Tech Talk: UX, BNPL, AI, and more!

• Delivering the next-gen UX
• The limitations of ‘creaky’ legacy systems
• CRA to adapt to online banking
• Are surcharge-free ATMs inevitable?
• Buy Now, Pay Later is having its Kleenex moment
• How should banks use AI?
• Decisioning platform to help banks stay competitive
• CFPB accelerates US open banking
• Digital wallets exhibit highest increase in fraud
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Delivering the next-gen UX
As the usage of physical cash diminishes and digital consumption skyrockets, traditional banks are undergoing a seismic shift to adapt to changing customer preferences. Finextra has the details.

The limitations of ‘creaky’ legacy systems
The July launch of the FedNow® Service — and the fact that The Clearing House’s RTP® network has been operational for six years — underscores the need for banks to examine their legacy payments architecture. PYMNTS.com has the details.

CRA to adapt to online banking
The updated CRA rules aim to address the challenges posed by the rise of online banking and mobile transactions, shifting the focus from physical branch locations to where banks conduct their business. PYMNTS.com has the details.

Are surcharge-free ATMs inevitable?
Customers hate ATMs and will often go to great lengths to avoid them, either by only using ATMs in their banks network, making use of ATM fee reimbursement programs at their bank or even asking for cash back on retail transactions. ATM Marketplace has the details.

Buy Now, Pay Later is having its Kleenex moment
Kleenex became so popular that the word “Kleenex” became the generic term to describe any brand of disposable tissue — even though it was (and remains) a registered trademark of Kimberly Clark. The “Buy Now, Pay Later” space is going through a similar genericization — except in this case, no one owns the trademark. PYMNTS.com has the details.

How should banks use AI?
Erin Cohee, VP of digital customer experience at OneUnited Bank, spoke about how generative AI can be useful for banks, as long as it is linked with customer data. However, there are potential problems with generative AI. For one, they may give incorrect or offensive answers and can potentially engage in algorithmic discrimination, especially in cases of fraud. ATM Marketplace has the details.

Decisioning platform to help banks stay competitive
Consumers aren't shy about sharing what they want, and what they want are digital innovations offered by their main financial institution, according to the report "Credit Union Innovation: The Race to Meet Customer Demand." PYMNTS.com has the details.

CFPB accelerates US open banking
The Consumer Financial Protection Bureau (CFPB) has proposed its long-awaited open banking rule in the hopes of improving competition in the US banking and payments sector. Finextra has the details.

Digital wallets exhibit highest increase in fraud
Banks in the U.S. report a rapid increase in fraud and fraud losses, highlighting the urgent need for newer and better anti-fraud technologies. The rise of digital banking and faster digital payment methods have made financial institutions (FIs) more vulnerable to increasingly sophisticated fraud and financial crime. PYMNTS.com has the details.

Spams, Scams, and Breaches

• Help Net Security: 1Password also affected by Okta Support System breach
• SecurityWeek: University of Michigan Says Personal Information Stolen in August Data Breach
• Dark Reading: Israeli-Hamas Conflict Spells Opportunity for Online Scammers
• Finextra: Singapore banks step up security against scams
• Dark Reading: City of Philadelphia Releases Cyber-Breach Notice
• SecurityWeek: DC Board of Elections Says Full Voter Roll Compromised in Data Breach
• Help Net Security: North Korean hackers are targeting software developers and impersonating IT workers

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• Dark Reading: As Citrix Urges Its Clients to Patch, Researchers Release an Exploi
• SecurityWeek: Apple Ships Major iOS, macOS Security Updates
• Help Net Security: VMware patches critical vulnerability in vCenter Server (CVE-2023-34048)
• SecurityWeek: Firefox, Chrome Updates Patch High-Severity Vulnerabilities
• Help Net Security: Researchers uncover DarkGate malware's Vietnamese connection
• Tech Republic: Cisco Patches 2 Dangerous Zero-Day Vulnerabilities
• SecurityWeek: SolarWinds Patches High-Severity Flaws in Access Rights Manager
• Dark Reading: Cyberattackers Alter Implant on 30K Compromised Cisco IOS XE Devices
• SecurityWeek: Cisco Finds Second Zero-Day as Number of Hacked Devices Apparently Drops
• Dark Reading: Critical SolarWinds RCE Bugs Enable Unauthorized Network Takeover
• CIO Dive: CISA’s top 10 misconfigurations reveal ‘systemic weaknesses’
• Dark Reading: Cisco Finds New Zero-Day Bug, Pledges Patches in Days

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 badge, no access" needs to be enforced but people want to be helpful. This serious but humorous video helps make the point to your staff.