Tech Talk: Bank data leaked, crypto banking, anti-fraud tools, and more!

• Bank's data was leaked (not the Fed)
• Crypto bank accounts
• RT payment challenges for businesses
• Fed unveils payments fraud detection tool
• BIS warning on AI benefits and risks
• AI-powered ID and anti-fraud tool for banks
• Fraud protection for corporate AP
• Banks need to up their business banking game
• Making a play for the younger generation
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Bank's data was leaked (not the Fed)
On June 23, the notorious LockBit ransomware gang claimed to have breached the U.S. Federal Reserve, sparking widespread concern that 33 terabytes of Americans' sensitive banking data had been compromised. While the crime gang's Fed hack was unfounded, the group did leak stolen data belonging to Evolve Bank & Trust. The attack on the bank followed an enforcement action from the Federal Reserve over shortcomings in the bank’s AML and risk management controls. Finextra has the details.

Crypto bank accounts
Cryptocurrency experienced a significant surge in popularity and adoption in recent years with more people, businesses, and institutions incorporating digital assets into their financial activities. To service the growing crypto user population, a crypto exchange and international bank have teamed up to offer crypto-friendly bank accounts. PYMNTS.com has the details.

RT payment challenges for businesses
Instant payments are revolutionizing the payments ecosystem. Global payments and the rise in real-time (RT) transactions present some challenges and obstacles for businesses today, including the need for updated, more robust infrastructure to support RT processing, increased fraud risks, and regulatory and compliance considerations. Finextra has the details.

Fed unveils payments fraud detection tool
Consumer fraud losses are on the rise, resulting in $10 billion in losses last year. In response to the proliferation in global payments fraud, the Federal Reserve has launched a ScamClassifier model tool designed to detect, investigate, and mitigate fraud and improve scam reporting. Finextra has the details.

BIS warning on AI benefits and risks
The financial services industry is rapidly adopting artificial intelligence (AI) and GenAI technologies to drive innovation and enhance or improve payments, lending, customer service, and operations. While there are many benefits to embracing the technology, the Bank for International Settlements (BIS) is warning central banks that rapid and widespread adoption of AI exposes the financial sector to increased risks and more sophisticated cyber attacks. PYMNTS.com has the details.

AI-powered ID and anti-fraud tool for banks
With the exponential rise in fraud, there is a critical need for improved identity verification and fraud management in the banking sector. ID verification and fraud prevention firm FiVerity has introduced a new AI-powered Identity Trust Management platform to meet that need. With advanced AI and machine learning capabilities, the platform equips community banks and credit unions with crucial anti-fraud technology, enhanced know your customer (KYC) measures, actionable insights, and more. Financial IT has the details.

Fraud protection for corporate AP
Fraudsters are increasingly targeting organizations through their accounts payable departments using various tactics to exploit vulnerabilities and manipulate financial processes. In 2023, 80% of companies were targeted by payment fraud. The most common tactic deployed by fraudsters is impersonating vendors or suppliers and creating fake invoices to divert payments to fraudulent accounts. Accounts Payable (AP) Payments as a Service company Finexio has launched a supplier identity and bank account validation solution to mitigate fraud risk for B2B payments. PYMNTS.com has the details.

Banks need to up their business banking game
With the rise in small business trending, the business and commercial banking landscape is evolving. To stay competitive and remain relevant in this ever-changing and lucrative market, traditional banks need to up their digital game and expand their B2B offerings to meet rising customer expectations. PYMNTS.com has the details.

Making a play for the younger generation
Most consumers today have a tech-savvy approach to banking and the younger generation in particular is frustrated with traditional bank processes. A recent surveyed released by open banking platform Tink revealed that Gen Z consumers demand feature-rich banking experiences and that attracting younger customers is reported as one of the biggest challenges by more than half of banking executives. The Fintech Times has the details.

Spams, Scams, and Breaches

• Help Net Security: 1 out of 3 breaches go undetected
• PYMNTS: AI-powered vacation scams show up right on time
• Help Net Security: Why are threat actors faking data breaches?
• KnowBe4: Tricky Fake invoice phishing attack uses search to deliver malware
• SecurityWeek: Santander employee data breach linked to Snowflake attack
• Fintech Times: Snowblind malware emerges as major threat to banking app security
• TechCrunch: Hacker claims data breach of India's eMigrate labor portal
• PYMNTS: Australian bank spots scams via how users hold their phones
• PC World: Data breaches are everywhere—you still need to pay attention to them
• Tech Republic: Ransomware cheat sheet: everything you need to know in 2024
• Dark Reading: 30M potentially affected in Tickettek Australia cloud breach
• PYMNTS: Cyberattack on software provider stalls U.S. car dealership sector
• SecurityWeek: Neiman Marcus data breach disclosed as hacker offers to sell stolen information

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• Help Net Security: Progress quietly fixes MOVEit auth bypass flaws
• Help Net Security: 75% of new vulnerabilities exploited within 19 days
• SecurityWeek: Recent Zyxel NAS vulnerability exploited by botnet
• PCWorld: Windows update patches urgent Wi-Fi vulnerability
• SecurityWeek: Recent SolarWinds Serv-U Vulnerability Exploited in the Wild
• Help Net Security: Intel-powered computers affected by serious firmware flaw
• SecurityWeek: Siemens Sicam vulnerabilities could facilitate attacks on energy sector

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...

Much like everything else, technology is changing a popular July 4th tradition. To reduce the harmful effects that fireworks can have on our health, our environment, and our pets, drone shows are becoming the safer alternative for celebrating our country's freedom.

Have a safe, happy 4th of July! BankersOnline offices will be closed on Thursday, July 4, so our team can enjoy the holiday with their families.