AI raises cyberattack risk, experts say | Banking scam emerges to target elderly | KeyBank invests in payment fintech
August 18, 2017
CONNECT WITH CBA  LinkedInFacebookTwitter
CBA SmartBrief
News for the retail banking industry
SIGN UP ⋅   FORWARD
Top Story
CFPB, states reach settlement on private student loans
A $192 million settlement announced by the Consumer Financial Protection Bureau and 13 states covers about 41,000 students who obtained private loans to attend the now-defunct for-profit Corinthian Colleges. The settlement awaits approval from the US District Court.
CNNMoney (8/17),  The Wall Street Journal (tiered subscription model) (8/17) 
LinkedIn Twitter Facebook Google+ Email
Retail Banking Roundup
AI raises cyberattack risk, experts say
Artificial intelligence helps banks fight cybercrime but also makes them vulnerable to attacks, cybersecurity experts say. "The reason cybercriminals don't knock over banks as much as they use malware or other cybertechniques is because the technology lends itself to providing better outcomes," said Steve Grobman, chief technology officer at McAfee.
American Banker online (free content) (8/17) 
LinkedIn Twitter Facebook Google+ Email
Banking scam emerges to target elderly
People are calling the elderly claiming to be a bank representative who is sending someone to seize a credit or debit card with fraudulent activity, according to the Palm Beach County, Fla., Sheriff's Office. The caller obtains the victim's PIN during the conversation, then applies fraudulent charges to the account.
WPBF-TV (Palm Beach Gardens, Fla.) (8/17) 
LinkedIn Twitter Facebook Google+ Email
Industry News
KeyBank invests in payment fintech
KeyBank is the first major bank to invest in Billtrust, a cloud-based payment-cycle manager in New Jersey. "KeyBank recognizes that investments in [financial technology] are an integral source of innovation that drives better client experiences," said Billtrust CEO Flint Lane.
Crain's Cleveland Business (tiered subscription model) (8/18) 
LinkedIn Twitter Facebook Google+ Email
Regulatory Report
Yellen to speak at Wyo. economic symposium
Yellen to speak at Wyo. economic symposium
Yellen (Mark Wilson/Getty Images)
Federal Reserve Chair Janet Yellen is scheduled to address the central bank's annual economic symposium in Jackson Hole, Wyo., on Aug. 25. She intends to focus on financial stability.
The Wall Street Journal (tiered subscription model) (8/17) 
LinkedIn Twitter Facebook Google+ Email
 
Fed concerned about AI risk models
The Federal Reserve is asking banks to back off from depending on advanced machine learning to assess contagion risk, saying the result could be misleading. "If you apply machine learning to assess model risk, this algorithm is itself a model and you have to prove that it works," said Nikolai Kukharkin of UBS.
Risk (subscription required) (8/17) 
LinkedIn Twitter Facebook Google+ Email
Legislative Affairs
White House discounts Cohn resignation rumors
Gary Cohn intends to remain director of the National Economic Council, a White House official says. Markets dropped this week because of speculation that Cohn, who is spearheading the White House's tax-reform initiative, planned to resign in light of President Donald Trump's comments on racial violence in Charlottesville, Va.
Bloomberg (8/17) 
LinkedIn Twitter Facebook Google+ Email
Career Development
Get better results from your emails
Get better results from your emails
(Nicholas Kamm/Getty Images)
If you want your emails to be persuasive, make sure you personalize them for the recipient, writes John Stevens. Keep them short and to the point by eliminating unnecessary words and putting the most important parts first.
Glassdoor (8/16) 
LinkedIn Twitter Facebook Google+ Email
 
CBA Connect
Stay connected to CBA
Stay connected to CBA
Let CBA keep you in the loop on the latest issues and news for retail banking. Follow us on Twitter via @ConsumerBankers, and enjoy candid commentary from CBA President and CEO Richard Hunt @CajunBanker. And connect with us on Facebook and LinkedIn.
LinkedIn Twitter Facebook Google+ Email
 
Learn more about CBA:
CBA OnSite Education | Upcoming CBA Events | CBA Executive Banking School
  
  
There is no waste of any kind in the world that equals the waste from needless, ill-directed and ineffective motions.
Frank Bunker Gilbreth,
engineer
LinkedIn Twitter Facebook Google+ Email
  
  
Sign Up
SmartBrief offers 200+ newsletters
Advertise
Learn more about the SmartBrief audience
Subscriber Tools:
Contact Us:
Advertising  -  Abiy Bekele
P: 919.931.5915
Editor  -  Emily Norris
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2017 SmartBrief, Inc.®
Privacy policy |  Legal Information