Sun.Feb 09, 2020

Massive cyberattack on the US wholesale payments system (simulation but real?)

Chris Skinner

One report you may have missed was this one: CyberRisk and the U.S. Financial System: A Pre-Mortem Analysis from The New York Fed and released in January.

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Bank of America gained 418 technology patents in 2019

Bank Innovation

Bank of America obtained more patents last year than any other year in the history of the company. In 2019, company obtained 418 patents, a 31% increase over the prior year. According to the bank, patents protect the bank’s tech investments.

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Things worth reading: 10th February 2020

Chris Skinner

Things we’re reading today include … Santander fintech guru trades punk rock for asset management Cryptocurrency specialist to push for UK banking licence Bank of England gold: Rare look inside the vaults How far will Alison Rose go to take RBS into the 21st century?

Jack Henry the newest core provider to offer a digital bank in 90 days

Bank Innovation

Core providers are rolling out digital bank toolkits that can launch a new offering within 90 days, and Jack Henry is the latest contender to join that race with BankAnywhere, a cloud-based system for community banks.

Uber Co-Founder Kalanick Supports Expansion Of 3D-printed Hotel

PYMNTS

Uber co-founder Travis Kalanick is joining other investors in funding the expansion of the 3D-printed hotel concept Habitas , the Financial Times reported on Sunday (Feb.

Credibly taps Truepic to save money and speed up loan applications

Bank Innovation

Credibly, a small-business lending company that’s issued more than $1 billion in loans, is using image verification technology from tech company Truepic to save money and speed up its application process.?

More Trending

Why Stripe and CBA see gold in installment payments

Payments Source

Point of sale credit can be an alluring option for consumers who are normally averse to taking on debt. The allure is also enough to draw support from one of Australia’s largest banks and the digital merchant acquiring giant Stripe. Point-of-sale Venture funding Payment processing Stripe

Data Shows 41 Pct Hike In Ransomware Attacks In 2019

PYMNTS

Ransomeware hackers are striking more frequently, taking down computer networks across businesses, hospital and governments, the New York Times reported on Sunday (Feb.

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The Digital Wallets of the Future: Money and Identity

Daily Fintech

Cryptocurrency wallets have been closely linked to other transactional services. A digital wallet refers to an electronic device or online service that allows someone to make electronic transactions.

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Saudi VC Firm Hires Google Exec To Grow Tech Unicorns

PYMNTS

Saudi Arabia’s STV , one of the country’s largest venture capital firms, has enlisted the help of a Google employee, Ivan Jakovljevic, with the hope of boosting their startups into unicorns. A unicorn refers to a privately held startup that is valued at over $1 billion.

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CFPB’s unexpected showdown with Citizens

American Banker

The agency's lawsuit against the Rhode Island company — the first involving a bank under Director Kathy Kraninger — has challenged assumptions about its approach to enforcement. Credit cards Enforcement actions TILA Litigation Consumer lending Kathy Kraninger CFPB Citizens Bank

Crypto Fraud Scores More Than $4B In 2019

PYMNTS

The cost of crimes involving bitcoin and cryptocurrency hit $4.3 billion in 2019, according to Chainalysis and The Wall Street Journal , which was a bigger figure than either of the preceding two years combined.

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Your Guide To The Ultimate Shopping Credit Cards

BankBazaar

Shopper much? You’re missing out on great deals if you don’t have any of these Credit Cards in your finance arsenal. Choose one that suits you best!

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StanChart, Infor Scale Data For Easier Payments

PYMNTS

International banking group Standard Chartered is partnering with business cloud software firm Infor to digitize the financial supply chain, the companies said in a press release on Thursday (Feb. The strategic agreement launches the Infor Nexus network to the bank’s clients.

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Deepfakes are a real threat for payment security

Payments Source

Fraudsters are smarter and more devious than ever before. With that evolution comes an increase in successful fraud attempts, seen especially by companies that do not practice modern payment safety protocols. Artificial intelligence Risk Fraud B-to-B payments ISO and agent Payment processing Merchant

MN Man Admits Helping MyPayrollHR With NY Fraud

PYMNTS

Luke Steiner, 31, of Minnesota pleaded guilty on Wednesday (Feb.5) to one charge of conspiracy to commit wire fraud, stating that he assisted New York-based MyPayrollHR CEO and Founder Michael Mann defraud two companies, according to multiple reports last week.

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Banking Must Bridge the Growing Digital Transformation Skills Gap

The Financial Brand

Digital transformation in financial institutions requires a new workforce strategy that includes retraining and transparent communications. The post Banking Must Bridge the Growing Digital Transformation Skills Gap appeared first on The Financial Brand.

Bitcoin Daily: Insurance Cos Use Blockchain To Fast-Track Virus Payments; Coronavirus Prompts Crypto Conference Delays

PYMNTS

The blockchain is making it faster and easier for insurance service providers to fast track coronavirus claims.

Fintech Deals Seen As Innovation Shortcut By Financial Institutions

The Financial Brand

Both banks and credit unions are lagging with key technologies like artificial intelligence, prompting their fintech reassessment. The post Fintech Deals Seen As Innovation Shortcut By Financial Institutions appeared first on The Financial Brand. Featured Content Spotlight Technology Strategies

Facebook Buys London ‘Visual Positioning Service’ Company For $40M, Sources Say

PYMNTS

Facebook has acquired London-based startup Scape Technologies , which is working on location-based technology that will expand GPS abilities, according to reports. Regulatory filings show that Facebook now has control over more than three-quarters of the company. Though details on the specifics of the deal were unavailable, the deal could be for around $40 million based on other filings.

Banking Must Bridge the Growing Digital Transformation Skills Gap

The Financial Brand

Digital transformation in financial institutions requires a new workforce strategy that includes retraining and transparent communications. The post Banking Must Bridge the Growing Digital Transformation Skills Gap appeared first on The Financial Brand.

China’s Central Bank To Start Re-Lending Funding To Fight Virus

PYMNTS

China’s central bank will release a set of funds intended to combat the coronavirus this week, and will begin to offer the service on a weekly basis soon, according to Bloomberg. The Peoples’ Bank of China ( PBOC ) said the move was intended to cushion the impact of the deadly virus, which has killed over 800 people in the country. The virus has also been affecting profits for businesses, as retail spending and industrial production have been weakened.

Digital Overtaking Branches as the Place Consumers Get Advice

The Financial Brand

Shift is powered by Millennials' love of interactive mobile banking tools. Biggest banks have clear edge over regionals, consumer study shows. The post Digital Overtaking Branches as the Place Consumers Get Advice appeared first on The Financial Brand.