Tech Talk: FedNow, open banking, synthetic ID fraud, and more!

• Unexpected frontier in digital security
• Fighting AI-powered synthetic ID fraud with AI
• Shared data models to enhance scam detection
• FedNow zooms past RTP participation
• Digital wallets to overtake debit cards
• Digital banking’s transaction pain points
• Vision for open banking at retail
• Millennials most active banking app generation
• Cloud options for banks
• Spam, Scams & Breaches
• Updates, Patches & Alerts
• and on the lighter side...

Unexpected frontier in digital security
In this age of digital attacks and global hacks, banks, FinTechs and platforms face a dilemma. One need only look at the size and scope of the AT&T breach to see the problem. Among the best lines of defense and security, he said, is something that just about everyone has in their possession: a tangible, physical card. PYMNTS.com has the details.

Fighting AI-powered synthetic ID fraud with AI
Aided by the emergence of generative artificial intelligence models, synthetic identity fraud has skyrocketed, and now accounts for a staggering 85% of all identity fraud cases. One crucial strategy involves harnessing advanced AI technologies, such as anomaly detection systems, to outsmart the very algorithms driving fraudulent activities. Help Net Security has the details.

Shared data models to enhance scam detection
As online scams and financial crimes continue to surge at the halfway point of 2024, banks and payment companies are ramping up efforts to protect consumers and their own bottom lines. At the forefront are new technology solutions and a call for greater collaboration and data sharing to stay ahead of increasingly sophisticated fraudsters. PYMNTS.com has the details.

FedNow zooms past RTP participation
With its first year of operation almost complete, the Federal Reserve’s new instant payments system, FedNow, has already surpassed the number of financial institution participants on the private real-time system known as RTP. Banking Dive has the details.

Digital wallets to overtake debit cards
Digital wallets are the fastest-growing payment option in the United States, which is especially true among younger consumers. According to a new Worldpay report, the payment method will overtake debit cards in transaction value in North America for in-store payments by 2027. PYMNTS.com has the details.

Digital banking’s transaction pain points
With the increasingly 24/7 role of treasurers in mind, Bank of America is tackling payments pain points to modernize its CashPro digital banking platform that is used by about 40,000 companies and corporations. It rolled out a new capability this summer that enables treasurers and other finance professionals to launch an inquiry into the status of a transaction within the platform. Banking Dive has the details.

Vision for open banking at retail
Open banking at retail — at the point of checkout — has the advantage of lowering the costs below traditional credit and debit options. PYMNTS.com has the details.

Millennials most active banking app generation
Millennials are the most active users of banking apps, with 65 per cent of 25–34-year-olds using them more than six times a week. This demographic (68 per cent) is also the most vocal about the need for additional tools and resources within the apps. PYMNTS.com has the details.

Cloud options for banks
A bank in 2024 has many options, whether it is moving to public cloud, where technology stacks are supported by hefty players such as AWS or Azure, for example, or working with SaaS providers. The conversation also shifts to expanding on the benefits of private cloud where cloud-like deployments are established. Finextra has the details.

Spams, Scams, and Breaches

• CNET: About 1 Billion People Hit by Data Breaches in First Half of 2024
• SecurityWeek: Using Threat Intelligence to Predict Potential Ransomware Attacks
• Information Week: Sensitive Data of Millions Stolen in MSpy Breach
• SecurityWeek: MarineMax Notifying 123,000 of Data Breach Following Ransomware Attack
• ATM Marketplace: Law firm investigating Patelco Credit Union ransomware, data breach
• SecurityWeek: MNGI Digestive Health Data Breach Impacts 765,000 Individuals
• PYMNTS.com: IRS Warns Tax Pros of ‘Barrage’ of Phishing Scams
• SecurityWeek: Rite Aid Says Hack Impacts 2.2M People as Ransomware Gang Threatens to Leak Data
• PYMNTS.com: US Agencies Warn Banks About Timeshare Fraud Schemes
• SecurityWeek: Disney Investigating Hacker Group's Data Theft Claims
• Help Net Security: Major data breaches that have rocked organizations in 2024
• Dark Reading: Rite Aid Becomes RansomHub's Latest Victim After Data Breach
• Help Net Security: Info of 2,3+ million individuals stolen in Advance Auto Parts data breach
• Krebs on Security: Crooks Steal Phone, SMS Records for Nearly All AT&T Customers
• CISA: AT&T Discloses Breach of Customer Data
• SecurityWeek: Millions Impacted by Breach at Advance Auto Parts Linked to Snowflake Incident
• TechCrunch: Data breach exposes millions of mSpy spyware customers
• PYMNTS.com: Firms Look to Mitigate Fallout From Data Breach Ripple Effects

Updates, Patches, and Alerts...

• US-CERT: Current Activity
• SecurityWeek: Atlassian Patches High-Severity Vulnerabilities in Bamboo, Confluence, Jira
• Dark Reading: Microsoft-Signed Chinese Adware Opens the Door to Kernel Privileges
• SecurityWeek: Ivanti Issues Hotfix for High-Severity Endpoint Manager Vulnerability
• Help Net Security: Critical Splunk flaw can be exploited to grab passwords (CVE-2024-36991)
• SecurityWeek: Recent Adobe Commerce Vulnerability Exploited in Wild
• Dark Reading: High-Severity Cisco Bug Grants Attackers Password Access
• SecurityWeek: SAP AI Core Vulnerabilities Allowed Service Takeover, Customer Data Access
• CISA: Oracle Releases Critical Patch Update Advisory for July 2024
• SecurityWeek: Cisco Patches Critical Vulnerabilities in Secure Email Gateway, SSM
• Dark Reading: Iranian Threat Group Drops New Backdoor, 'BugSleep'
• SecurityWeek: Chrome 126 Updates Patch High-Severity Vulnerabilities
• SecurityWeek: Oracle Patches 240 Vulnerabilities With July 2024 CPU
• Dark Reading: Void Banshee APT Exploits Microsoft Zero-Day in Spear-Phishing Attacks
• SecurityWeek: Data of Millions of mSpy Customers Leaked Online
• SecurityWeek: Year-Old Veeam Vulnerability Exploited in Fresh Ransomware Attacks
• PCWorld: Dangerous security flaw found in Microsoft Outlook - go patch now!

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...

Big Bang Theory: When Howard called tech support.