Tech Talk: FedNow, Gen-AI, ID verification, and more!

• FedNow unveils market practices
• Competitive advantage in banking and payments
• Gen-AI for Japanese banks
• Consumers want an app to manage savings
• Safeguard against credit card fraud
• Responsible data use = a better banking experience
• Verify ID without storing personal data
• From Open Banking to Open Finance
• Fostering digital trust is critical
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

FedNow unveils market practices
The Federal Reserve has unveiled market practices aimed at promoting the standardized implementation of the request for payment (RFP) feature of instant payments. PYMNTS.com has the details.

Competitive advantage in banking and payments
Zhenya Winter, Head of Marketing, Financial Messaging, Bottomline, and Vitus Rotzer, CRO, Financial Messaging, Bottomline, discuss their recent report on the future of competitive advantage in banking & payments at Sibos 2023. Focusing on digital payments modernization strategies, they discuss banks & FIs plans for the year ahead. Finextra has the details.

Gen-AI for Japanese banks
Fujitsu's AI platform, Fujitsu Kozuchi, will be applied to the banking operations of Hokuriko Bank and Hokkaido Bank, two Hokuhoku subsidiaries. The objective is to identify promising use cases for the technology. Finextra has the details.

Consumers want an app to manage savings
Findings detailed in the study done jointly by PYMNTS and PayPal show that an increasing number of consumers are seeking ways to simplify their routine shopping and banking experiences, with approximately 60% of U.S. consumers interested in managing their banking through an everyday app. PYMNTS.com has the details.

Safeguard against credit card fraud
Financial institutions are bolstering their defenses through a multifaceted approach, utilizing diverse tools, strategies, and methodologies to counter identity fraud and combat fraudulent transactions. Finextra has the details.

Responsible data use = a better banking experience
Trust and transparency around data usage will be essential. The banks that will lead in the future are those that lean into their role as data guardians and use data to improve every facet of their business. Finextra has the details.

Verify ID without storing personal data
As government and banking services move away from verifying identities in the real world, moving toward online ID verification, several companies have entered the market to solve this problem. Tech Crunch has the details.

From Open Banking to Open Finance
The regulators are acting more quickly in Europe than in the U.S. What may be coming? Alistair Brown, VP Open Banking and Payments, EPAM, discusses European banking sector regulations, the role of enhanced AI solutions in tackling fraud, risk, and cybersecurity, and the benefits of enhancing customer experience at Sibos 2023. Finextra has the details.

Fostering digital trust is critical
With cyberattackers shifting their focus from individual institutions to the financial sector as a whole, maintaining the trust of customers has never been more important. Finextra has the details.

Spams, Scams, and Breaches

• Krebs on Security: ‘Snatch’ Ransom Group Exposes Visitor IP Addresses
• Help Net Security: Ransomware groups are shifting their focus away from larger targets
• SecurityWeek: 900 US Schools Impacted by MOVEit Hack at National Student Clearinghouse
• Dark Reading: T-Mobile Racks Up Third Consumer Data Exposure of 2023
• Help Net Security: National Student Clearinghouse MOVEit breach impacts nearly 900 schools
• SecurityWeek: City of Dallas Details Ransomware Attack Impact, Costs
• PYMNTS.com: Mixin Network Crypto Hackers Swipe $200 Million
• TechCrunch: Decade of newborn child registry data stolen in MOVEit mass-hack

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• Help Net Security: Critical JetBrains TeamCity vulnerability could be exploited to launch supply chain attacks (CVE-2023-42793)
• SecurityWeek: New GPU Side-Channel Attack Allows Malicious Websites to Steal Data
• Help Net Security: Fake Bitwarden installation packages delivered RAT to Windows users
• SecurityWeek: macOS 14 Sonoma Patches 60 Vulnerabilities
• Help Net Security: Google "confirms" that exploited Chrome zero-day is actually in libwebp (CVE-2023-5129)
• SecurityWeek: Google Rushes to Patch New Zero-Day Exploited by Spyware Vendor
• CISA: People's Republic of China-Linked Cyber Actors Hide in Router Firmware
• SecurityWeek: Firefox 118 Patches High-Severity Vulnerabilities
• PCWorld: Risk level 10: Critical WebP security hole affects lots of software
• SecurityWeek: Cisco Warns of IOS Software Zero-Day Exploitation Attempts
• Dark Reading: Researchers Release Details of New RCE Exploit Chain for SharePoint
• SecurityWeek: Government Shutdown Could Bench 80% of CISA Staff
• Help Net Security: Cl0p's MOVEit attack tally surpasses 2,000 victim organizations
• SecurityWeek: Xenomorph Android Banking Trojan Targeting Users in US, Canada
• Dark Reading: BBTok Banking Trojan Impersonates 40+ Banks to Hijack Victim Accounts
• SecurityWeek: Atlassian Security Updates Patch High-Severity Vulnerabilities
• Help Net Security: Apple fixes 3 zero-day vulnerabilities exploited to compromise iPhones
• TechCrunch: Yes, you have to update your Apple devices again, because spyware is bad
• Help Net Security: GitLab fixes critical vulnerability, patch now! (CVE-2023-5009)
• CNET: Apple Made a Big iPhone 15 Mistake, but an iOS Fix Is Here
• SecurityWeek: Predator Spyware Delivered to iOS, Android Devices via Zero-Days, MitM Attacks
• Dark Reading: MOVEit Flaw Leads to 900 University Data Breaches
• SecurityWeek: In-the-Wild Exploitation Expected for Critical TeamCity Flaw Allowing Server Takeover

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...

The Office's Michael Scott vs. Technology.