Good morning, Austin! We have scanned the internet to bring you the latest in technology news. Here are this morning’s headlines:
Amazon’s finance ambitions are drawing attention from the Fed
U.S. banks are keeping a watchful eye on the ambitions of Amazon.com and other technology giants to break into the world of finance. According to Bloomberg, so is the Federal Reserve.
Fed Vice Chairman Randal Quarles, the U.S.’s most influential banking watchdog, is monitoring the potential for disruption to the industry and has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to Bloomberg sources.
Should the Fed get involved in the debate, it could be welcome news for traditional banks, who view Amazon and other technology companies as potential threats that enjoy fewer regulatory constraints. The companies are increasingly encroaching on lenders’ business, as evidenced by Amazon’s recent interest in offering a product akin to checking accounts.
A basic Z-Wave hack exposes up to 100 million smart home devices
So-called "smart" locks and alarms are proliferating across people's homes, even though hackers have shown various weaknesses in their designs that contradict their claims to being secure.
Now benevolent hackers in the U.K. have shown just how quick and easy it is to pop open a door with an attack on one of those keyless connected locks. And, what's more, the five-year-old flaw lies in software that's been shipped to more than 100 million devices that are supposed to make the home smarter and more secure.
For their exploits, the researchers - Ken Munro and Andrew Tierney from Pen Test Partners - focused on the Conexis L1 Smart Door Lock, the $360 flagship product of British company Yale.
As relayed to Forbes ahead of the researchers' report, Munro and Tierney found a vulnerability in an underlying standard used by the device to handle communications between the lock and the paired device that controls the system. The flaw meant the communications could be intercepted and manipulated to make it easy for someone in the local area to steal keys and unlock the door.
Apple may shuttle workers in self-driving Volkswagen vans
Apple and Volkswagen are officially in the car business together.
That's according to a multiple news reports published on Wednesday night, which outline some details of Apple's plan to turn some Volkswagen passenger vans into self-driving vehicles.
Apple will equip the German automaker's T6 Transporter van with its own self-driving technology and use a fleet of them as employee shuttles.
The partnership between Apple and Volkswagen is seen by some as bittersweet for the consumer-electronics giant, which had higher hopes for its self-driving car project when it first launched in 2014. Apple has sought partnerships with BMW and Mercedes-Benz. Those endeavors never panned out.
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