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Zooming In, Zooming TUESDAY APRIL 28, 2020 VOL. 185 No. 81 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Big banks try to figure out 5 logistics of ‘back to work’ Zooming in, zooming out Inside Citigroup’s headquarters in Manhattan, executives are trying to solve Employees at financial services firms were asked how their use of a problem bedeviling much of Wall Street: the videoconferencing tool Zoom had changed once security issues How to get employees up elevators. Page 5 became known See story on page 2 CFPB issues guidance on 6 making mortgage servicing transfers ‘seamless’ The bureau said it began developing the standards before the coronavirus pandemic. No change, 59% But more transfers may occur as some servicers struggle to meet their obligations Decreased usage, 10% during the economic downturn. Page 6 Stopped using, 12% Robo adviser Betterment 7 launches checking account Never used, 19% Betterment has debuted a bank account, in conjunction with partner nbkc bank in Kansas City, Mo., that is targeted at millennials and marketed as a complement to its long-term savings products. Page 7 U.K. challenger bank Source: Blind survey conducted April 9-11 8 Monzo applies for U.S. banking license The neobank, which has been operating in the U.S. since last year with partner Sutton dailybriefing Mark Cuban’s alternative Bank, hopes to get a bank charter within two 3 to PPP: Fed-backed years. Page 8 overdraft protection Banks grow wary The billionaire investor and entrepreneur Trial of Stephen Calk, 1 of Zoom meetings sees problems with small businesses having 9 Manafort’s banker, The popular videoconferencing service has to apply for loans to get coronavirus relief. scheduled for September been beset by security issues, and some He says a more efficient approach would be The former CEO at The Federal Savings Bank, banks have banned employees from using it. to let them run negative balances on their who faces a bribery charge in connection with Are they overreacting? bank accounts. Page 3 loans to President Trump’s onetime campaign (See chart above.) Page 2 chief, is seeking to keep evidence from his Streamlined Synovus phone out of the upcoming trial. Page 8 Fed lifts six-per-month 4 could emerge from 2 transaction limits pandemic, CEO says Digital dollars would deploy on savings accounts The Georgia bank could rely more on drive- 10 financial relief faster The central bank said customers will be able through-only branches, trim office space and Lawmakers should approve a program to make more transfers and withdrawals “at reassess staffing levels after the coronavirus to distribute stimulus funds using a a time when financial events associated with crisis, according to Kessel Stelling. Page 4 government-sanctioned coin, which would the coronavirus pandemic have made such be speedier than the current system, Jeff access more urgent.” Page 3 Hinkle writes. Page 9 TUESDAY APRIL 28, 2020 AMERICANBANKER.COM PAGE 2 said they have completely stopped using What are the risks? CYBERSECURITY Zoom, as did 55.6% of American Express Cybercriminals who find their way into staff. an executive or board meeting could obtain More than a third of Goldman Sachs sensitive information, which could be a Banks grow employees who took the survey said they serious threat to banks. fear data compromise with the use of Zoom, “I can imagine some bad guys targeting wary of Zoom as did 27.8% of JPMorgan Chase staff and that,” Hunt said. “But it takes some luck and 20.7% of Capital One workers. skill to pull that off.” Several banks have experienced Zoom The cybercriminals would have to obtain meetings bombings in which hackers have broken some knowledge of scheduled meetings, into a meeting and shown porn or flashed perhaps by breaking through with a By Penny Crosman themselves. spearphishing campaign first. April 23, 2020 “That has happened quite a few times, and In late March, security researchers By pushing business meetings out of we’re collecting lots of stories on that,” said reported vulnerabilities in Zoom that conference rooms and into the virtual Steve Hunt, senior analyst at Aite Group. hackers could use to take over a Mac user’s world, the coronavirus pandemic has There is no profit motive — they do it “to camera and microphone. However, Zoom given bank security teams one more thing get their jollies,” he said. quickly issued patches for this problem, and to worry about: the threat of so-called These kinds of Zoombombings are not Macs are not commonly used in financial Zoombombings and other types of online necessarily targeting banks. Sometimes services. intrusions. people just type a random string of numbers Zoom also routes traffic through Chinese The videoconferencing service Zoom into a zoom.us URL and get into an active servers to maintain resilience, according to has surged in popularity amid the public meeting, Hunt said. Forescout, a practice antithetical to banks’ health crisis. The company said Thursday A Google search for URLs that include risk management policies. According that it has 300 million users, up from “Zoom.us” can turn up the unprotected to a Zoom spokesperson, mainland 10 million in December. And the rate of links of meetings that anyone can jump into. China datacenters no longer function as Zoom installations on Windows devices in “It’s hit or miss, but if you stumble into secondary backup bridges for users outside financial services grew 92.94% over the past a meeting, you might not have any idea of of China. four weeks, according to Forescout Research whose the meeting is, but you can still have Another issue with videoconferencing Labs. a little fun,” Hunt said. tools is they tend to use weak encryption, Yet Standard Chartered Bank has Another way hackers could break into according to David Gurle, founder of reportedly banned employees from using meetings is by buying Zoom account Symphony, a provider of videoconferencing Zoom videoconferencing because of credentials on the dark web. Security software that according to the company security concerns, and survey data suggests researchers have found about 500,000 sets has stronger encryption and is used by 123 other banks are starting to scale back or stop of Zoom usernames and passwords. Some banks, mostly on Wall Street. Symphony’s using the service. belong to users in financial services and are main technology, instant messaging, is “When in-person meetings are virtually for sale, with some of those priced at less used by more than 300 banks. impossible, video calls are the only channel than 1 cent each. Zoom did not respond to a request for an for meetings, interviews and companywide interview. In a press release on Wednesday, announcements within organizations,” said Kyum Kim, co-founder of Blind, an online community of 3.5 million technology and Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 financial services professionals. “Security Phone 212-803-8200 AmericanBanker.com vulnerabilities in conference calls raise concerns because often, if not always, Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 confidential and private information about Managing Editor Dean Anason 770.621.9935 the company, employees and candidates are Reporters/Producers shared through these meetings.” Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 In a recent poll conducted by Blind, Washington Bureau Chief Joe Adler 571.403.3832 28% of financial employees said they were Executive Editor, Technology Miriam Cross 571.403.3834 worried their information may have been Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 compromised through a videoconferencing BankThink Editor Rachel Witkowski 571.403.3857 tool. About 12% said they have stopped John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 using the popular Zoom tool, and 10% said Hannah Lang 571.403.3855 they have decreased use of it over hacking Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 concerns. Digital Managing Editor Card company employees seem to be Christopher Wood 212.803.8437 Jackie Stewart 571.403.3852, Kevin Wack 626.486.2341 especially worried: 56.6% of Visa employees For up to date and complete coverage go to AmericanBanker.com TUESDAY APRIL 28, 2020 AMERICANBANKER.COM PAGE 3 the company said it is upgrading to a and CEO Rebeca Romero Rainey said in a stronger, 256-bit encryption standard to FEDERAL RESERVE statement. “ICBA noted that transfers will protect meeting data in transit and provide increase as consumers respond to financial resistance against tampering. This will be pressures related to COVID-19.” enabled on May 30. Fed lifts six- The National Association of Federally- A spokesperson said the company Insured Credit Unions also urged the is issuing product updates, providing per-month Fed to make the temporary revision to resources to educate users on how to secure Regulation D permanent. President and their meetings and conducting a review with CEO Dan Berger argued doing so would third-party experts and users. Zoom says it transaction “give consumers greater control over their is also shifting all engineering resources to finances.” focus on trust, safety and privacy as well as limits on “As the coronavirus pandemic launching a council of chief information exacerbates longstanding concerns with security officers to discuss best practices. the transaction limit, it is important “Major financial institutions around the savings consumers have the flexibility they need globe are continuing to use Zoom to keep to freely transfer essential funds between their trading operations running and to accounts their accounts to cover everyday expenses continue their important work with their and manage their personal finances,” he clients and colleagues on a daily basis,” the By Hannah Lang said in a statement.
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