Tech Talk: Regulating Big Tech, cloud computing risks, remote ATM service, and more!

• BIS on regulatory approach to Big Tech
• Treasury report on cloud computing risks
• Remote hosting service for ATMs
• Digital school for bankers
• API access to a FedNow sandbox
• Matchmaking for banks and fintech
• Building a bank-fintech network
• The value of BaaS connections
• Global bank payment network access for third parties
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

BIS on regulatory approach to Big Tech
Big Tech, such as Amazon and Google, pushed their way into financial services, offering banking, payments, asset management, and even cloud computing services for banks, while quickly gaining market share due to their size and influence. With no obvious "lead" regulator and the risks of becoming "too big to fail," an official at BIS (Bank for International Settlements) says a regulatory re-think for Big Tech is warranted. Finextra has the details.

Treasury report on cloud computing risks
Financial institutions are increasingly using cloud services for scalability and to offer more innovative services to compete with fintech players. The U.S. Treasury has released a report on the potential benefits and challenges associated with cloud-based technologies. The report found that more visibility, staff support, and cybersecurity incident response engagement is needed from financial firms' cloud service providers. The agency plans to launch an interagency Cloud Services Steering Group that will address a number of the issues identified in the report. Treaury.gov has the details.

Remote hosting service for ATMs
In today's digitally-connected environment, just about anything can be done remotely – including monitoring computers, networks, and ATMs. Fintech firm E-Squared Systems has teamed up with global terminal manufacturer Genmega and payments gateway provider Digital Cash Processing to develop a remote hosting service for financial self-service kiosks and ATMs. In addition to lowering costs associated with servicing terminals, the service will expedite hardware and software upgrades and offer enhanced security against logical attacks. ATM Marketplace has the details.

Digital school for bankers
Digital transformation, which has accelerated since the pandemic, is one of the industry's hottest trends for 2023. According to newly published research by financial management and tech consultants Cornerstone Advisors, most community banks (93%) are less than halfway along on their digital transformation journey. To help small banks and other financial institutions meet their digital transformation goals, Cornerstone is offering a Digital School to provide financial institution executives with the education and tools they need to get up to speed on this critical area of competition. PR Newswire has the details.

API access to a FedNow sandbox
The Federal Reserve's FedNow service, slated to launch later this year, will bring the concept of truly modern payments in the U.S. to reality with instant, real-time payment settlements for participating banks. Fintech firm Finzly is offering the world's first API connection to FedNow for platform developers, fintechs, and financial institutions who want to test their apps and digital banking tools in a sandbox environment connected to the pilot version of FedNow Service. Finextra has the details.

Matchmaking for banks and fintech
Valentine's Day is just days away. Love is in the air and that mythical winged wonder Cupid (or more realistically the slew of matchmaking apps) is helping people find "the one" they hope to forge a relationship with. Former NYDIG and Quontic Bank CIO Patrick Sells is launching an online platform designed to help financial institutions innovate and find just the right fintech partner whose services match their needs.  Banking Dive has the details.

Building a bank-fintech network
Emerging fintechs are transforming the global financial industry but they need banking partners. A Banking-as-a-Service (BaaS) startup company that was founded on the belief that "banks are good at certain things while fintechs are good at others" has received significant funding to build a multi-bank network and integrated partner marketplace. Treasury Prime is an industry-leading ecosystem that connects banks and fintechs via API software developed specifically for banks to bring in low cost deposits, increase significant fee income, and expand their footprint. TechCrunch has the details.

The value of BaaS connections
According to a recent "Banking Priorities Executive Report" released by CSI (the fintech and regtech solutions provider, not Crime Scene Investigators), 23% of banking executives are looking at BaaS options to create new revenue streams and, 32% see APIs as a way to implement more customer-friendly innovations. CSI is addressing these needs by offering a suite of prebuilt open APIs that connects fintechs and financial institutions within CSI's network to deliver BaaS solutions that improve data access and sharing and create value for their customers. Business Wire has the details.

Global bank payment network access for third parties
With the growing number of businesses recognizing the value of faster, cheaper, and more secure bank-to-bank payments, direct bank payments provider GoCardless has launched a new product that gives third party payment providers access to its global bank payment network. Their white label GoCardless Embed solution integrates the global bank payment network into payment providers' platforms via a single API that enables them to retain control of the customer experience while reaping the benefits of bank-to-bank payments. PYMNTS.com has the details.

Spams, Scams, and Breaches

• Dark Reading: 'Money Lover' finance app exposes user data
• Finextra: Virgin Money and TSB scolded over online security risk
• Dark Reading: Reddit breached with stolen employee credentials
• Help Net Security: Nevada Ransomware has released upgraded locker
• Dark Reading: Fresh, buggy Clop ransomware variant targets Linux systems
• Finextra: U.K. banks receiving APP scam payments pushed to step up standards
• Bleeping Computer: Russian hackers using new Graphiron information stealer in Ukraine
• Dark Reading: Backdoor in Dingo Cryptocurrency allows creator to steal (nearly) everything
• Krebs on Security: U.S. and U.K. sanction members of Russian hacking collective Trickbot
• PYMNTS.com: Millennials want more banking security, boomers don't see a problem
• Security Week: Russians admit in U.S. court to laundering money for the Ryuk ransomware gang
• Bleeping Computer: New QakNote QBot malware deploys banking trojan via Microsoft OneNote files
• Finextra: APP scam reimbursement plans are "fundamentally flawed" says U.K. Members of Parliament (MPs)

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• Security Week: Chrome 110 patches 15 vulnerabilities
• Android Authority: Google Chrome on desktop is getting a biometric boost
• Dark Reading: CISA releases recovery script for victims of ESXiArgs ransomware
• Naked Security: OpenSSL fixes High Severity data-stealing bug – patch now!
• Help Net Security: ChatGPT’s potential to aid attackers puts IT pros on high alert
• Bleeping Computer: Microsoft launches new AI chat-powered Bing and Edge browser
• Help Net Security: Thousands of unpatched VMware ESXi servers hit by ransomware via old bug
• Dark Reading: Twitter implements API paywall, but will that solve its enormous bot crisis?
• SC Magazine: Update Android devices to avoid privilege escalation, urges tech group

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...

NFC champions Philadelphia Eagles and the AFC champions Kansas City Chiefs will face off in Super Bowl LVII on Sunday for the Championship title and Vince Lombardi Trophy. Fans will be cheering both teams on, but some viewers only tune in for the creative commercials. Here's a little preview of some of this year's best commercials.