Tech Talk: Pay by Bank, BNPL, GenAI, and more!

• OCC calls for federal payments licensing
• And the winner is...Pay by Bank
• Warren probes Zelle scam policy
• GenAI improves phishing attacks
• Building a real-time cyber security response
• Banks can seize the BNPL opportunity
• Using GenAI to fight financial crime
• YOU WILL Get Suckered By An AI-enabled Deep Fake
• Digital assets open doors to enhanced services
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

OCC calls for federal payments licensing
Acting Comptroller of the Currency Michael Hsu called Wednesday for federal money transmitter licensing standards to replace the state licensing system that covers payments companies. Banking Dive has the details.

And the winner is...Pay by Bank
Ecospend is looking to drive account-to-account payments into the mainstream via an open banking-only competition on national television network ITV. Finextra has the details.

Warren probes Zelle scam policy
Last year, Scottsdale, Arizona-based Early Warning Services came under fire from senators, including Warren, after The New York Times reported in March 2022 that scams were flourishing on the app. Banking Dive has the details.

GenAI improves phishing attacks
Criminals armed with generative AI tools can easily create realistic videos, fake IDs, false identities and convincing deepfakes of company executives, CNBC reported. PYMNTS.com has the details.

Building a real-time cyber security response
As adoption of payments technology increases, theft and fraud exposure grows in step. Real-time payments require a real-time cyber security response. With a growing number of cyber threats and increasing regulation, banks and financial institutions need to evolve cyber security measures. Finextra has the details.

Banks can seize the BNPL opportunity
Buy now, pay later (BNPL) services are growing increasingly popular among consumers in the United States, with 28% of shoppers saying they used the payment method for transactions at least once within the past 90 days. This kind of seamless transaction is what consumers demand — even expect — from their financial service providers. For financial institutions, introducing BNPL options could be crucial to winning these customers back by fulfilling their digital needs. PYMNTS.com has the details.

Using GenAI to fight financial crime
NICE Actimize announces three advanced generative AI-based solutions designed to fight financial crime and allow organizations to significantly reduce the manual and labor-intensive tasks currently employed in financial crime investigations and reporting. Help Net Security has the details.

YOU WILL Get Suckered By An AI-enabled Deep Fake
When you mix media in any form, media that we have grown to trust over a lifetime, and then weave in financial fraud, the likelihood of someone, somewhere falling for the AI ruse, is, inevitable. Artificial intelligence based “social engineering” scams are quickly becoming the purest, most effective form of psychological manipulation. Finextra has the details.

Digital assets open doors to enhanced services
Credit unions (CUs) might not have the same national or regional reach as traditional banks, but their members don’t expect less when it comes to accessing digital-first services on par with those of legacy financial institutions (FIs). PYMNTS.com has the details.

Spams, Scams, and Breaches

• Help Net Security: Clean links and sophisticated scams mark new era in email attacks
• SecurityWeek: Eye Care Services Firm Faces Lawsuit Over Data Breach Impacting 2.3 Million
• Dark Reading: Enterprises Worry End Users Will Be the Cause of Next Major Breach
• Help Net Security: Fraudsters have found creative ways to scam some businesses
• Dark Reading: Like Seat Belts and Airbags, 2FA Must Be Mandatory ASAP
• Information Week: Social Engineering Ploys Popular with Scammers in 2024
• Dark Reading: Prudential Files Voluntary Breach Notice with SEC
• ABC News: Law enforcement agencies disrupt prolific ransomware group LockBit
• Dark Reading: AWS SNS Hijackings Fuel Cloud Smishing Campaign
• KnowBe4: Browser-Based Phishing Attacks Increase 198%, With Evasive Attacks Increasing 206%

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• Dark Reading: Microsoft Exchange Server Flaw Exploited as a Zero-Day Bug
• Help Net Security: iOS users beware: GoldPickaxe trojan steals your facial data
• SecurityWeek: Microsoft Warns of Exploited Exchange Server Zero-Day
• Dark Reading: AI-Generated Patches Could Ease Developer, Operations Workload
• SecurityWeek: Chrome 122, Firefox 123 Patch High-Severity Vulnerabilities
• Dark Reading: Google's Cloud Run Service Spreads Several Bank Trojans
• SecurityWeek: Recent Zero-Day Could Impact Up to 97,000 Microsoft Exchange Servers
• Dark Reading: 'KeyTrap' DNS Bug Threatens Widespread Internet Outages
• SecurityWeek: iOS Trojan Collects Face and Other Data for Bank Account Hacking 
• Help Net Security: CVE Prioritizer: Open-source tool to prioritize vulnerability patching
• SecurityWeek: Vulnerabilities in CUSG CMS Exposed Credit Unions to Attacks
• Computerworld: Microsoft fixes two zero-days with Patch Tuesday release
• SecurityWeek: Eight Vulnerabilities Disclosed in the AI Development Supply Chain
• Dark Reading: iOS Malware Steals Faces to Defeat Biometrics With AI Swaps
• SecurityWeek: ESET Patches High-Severity Privilege Escalation Vulnerability
• Dark Reading: Critical Software Vulnerabilities Impacting Credit Unions Discovered by LMG Security Researcher
• SecurityWeek: New Wi-Fi Authentication Bypass Flaws Expose Home, Enterprise Networks

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...

We include a lot of articles about AI trends...good and bad. As much promise as the technology holds, we are still in the early stages. Watch the MOST Disturbing AI Generated Beer Commercial! (It gets weirder with each viewing.)