Tech Talk: GenAI, instant payments, pay-by-bank, and more!

• Perks lead to pay-by-bank acceptance
• Unveiling coreless banking
• Larger FIs fight crime with AI and ML
• Banks to deploy AI to retool legacy apps
• AI use in finance amplifies risks
• Does GenAI make KYC useless
• Winning instant payments long game
• Create emotional connections to rive customer loyalty
• GenAI brings advantages and risks to FIs
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Perks lead to pay-by-bank acceptance
Incentives coming from financial institutions are strategic levers to encourage further pay-by-bank adoption, with cashback, discounts and rewards topping the list of most desirable incentives cited by consumers. PYMNTS.com has the details.

Unveiling coreless banking
Today, computers are cheaper, faster, and more powerful, and they can run software that allows banks to scale better, be more agile for new products or distribution (channels) and innovate. This simply isn’t possible on their legacy technology. Finextra has the details.

Larger FIs fight crime with AI and ML
Financial institutions (FIs) are increasingly recognizing the importance of fraud-fighting technologies as they confront more sophisticated fraud and financial crimes. In fact, the surge in digital banking and faster digital payment methods has intensified this phenomenon, prompting banks to strengthen their systems and processes to tackle fraudulent transactions and the resulting financial losses. PYMNTS.com has the details.

Banks to deploy AI to retool legacy apps
The notoriously risk-averse banking sector, now a hive of AI innovation, is better poised than any other industry to reap the benefits of the technology this year, according to Accenture. CIO Dive has the details.

AI use in finance amplifies risks
In fact, the integration of AI has resulted in a 65% uptick in response efficiency within the banking sector and is shaping a future where digital assistants move beyond listening, evolving to comprehend and even anticipate banking consumers’ needs. PYMNTS.com has the details.

Does GenAI make KYC useless
KYC is a process intended to help financial institutions, fintech startups, and banks verify the identity of their customers. Not uncommonly, KYC authentication involves “ID images,” or cross-checked selfies used to confirm a person is who they say they are. But generative AI could sow doubt into these checks. TechCrunch has the details.

Winning instant payments long game
Across the ever-changing payments landscape, the demand for faster transactions has become increasingly prominent. But before organizations can offer, or accept, faster payments, they need to choose the right partner to do so. PYMNTS.com has the details.

Create emotional connections to rive customer loyalty
According to data from Forrester, when banks make their customers feel valued, they’re 87% more likely to stay with—and advocate for—that bank. Customer experience (CX) can impact a bank’s reputation while potentially influencing a bank’s bottom line. Banking Dive has the details.

GenAI brings advantages and risks to FIs
Its influence is already pivotal in financial decision-making, yet generative AI introduces significant challenges. These encompass the risks of propagating incorrect financial information, exposing sensitive banking data to security breaches, and expanding the digital gulf between modern and developing economies. PYMNTS.com has the details.

Spams, Scams, and Breaches

• SecurityWeek: Ransomware Gang Claims Attack on Capital Health
• PYMNTS.com: loanDepot: Cyber Incident Accessed Systems, Encrypted Data
• Finextra: Most Surprising Fraud Scams and What to Expect in 2024
• PYMNTS.com: Hackers Hijack SEC X Account to Announce Phony ETF Approval
• SecurityWeek: LoanDepot Takes Systems Offline Following Ransomware Attack
• Dark Reading: 23andMe: "Negligent" Users at Fault for Breach of 6.9M Records

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• SecurityWeek: Intel, AMD, Zoom, Splunk Release Patch Tuesday Security Advisories
• Help Net Security: Critical Cisco Unity Connection flaw gives attackers root privileges. Patch now! (CVE-2024-20272)
• SecurityWeek: Cisco Patches Critical Vulnerability in Unity Connection Product
• Help Net Security: Ivanti Connect Secure zero-days exploited by attackers (CVE-2023-46805, CVE-2024-21887)
• SecurityWeek: CISA Urges Patching of Exploited SharePoint Server Vulnerability
• CISA: CISA Releases One Industrial Control Systems Advisory
• SecurityWeek: CISA Warns of Apache Superset Vulnerability Exploitation
• Dark Reading: Patch Now: Critical Windows Kerberos Bug Bypasses Microsoft Security
• SecurityWeek: Microsoft Ships Urgent Fixes for Critical Flaws in Windows Kerberos, Hyper-V
• SecurityWeek: Adobe Patches Code Execution Flaws in Substance 3D Stager
• SecurityWeek: Bosch Nutrunner Vulnerabilities Could Aid Hacker Attacks Against Automotive Production Lines
• SecurityWeek: QNAP Patches High-Severity Flaws in QTS, Video Station, QuMagie, Netatalk Products
• Help Net Security: Vim 9.1 released: New features and bug fixes
• SecurityWeek: Android's January 2024 Security Update Patches 58 Vulnerabilities
• Dark Reading: Syrian Threat Group Peddles Destructive SilverRAT
• SecurityWeek: Ivanti Patches Critical Vulnerability in Endpoint Manager
• Help Net Security: January 2024 Patch Tuesday forecast: A Focus on Printing
• SecurityWeek: SAP's First Patches of 2024 Resolve Critical Vulnerabilities

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 CES 2024 vaporware here. You can buy these 14 new products now!