Links in “Technology”

Tips for what bank customers should do if they suspect their identity may have been compromised. [6/8/15]

The CFPB has ordered three core processors to provide anonymized data on overdraft charges. One so far has said it may pass along the costs of complying to its client banks. The ABA responds by telling the CFPB that it should use part of its own $600 million budget to bear the cost. [6/8/15]

In a speech at the BITS Emerging Payments Forum, Comptroller of the Currency Curry discussed the impact of emerging technologies on the banking industry and questions that need to be addressed in the future. Citing the growth of online banking as an example of how the banking and depository industry has evolved with emerging technologies, Curry stated that other such predictions that technological advancements will replace banks in the present and future. Curry highlighted cybersecurity as a continuing concern that accompanies emerging technologies. [6/4/15]

The BitLicense puts in place guidelines for protecting consumers and preventing money laundering. [6/4/15]

Comptroller of Currency Thomas J. Curry shared his thoughts regarding technology and how it will affect our banking and financial future. Read his full remarks here. [6/3/15]

An exploratory working group looks at gaps, SWAMPS, common weakness enumeration, and mobile app security threats. [6/3/15]

It is estimated that one third of Americans will use remote deposit capture (RDC) by 2016.  Are you aware of the four most important trends that the industry is seeing in this area, including the rise of multiple image capture and the use of RDC to reload debit cards? [6/3/15]

An employee accidentally sent an Excel spreadsheet with customer information and redeemable codes for more than $1 million in gift cards to more than 1,000 customers. "Protecting yourself from human error is just as important as protecting yourself from hackers and malware." [6/2/15]

Australian-based Woolworths accidentally attached a sensitive Excel spreadsheet to a promotional email, unleashing a data breach of 8,000 gift cards containing customers' redeemable codes, names, and email addresses. The total amount of gift card worth comes to AU$1,308,505.  [6/2/15]

According to a recent report, the most common method retailers use to identify an advanced cyber threat is "a gut feeling." And that gut is a bit sluggish. It takes retailers an average of 197 days to identify that they've been hit, and 39 days to contain it. How do financial institutions do in comparison? [5/20/15]