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Today In Payments: Mastercard’s Cyber Secure Helps Fight Cyber Fraud; Amazon Focuses On Fulfillment After Record Quarter

PYMNTS

In today’s top news, Mastercard reveals its AI tool Cyber Secure to help banks fight cyber breaches, and Amazon reported record-setting earnings. Mastercard’s Cyber Secure Uses AI to Help Banks Fight Cyber Fraud. The final chapter in the digital banking transformation has not been written.

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Israel Approves New Digital Bank

PYMNTS

The Bank of Israel is green lighting a new digital bank — the country’s first new financial institution in decades. The digital bank is led by entrepreneurs Marius Nacht of cyber security company Check Point Software Technologies , and Amnon Shashua of autonomous driving developer Mobileye NV.

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Proposed new cyber security regulations will be a huge undertaking for financial institutions

Celent Banking

New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase. Mandated training of security will be required.

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4 considerations for banking leaders concerned about cyber security

NCR

While the ISO reports to the board on all cybersecurity, the degree to which this person is engaged across all banking functions can make a significant difference preventing digital fraud.

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CFPB penalizes credit union over 'botched' digital banking upgrade

American Banker

The agency said VyStar customers took on fees and credit report demerits because they could not access banking functions for months following an attempted upgrade.

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Cybercrime is digital banking's greatest threat, bankers say

American Banker

About 90% of surveyed bankers said cybersecurity was their biggest worry, ahead of legacy tech and talent shortage issues.

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Digital banking's explosive growth compounds cyber risks, FBI warns

American Banker

Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.