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Tech Talk: National cyber initiatives, CBDCs, crypto flaws, and more!

The national cyber initiatives impact on banks
The battle for checking accounts heats up
Twitter's race to be a payments provider
Majority of Central Banks developing digital currencies
BIS on crypto's threat to banking and financial services
Instant cross-border payments are coming!
Nationwide adoption of FedNow could take years
How criminals stole $20M from a popular fintech app
Bank failures spur innovative risk management tech
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

The national cyber initiatives impact on banks
The has White House revealed its implementation plan for the national cybersecurity strategy announced in March that, among other things, identifies potential avenues for cutting off cybercriminals from financing. President Biden's plans to shift liability for data breaches and software vulnerabilities to larger, more capable companies, such as banks, revealed in the cyber initiative could have a range of effects for financial institutions. Infosecurity Magazine has the details.

The battle for checking accounts heats up
We are more than half way through the year and the summer heat is sizzling across the U.S. Temperatures aren't the only thing on the rise. The battle for consumer checking accounts is heating up. According to a recent Cornerstone Advisors survey, digital banks and fintechs are overtaking traditional banks. But in some areas traditional banks have a competitive edge over their digital rivals. Finextra has the details.

Twitter's race to be a payments provider
Last year, Twitter's owner and CEO Elon Musk shared his vision of Twitter users connecting their online bank accounts to the popular social media platform. The South African-born tech billionaire who co-founded PayPal is inching closer to that goal. Twitter has applied for money transmitter licenses in every U.S. state and territory, and has already received money transfer licenses from four of those states. Banking Dive has the details.

Majority of Central Banks developing digital currencies
Digital currencies issued by central banks are becoming increasingly popular. According to a new survey published by BIS (Bank of International Settlements), 93 percent of central banks are involved in CBDC projects, while uncertainty about short-term issuance is on the decline.PYMNTS.com has the details.

BIS on crypto's threat to banking and financial services
Despite the benefits of cryptocurrency, in a recent paper titled “The Crypto Ecosystem: Key Elements and Risks,” BIS warns about the risks that crypto assets pose to the monetary system. Citing inherent flaws and multiple red flags, the report contends that crypto's growth is largely driven by retail investors looking for high returns, which consequently poses substantive dangers. PYMNTS.COM has the details.

Instant cross-border payments are coming!
The move from next-day payment delivery to within an hour is becoming the norm,both domestically and internationally. G20 (the Group of Twenty) outlined its roadmap for 75% of cross-border remittance payments to be processed within one hour by the end of 2027. The G20 standard and the European Commission (EC) mandate on instant payments by year-end is pushing the payment industry. Much like the iconic phrase shouted by Paul Revere to warn villages that the British were coming - get ready: "Instant cross-border payments are coming!" Finextra has the details.

Nationwide adoption of FedNow could take years
While many other countries have adopted and even mandated real-time payments, in the U.S. banks are not required to implement real-time payments. The Federal Reserve's FedNow faster payments network is set to launch later this month, but nationwide adoption by our country's financial institutions could take several years. Forbes has the details.

How criminals stole $20M from a popular fintech app
You can train the IT and cybersecurity staff, the finance department, and the risk and compliance team on monitoring and detecting intruders, but vulnerabilities or gaps in controls and processes can still occur. Case in point: organized criminal groups exploited a flaw in popular fintech Revolut's payment systems and successfully siphoned off more than $20 million of the company’s money over a period of several months. Banking Dive has the details.

Bank failures spur innovative risk management tech
In the wake of recent bank failures, interest rate hikes, and market volatility, financial uncertainly is driving financial institutions to find new ways to bolster their financial resilience. Emerging new solutions, such as risk management AI technology, can leapfrog institutions beyond yesterday's cutting edge, and possibly even prevent the untimely fate that befell Silicon Valley Bank (SVB) and other failed institutions. Banking Dive 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...

Apple has mixed humor with technology in a couple of their ads to grab the attention of a wide audience, from teenagers to senior citizens.

First published on 07/14/2023

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Tech Talk

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