technology Demo - March 29th
Auditors routinely ask for access to your loan management system. How much access do they really need to get the job done? In this free webinar on March 29th, you'll learn how much is too much - and, how to keep your auditors happy.
— AccuSystems

Cyber attack retaliation
Additional legislation is in the works that would give private sector businesses, including financial firms, the right to strike back against attackers who infiltrate their networks, reports ThinkAdvisor. Permitting banks and other financial services companies to retaliate against hackers may be one way to deter cybercriminals from trying to breach financial firms' networks. Get the details at: Tech Talk.

Hacker group targets central banks
Global cybercrime is on the rise – and attacks targeting global financial systems have become one of the industry's top concerns. A group of hackers known as "Anonymous," for their activism against big corporations and government agencies, is reportedly adding new recruits and setting its sights on central banks. Get the details at: Tech Talk.

Driving consumers to ATMs
Technology has reshaped the financial services landscape in the past decade. Financial institutions need a roadmap to navigate evolving technology, consumer demands, and fintech challengers who don't encounter many of the roadblocks that detour traditional banks. Banks can leverage the latest ATM technology to offer basic cash-and-dash features as well as the benefits of a one-stop shop that provides customers the convenience of automated branch services at the ATM. Get the details at: Tech Talk.

Mobile prepaid solution for banks
With the exponential growth in mobile banking and payments, smaller banks may lack the resources to keep up with the "big guns" in the mobile market race. ICBA's payment services subsidiary, ICBA Bancard, and Cachet Financial Solutions Inc., in partnership with the Central Bank of Kansas City, are offering community banks a mobile prepaid platform that offers biometric authentication and geo-based technology for finding locations and ATMs to reload funds. Get the details at: Tech Talk.

Quicker mobile check clearing
Remember the days when a payee wrote out a check, put it in the mail, the payor received it, took it to the bank to deposit it, and several days (or more) later the funds were debited from the payee's account and credited to the payor's account? Technology, i.e., ACH and electronic payments, has sped up that process. In the U.K., not only will checks soon clear much faster, but customers may have the option to pay with an image of a check, rather than the actual paper currency. Get the details at: Tech Talk.

Global AML solution for Bitcoin
A growing number of merchants are accepting Bitcoin for online payments. To address delays, cross-border payment challenges, and anti-money laundering (AML) regulations, Bitcoin payments provider Payment21 and ACI Worldwide have teamed up to offer merchants a solution for AML-compliant cryptocurrency transactions. Get the details at: Tech Talk.

DLT-based ID verification
The distributed ledger technology (DLT) that powers Bitcoin is being deployed for various uses within the financial industry. Technology giant IBM and Canadian identity and authentication provider SecureKey have announced the development of a blockchain-based digital identity solution that can be integrated into a bank's mobile app. Get the details at: Tech Talk.

New fintech startup lab
When emerging fintech startups entered the market and offered alternative banking products for today's tech-savvy, mobile Millennials, there was much ado about "digital disruption" in the financial industry. A new term is flourishing along with a new way of thinking. Banks are beginning to embrace and even partner with fintech providers for the greater good of their customers. To foster "fintegration" and develop a culture of innovation that can be incorporated into banks' digital strategy, Deutsche Bank has opened a fintech innovation lab in New York, its fourth globally, with a focus on artificial intelligence, cloud and cyber security, and more. Get the details at: Tech Talk.


Join
Rayleen Pernie
in a 2-hour
Webinar

ACH Basics: Part 1
Wednesday,
April 19, 2017

Designed specifically for financial institutions, this three-part webinar series provides attendees with basic knowledge of ACH transactions. It will also explore the involvement of third parties in the ACH Network, and the risks they present to your bank. Other laws and regulations that apply to ACH transactions will be discussed, as well as critical processing requirements that can reduce the bank's exposure to risk.



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On the lighter side...

ATMs are being used as self-service kiosks around the world to dispense more than just cash. As banks are doing to secure ATM transactions, biometric technology is being deployed for security in those ATMs where the coveted product needs to be protected from theft.


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