Tech Talk: An app for retirees, AI chatbots, bundled banking, and more!

• Bank AI chatbots causing headaches
• Bundled Banking: 42% of consumers will switch
• Credit card to use embedded AI
• Digital transformation strengthens banks
• Banking AI will need a human in the loop
• Bank runs in the digital age
• New banking app caters to retirees
• Bringing generative AI to Financial services
• Open Banking forces bank-fintech collaboration
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Bank AI chatbots causing headaches
The Consumer Financial Protection Bureau issued a warning on Tuesday on generative AI chatbots being used by banks. The agency says it's received "numerous" complaints from customers who have interacted with the chatbots and have failed to receive "timely, straightforward" answers to their questions. CNET has the details.

Bundled Banking: 42% of consumers will switch
Many consumers like the idea of having all their banking products reside within the same financial institution, as long as banks and FIs can overcome some consumer worries. In all, 42% of the consumers PYMNTS surveyed say they would be at least somewhat likely to leave a bank that did not bundle its offerings into a package for their convenience. PYMNTS.com has the details.

Credit card to use embedded AI
Adding embedded AI inside the electronics of the SmartMetric biometric credit card will provide a whole new world of application and real-time uses beyond doing a simple credit card transaction. AI with biometrics is a revolutionary advance in credit card security and user applications. Finextra has the details.

Digital transformation strengthens banks
In the wake of major financial sector news events like the collapse of Silicon Valley Bank, Brad Cooper, banking expert and editor at ATM Marketplace, argues that the project is an example of how to engage customers and kindle confidence through combining cutting-edge technology innovation with the human touch. ATM Marketplace has the details.

Banking AI will need a human in the loop
With AI and banking, especially when it comes to compliance, there remains a human in the loop that handles quality control and ensures that the process remains compliant. That’s because if bad data becomes the source of an AI response, it can be further propagated by serving as an informational foundation for future AI responses. PYMNTS.com has the details.

Bank runs in the digital age
The collapse of Silicon Valley Bank and the recent liquidity difficulties faced by other banking institutions has brought to the fore a number of fundamental questions about the nature of banks’ business models, the role they play in a modern ‘digital’ society and perhaps most importantly, whether anything meaningful can be done to alleviate the risks of a run in the digital age. The Banker has the details.

New banking app caters to retirees
Charlie is a new banking app for the 62+ community in the US with the aim of helping retirees and soon-to-be-retirees manage their finances. The start-up, founded in 2021 and launched nationwide last month, has raised a total of $7.5 million from investors. It offers banking services with features including: allowing customers to withdraw their social security up to four weeks early with no fees and no strings attached; US-based customer service; transaction monitoring and fraud prevention; and 3% earnings on average balances. Fintech Futures has the details.

Bringing generative AI to Financial services
The compliance concerns of banks, which include safeguarding assets and customer data, could easily raise red flags on unchecked use of generative AI. At the same time, the hype that now surrounds AI is impossible to ignore, even for organizations that operate in heavily regulated sectors. Information Week has the details.

Open Banking regs will force bank-fintech collaboration
Major financial institutions (FIs), including JPMorgan and American Express, have moved to acquire FinTechs, and banks’ general interest in FinTech acquisitions has increased markedly. Partnerships have become even more popular: The share of banks viewing bank-FinTech partnerships as at least somewhat important rose to 89%, up from 49% in 2019. PYMNTS.com has the details.

Spams, Scams, and Breaches

• Help Net Security: 0mega ransomware gang changes tactics
• Dark Reading: 2.5M Impacted by Enzo Biochem Data Leak After Ransomware Attack
• Tech Republic: Verizon 2023 DBIR: DDoS attacks dominate and pretexting lead to BEC growth
• SecurityWeek: Idaho Hospitals Working to Resume Full Operations After Cyberattack
• Dark Reading: Verizon DBIR: Social Engineering Gains Lead to Spiraling Breach Costs
• SecurityWeek: Enzo Biochem Ransomware Attack Exposes Information of 2.5M Individuals
• TechCrunch: Scammers publish ads for hacking services on government websites
• SecurityWeek: Verizon 2023 DBIR: Human Error Involved in Many Breaches, Ransomware Cost Surges
• TechCrunch: Microsoft says Clop ransomware gang is behind MOVEit mass-hacks, as first victims come forward
• SecurityWeek: Ransomware Group Used MOVEit Exploit to Steal Data From Dozens of Organizations

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• Help Net Security: High-risk vulnerabilities patched in ABB Aspect building management system
• SecurityWeek: KeePass Update Patches Vulnerability Exposing Master Password
• PCWorld: Your PC might have a malicious Chrome extension installed
• Help Net Security: NinjaOne Patch Management enhancements mitigate security vulnerabilities
• SecurityWeek: Gigabyte Rolls Out BIOS Updates to Remove Backdoor From Motherboard
• PCWorld: Update Chrome now—yet another nasty exploit is out in the wild
• SecurityWeek: Google Patches Third Chrome Zero-Day of 2023
• Tech Republic: Zero-day MOVEit Transfer vulnerability exploited in the wild
• SecurityWeek: Dozens of Malicious Extensions Found in Chrome Web Store
• Dark Reading: Apple Zero-Days, iMessage Used in 4-Year, Ongoing Spying Effort
• SecurityWeek: Zero-Day in MOVEit File Transfer Software Exploited to Steal Data From Organizations
• Help Net Security: Qakbot: The trojan that just won't go away
• SecurityWeek: High-Severity Vulnerabilities Patched in Splunk Enterprise
• Help Net Security: MOVEit Transfer zero-day attacks: The latest inf

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...

This week we'll take an in-depth look at the new Apple Vision Pro. Since it's not available yet (and we won't be plunking down $3500 anytime soon), this 20-minute review may be as close as we get for a while.