Tips for Tech

Tech Talk: Cybercrime, facial recognition, identity fraud, and more!

New bill targets crypto money laundering
FIs must collaborate to beat identity fraud
Combatting fraudsters is a ‘cat-and-mouse’ game
Facial recognition: A top challenge/opportunity for ATMs
Embedded finance to fuel SMB ambitions
Turn ecosystem banking turns into real-time intelligence
Charges, arrests over multi-million-dollar cybercrime schemes
CFPB proposes registry of nonbank lawbreakers
Banks might dump Zelle due to fraud refund scheme
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

New bill targets crypto money laundering
Sen. Elizabeth Warren on Wednesday announced bipartisan legislation to crack down on cryptocurrency money laundering with a bill called the Digital Asset Anti-Money Laundering Act of 2022. CNET has the details.

FIs must collaborate to beat identity fraud
In 2021, adults 60 and older were nearly five times as likely as their younger counterparts to report losing money to a technology support scam and twice as likely to report losses to a prize, lottery or sweepstakes scam. The “Digital Identity Tracker®” explores how firms use digital identification to slow online fraud and mitigate the harm it causes. PYMNTS.com has the details.

Combatting fraudsters is a ‘cat-and-mouse’ game
Fraudsters attempt to scare or help customers through scams, one of the techniques they use is what Zwijnenberg, chief information security officer at ING, calls “social engineering”. The bank aims to educate customers about the different methods that scammers use so they can avoid them. Finextra has the details.

Facial recognition: A top challenge/opportunity for ATMs
Although banks are beginning to adopt facial recognition at ATMs, the technology still has to overcome customer's distrust. Facial recognition is not a thing we only see in science fiction movies anymore. It has already found its way into our lives and considering the growing popularity of self-service equipment reliant upon its use, it's important to discuss the matter of its responsible use. ATM Marketplace has the details.

Embedded finance to fuel SMB ambitions
Efficiency is the name of the game when it comes to digital payments. Merchants expect digital payments from their customers to be processed swiftly and seamlessly, and to have the money in their accounts without any complications on the front or back end. PYMNTS.com has the details.

Turn ecosystem banking turns into real-time intelligence
As corporations rationalize the number of accounts they hold, demand greater visibility, and look to new providers for functions like virtual account management, banks need to step up their digital transformation efforts. Here, we look at the risks and rewards for banks looking to rethink their corporate proposition. Finextra has the details.

Charges, arrests over multi-million-dollar cybercrime schemes
The US Department of Justice has announced the arrest of four individuals for their alleged roles in a fraud scheme targeting businesses, banks, and individuals. As part of these attacks, the defendants targeted employees in charge of making payments on behalf of their businesses with fraudulent email messages that asked them to make wire transfer payments to bank accounts under the attackers’ control. SecurityWeek.Com has the details.

CFPB proposes registry of nonbank lawbreakers
A regulator has proposed creating a registry of nonbank financial lawbreakers to detect “repeat offenders.” A central repository of such nonbanks would allow the CFPB to track and mitigate the risks posed by repeat offenders, monitor all lawbreakers subject to agency and court orders, and share this information with other regulators and law enforcement agencies, according to the press release. PYMNTS.com has the details.

Banks might dump Zelle due to fraud refund scheme
Banks may choose to drop partnerships with instant payments apps, like Zelle, if they have to reimburse scam victims. The seven banks that own Zelle recently launched a plan to reimburse scam victims if the scammer is pretending to be a bank employee, according to a report by Washington Post. ATM Marketplace has the details.

Spams, Scams, and Breaches

Updates, Patches, and Alerts...

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

And on the lighter side...

No humor this week. Just some tech gadgets for 2022 that might find their way under a Christmas tree this year.

First published on 12/16/2022

Briefing type:

Tech Talk

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