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Tech Talk: Financial surveillance, rural bank hubs, deepfakes eye FIs, and more!

CFPB warning about financial surveillance
Cash deposit bank hubs for SMEs
Open banking verification solution
Automated check fraud detection tools
A tech duo for digital payment security
Deepfake scams set their sights on banks
Bolster FI cyber defenses now
High tech presents higher risk
Building better banking solutions
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

CFPB warning about financial surveillance
Consumer watchdog agency CFPB has issued a strong response to two banking giants' plans to engage in targeted advertising using sensitive consumer data. At a hearing before the Senate Banking Committee this week, CFPB Director Richard Chopra warned lawmakers that financial services providers, like JPMorgan and PayPal, who are monetizing consumers financial data presents severe privacy concerns and signals a move toward financial surveillance and even financial censorship. Banking Dive has the details.

Cash deposit bank hubs for SMEs
Despite the growing trend toward digital banking and payments and the increasing movement toward a "cashless society," many consumers still rely on physical cash. U.K. fintech firm Small & Medium Enterprise Banking (SMEB) has an innovative solution to help overcome the barriers consumers encounter when patronizing small, rural businesses who don't have ready access to bank branches to deposit cash. Fintech Futures has the details.

Open banking verification solution
As the volume of fraud offenses and methods used to commit them have grown and diversified significantly, financial fraud has become a pervasive, global threat. To help bolster the security of online financial transactions and combat fraud, open banking and payments platform Moneyhub has unveiled a new open banking-enabled verification service. Fintech Times has the details.

Automated check fraud detection tools
Good old fashioned check fraud accounts for almost 20 percent of all SARs filed. In 2023, financial institutions filed nearly 670,000 check fraud-related SARs. Recognizing that traditional fraud detection measures are no longer sufficient, risk and compliance transaction monitoring firm Unit 21 has launched a new suite of check fraud prevention tools for FIs that automates the check investigation process. Help Net Security has the details.

A tech duo for digital payment security
Fraud prevention is a significant concern in today's digital world due to the increasing reliance on digital transactions and the potential vulnerabilities that come with conducting financial activities online. Digital payment industry stakeholders suggest that integrating biometric authentication and digital IDs to authenticate digital payments would provide enhanced security, improved user experiences, and more stringent fraud prevention verification measures. PYMNTS.com has the details.

Deepfake scams set their sights on banks
As is typically par for the course (for obvious reasons), banks and other financial institutions are nearly always the first target for any new, sophisticated attack vector. While deepfake technology isn't new, it has emerged as a significant threat to financial institutions. According to two recent reports, there is rising concern over the potential use of deepfakes and voice clones in the banking sector and banks could potentially lose billions to these sophisticated AI scams. Tech Brew has the details.

FIs: Bolster cyber defenses now
A recent Global Financial Stability Report released by the IMF (International Monetary Fund) sounds the alarm on the rise in cyber risks targeting the financial sector and the critical need for financial institutions to bolster their cyber defenses against potentially crippling attacks. According to the IMF's report, the industry has been hit by over 20,000 attacks, causing $12 billion in losses over the past 20 years. It is essential for financial institutions to have an agile plan and strategy to quickly respond to today's evolving cyber threats. Finextra has the details.

High tech presents higher risk
The rise in adoption of Artificial Intelligence (AI) in financial services has rapidly accelerated since the launch of OpenAI’s ChatGPT. While the technology offers many potential benefits in the financial sector for detecting fraud and money laundering, among other capabilities, it also poses inherent risks. Some experts say that banks' dependence on big tech firms for AI will open the industry up to new risks. PYMNTS.com has the details.

Building better banking solutions
A fairly new concept known as "composable banking" – which involves breaking down traditional banking services into modular, interoperable components that can be easily connected via APIs and customized to create tailored financial solutions – is changing the consumer digital banking experience. By embracing a composable approach, banks can swiftly adapt to the changing the needs of their customers and integrate innovative services without overhauling their entire systems. PYMNTS.com 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...

Sunday is Father's Day. Forget the tie or "Best Dad" coffee mug you were going to pick up (he has enough of those). Get him a tech gadget he can really use and will appreciate!

First published on 06/14/2024

Briefing type:

Tech Talk

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