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General
News
* Symitar Unveils Fraud Detective
* 7 FiTECH Users Select Open Solutions’ e-Commerce Banker Suite
* CUNA Mutual Receives CIO 100 award
* COCC-STB Alliance to Deliver Anti-Money Laundering Solution
Symitar, the subsidiary of Jack Henry that serves the credit union industry with software systems and related services, announced that their fraud detection and prevention solution called Fraud Detective is now available for credit unions. Fraud Detective is a suite of integrated tools designed to help protect credit unions from fraudulent transactions. Symitar also was announced that Grand Prairie-based Texas Trust Credit Union was the first credit union to license Fraud Detective.
Open Solutions announced that seven credit unions that use the Open Solutions’ FiTECH MANAGER GOLD core processing system have signed contracts for Open Solutions’ e-Commerce Banker suite of web-based financial services. 1st Choice Credit Union in Atlanta, Vermont State ECU in Montpelier, Woods Credit Union in Oklahoma City, Taylor Credit Union in Medford, WI, LA Financial FCU in Pasadena, V A C FCU in Shreveport, and OMEGA FCU in Pittsburgh have selected the comprehensive Internet banking and cash management solution. Vermont State ECU, LA Financial FCU and V A C FCU have also signed agreements to take advantage of Open Solutions’ core processing solution, TCCUS.
CIO magazine announced that CUNA Mutual Group was a recipient of the 2004 CIO 100 award. The annual award recognizes organizations worldwide that exemplify the highest level of operational and strategic excellence in information technology. The magazine cited CUNA Mutual’s agility in providing its credit union customers with online employee screening that assists them in hiring reliable employees. The technology CUNA Mutual employed allows credit unions to complete the hiring process much more efficiently, according to the magazine. Among other companies named to the list were: General Motors, Merrill Lynch, Hewlett Packard, NBC-TV, New York Times and H&R Block.
COCC, a client-owned outsourcing and software development company providing complete enterprise processing solutions for credit unions throughout the Northeastern US, has formed an alliance with STB Systems to offer a comprehensive suite of Anti-Money Laundering (AML) products. The STB system builds a permanent compliance database from multiple transaction sources. When integrated with COCC’s core system, the STB system will automatically display cash flow trends and patterns of exception activity, such as out-of-character transactions, to identify potential money-laundering suspects.
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Hardware
News
For smaller credit unions on a tight budget who would still like to offer some of their senior staffers a notebook, Wal-Mart may have the answer. The low-cost - just $598 with no rebate hassles - notebook is branded with ECS. It features a 14-inch screen, Athlon XP-M 1600+, Wi-Fi (b), 128MB RAM, 40GB hard-drive and DVD-ROM. The notebook runs Windows XP Home.
Need to print to an older printer with a parallel interface? Need to transfer files between a laptop that has only USB ports and an older PC that has only a parallel port? Then you could use Keyspan's new USB Parallel Transfer Cable, which solves both of these problems. The device, which lists for only $29, includes software that enables file-sharing between one computer with a USB port and another with a parallel port. With this cable in your laptop's USB port, you can also connect to a second printer using your parallel port, if you have one, or using a second USB port and cable.
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Software
Updates
Many IT professionals agree that keeping track of all technical support calls is essential for effective incident handling. Find out some of the advantages and requirements of trouble ticket tracking, as well as some of the packages available for tracking incidents in the September issue of Credit Union tech-talk - subscribe today.
If your credit union is using MS Office, the http://office.microsoft.com
website is definitely worth a visit from time to time. Here is the Office free Clip Art and Media Home Page:
http://office.microsoft.com/clipart/default.aspx
and here is the Office free Templates Home Page: http://office.microsoft.com/templates/default.aspx.
There is also a separate update engine just for Office software.
Symantec ON iPatch Version 1.1 is Windows-based software that can scan a computer network for Windows machines, determine which software patches those machines have installed and automatically download and install missing patches on machines that need them, according to Symantec. ON iPatch uses a scanning engine developed by Shavlik Technologies, a leading patch management technology company, to determine the patch status of machines that it scans. Per-seat pricing varies but starts at $23.80 per seat for 10-24 seats.
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ATMs/Kiosks
The Federal Reserve is looking to make policy changes that may force many financial institutions to change the way they think about money. The Fed's goal is to reduce its cash handling costs by deploying a custodial inventory program that will encourage FIs to hold currency in their vaults rather than shipping it to them. Unfortunately, the proposed policy change could unduly impact FIs' ATM networks, particularly non-branch machines. Find out more in the September issue of Credit Union tech-talk - subscribe and stay on top of ATM trends.
According to the TowerGroup, banks are poised to unveil revamped fleets of ATMs equipped with the latest technology and able to perform a wide range of advanced transaction functions, such as truncation of check deposits. They are predicted to spend $1.8 billion on new machines, machine upgrades, and software development this year, up 12% from last year and well ahead of the 5% increases seen in recent years. Of the 40 billion ATM global transactions performed annually, the reports says that 60% are still cash withdrawals, with balance inquiries accounting for another 25%. One of the most promising new services, given the impending Oct. 28 effective date for the Check 21 law, is ATM-based imaging of checks deposits. This function, should be able to cut the cost to process a check at the ATM by two-thirds.
******* ATMs/Kiosks Sponsored by Nationwide Money Services *******
Looking to increase Brand Recognition and provide members with surcharge free ATMs?
Nationwide Money Services, Inc.’s Branded Cash Program is the answer. Fully endorsed by the VA Credit Union League and the CU 24 Network, our Branded Cash Program provides the ATM equipment, great locations, processing, maintenance, insurance, marketing rights and surcharge free transactions for your members, you only provide the cash and cash services for the ATM just as you would if you owned them. The ATMs look and act like your own, extending your reach or filling out your current market.
Our current CU partners include: AEDC, Beacon, Bronco, Carolina Collegiate, Educators, Freedom First, Food Lion Credit Association, Heritage Trust, Martinsville Dupont, NSWC, Old Hickory, Peoples Advantage, Southeast Financial and US Courthouse.
NMS also offers their ‘ATMs Made Easy’ Program for full service ATM management and placement services if you like the idea of having ATMs, but don’t want the hassle of day to day management and the associated costs for maintenance and unplanned expenses like triple DES.
For more information about the Branded Cash Program contact Bob Colabrese, EVP of Sales & Marketing at 904-395-1147 or
bob.colabrese@GLXS.biz.
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Discover, the nation's sixth largest credit card issuer, was the first issuer to introduce a key chain credit card with the launch of the "Discover 2GO Card" in 2002. Now they are partnering with San Francisco-based Pay By Touch to promote their biometric fingerprint technology service to its 50 million cardholders in the USA. Pay By Touch users enroll one-time by scanning their finger, entering a search code, swiping their Discover Card or other payment cards, and adding their checking account information. There is no cost to the consumer. The Pay By Touch wallet is then stored at secure IBM data centers. The Pay By Touch finger scanning technology does not store actual fingerprints; instead, it creates a set of 40 data points that cannot be reverse-engineered to a fingerprint. The data points are then converted into a mathematical equation that allows for a secure identity match at retail point of sale.
Microsoft's Fall mouse and keyboard lineup includes at least two products - the "Wireless IntelliMouse Explorer with Fingerprint Reader Windows USB" and the "Optical Desktop with Fingerprint Feature USB" - that will feature a biometric security fingerprint scanner.
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Wireless
World
NEC Corp. has signed a contract with a Japanese financial institution for an RFID (Radio Frequency Identification) -based document management system. The system, which NEC claims is the world's first system to use RFID for this function, is targeted at financial institutions, libraries, hospitals and other institutions that store sensitive documents. NEC claims the system will aid not only security, but workflow management and inventory. Find out more about this unique system in the September issue of Credit Union tech-talk - subscribe now.
Meanwhile, card transactions based on radio-frequency technology got a major boost with the rollout of MasterCard International's PayPass system to some 715 McDonald's restaurants in New York, Dallas, and Orlando. The stores will go live with PayPass later this year, MasterCard says, and an undisclosed number of further locations are expected to adopt the technology next year. The McDonald's deployment represents the first commercial rollout of MasterCard's RFID technology. With PayPass, cardholders tap or wave their cards on or near a receiver linked to a point-of-sale terminal. McDonald's is using a terminal from VeriFone, the Omni 7000. An antenna embedded in the card transmits encrypted card-account data to the receiver, and the transaction then proceeds as if the card had been swiped.
3Com is the latest networking company to partner with a wireless LAN switching start-up when they announced that they will begin reselling a version of the Mobility Exchange switch and management software from Trapeze Networks. The companies plan to eventually integrate Trapeze's wireless local-area network switching products into 3Com's product line, allowing Trapeze hardware and software to work with current 3Com products, including its wireless access points and its existing Ethernet switches. While this is the first major partnership deal for Trapeze, their competitors Aruba and Airespace have struck deals with other large networking equipment companies. Last month, Hewlett-Packard announced that it will resell Aruba gear. Alcatel and Nortel Networks are currently reselling Airespace products.
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Security
Section
Dana Turner, security expert and president of Security Education Systems, recommends that financial institutions discontinue using "bait money". He points out that it only figures in less than 1% of all robber captures, according to FBI statistics. Before electronic tracking devices and dye packs, bait money worked fairly well, but it is difficult to track and there are better ways to gather the evidence necessary to assist in the identification, apprehension and prosecution of offenders. He believes that digital cameras and recorders that are placed appropriately, better training for platform staff, and using homing devices that can be tracked by the local law enforcement agencies are better solutions.
Keeping employees committed to information security is a tough job. As weeks and months go by with no security incidents, many employees unconsciously reduce compliance with security rules. Native Intelligence is a company that specializes in trying to make security awareness fun. They have a large collection of security-awareness materials that are directly in line with the observation that making compliance pleasant is a better approach than focusing on criticism and punishment. Plus, they offer several Web-based awareness courses: Security Awareness, Classified Data Basics and
Personnel Safety. For free "security coupons" and more info:
http://www.nativeintelligence.com.
Nearly ten million Americans were victims of three types of credit card-related fraud last year. The FTC last week reported that advance-fee loan scams, mostly credit cards, claimed 4.55 million victims last year. Credit card insurance scams claimed 3.35 million victims, and credit repair scams victimized 2 million people.
TOP TEN FRAUDS 2003
SCAM #VICTIMS
1. Advance-fee loan scams 4.55 million
2. Buyers clubs
4.05 million
3. Credit card insurance 3.35 million
4. Credit repair
2.00 million
5. Prize promotions
1.80 million
6. Internet services
1.75 million
7. Pyramid schemes
1.55 million
8. Information services 0.80 million
9. Government job offers 0.65 million
10. Business opportunities 0.45 million
(Source: FTC)
******* Security Section Sponsored by SecureWorks *******
Maximize ROI in a GLBA Security Program
The way to maximize ROI in a GLBA security program is to integrate current and emerging best practices with compliance goals in order to manage all risks - not just compliance-related ones.
The FFIEC lists a few dangers:
- damage to reputation
- direct loss
- potential liability
Instead of addressing data classification, for example, with a lip service policy designed to address compliance risk alone, put into place best practices (training, labeling) that will prevent losses in each of the other areas. A look at your assets, vulnerabilities, and threats will tell your board just what the level of risk is, and help them make informed decisions about securing your network.
If you would like to learn more, please register for our free webcast:
http://www.secureworks.com/seminar/index.php?a=Aug26Webcast
SecureWorks - we pioneered true intrusion prevention and we are the fastest-growing Internet security service in the world!
Contact us today at: 877.905.6661 or www.secureworks.com
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Leaders
Roundtable
Integrating E-solutions to Enhance Profitability and Member Experience
- Cavion Plus -
http://www.cavionplus.com
Read Michael Provenzano's comments: http://www.cunews.com/roundtable/Cavionplus.pdf
- Harland Financial Solutions - http://www.harlandfinancialsolutions.com
Read Scott Bleak's comments: http://www.cunews.com/roundtable/HFS.pdf
- Hewlett-Packard - http://www.hp.com
Read Charles Gowin's comments: http://www.cunews.com/roundtable/HP2.pdf
- Microsoft - http://www.microsoft.com
Read Warren Lewis' comments: http://www.cunews.com/roundtable/MS.pdf
- Open Solutions - http://www.opensolutions.com
Read Michael Nicastro's comments: http://www.cunews.com/roundtable/OSI.pdf
- PRODUCT4 - http://www.product4.com
Read Daniel Moskowitz's comments: http://www.cunews.com/roundtable/PRODUCT4.pdf
- TowerGroup - http://www.towergroup.com
Read George Tubin's comments: http://www.cunews.com/roundtable/TowerGroup.pdf
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Technology
and Marketing
Personalization technologies came on the scene to much fanfare during the dot-com era, but for a number of reasons, they did not live up to the hype. Based on concepts such as one-to-one marketing, personalization tried to treat all visitors as unique, but the numerous business rules required to do so were difficult to maintain and greatly affected online system performance. Even with these setbacks, online personalization efforts are far from dead. In fact, some organizations today are seeing significant returns from personalized marketing and sales and service efforts through CRM strategies that combine a host of factors. Find out how they are doing it in the September issue of Credit Union tech-talk - subscribe today.
**Technology and Marketing Section is Sponsored by Raddon Financial Group (RFG)**
-- PREVIEW THE MCIF THAT DRIVES RESULTS --
>>> REGISTER FOR A FREE WEB DEMO AT: http://www.raddon.com/demo
We invite you to preview iNTEGRATOR 7 from your office via Web conference.
We've listed seven reasons to preview iNTEGRATOR 7 at: http://www.raddon.com/products/Integrator/reasons.asp, but our clients' reasons are so much better. Here's what they said:
--"I can’t say enough about iNTEGRATOR and the fabulous people that come with it!”, Brea Abel, Marketing Director, Central Credit Union of Maryland
--"With service and support like this, we'll be with RFG for a very long time!”, Cathy Madsen, VP, Marketing & Business Development, Centris FCU
--"We've enhanced our knowledge about our members, household trends, key profitability areas and growth strategies. We're looking forward to continued success in the future!”, Linda S. Brown, Senior VP of Member Services, Service 1st FCU
--"iNTEGRATOR has proven to be a worthy addition to our marketing department. With iNTEGRATOR we are able to target market more efficiently which has resulted in higher than average response rates on our campaigns.", Kari Hullinger, Marketing Director, Marion School Employees FCU
--"I absolutely appreciate the continually improving and excellent services, resources, and support RFG provides to our industry.", M. Louise Ortlinghaus, Vice President Operations, Kaiperm FCU
--"RFG’s integrated solution gives Denali Alaskan Federal Credit Union management an incredible competitive advantage in the Alaskan market.”, Dale Fosselman, VP, Corporate Development, Denali Alaskan FCU
--"I praise your organization for hiring the best people possible", Andrea Moore, Marketing Manager, HealthCare Associates CU
Give us a hour of your time and we'll show you why our client satisfaction is so high. As an added bonus, if you join us for a future Webcast, we'll give you our "Managing CRM Through Strategy & Metrics" white paper as a gift for your valuable time.
Over 300 credit unions currently use iNTEGRATOR to implement marketing strategies and tactics. The primary reason so many institutions choose RFG for MCIF software is the integration of a flexible profit model and actionable strategies and tactics that deliver results.
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PLEASE USE PROMO CODE: TT55
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Online
Banking/E-Commerce/Website Design
Minnesota-based TCF Financial has come out with the "uncredit card". It is not a debit card, it is not exactly a charge card, and it produces rewards. It is a platinum VISA credit card linked to a checking account that is automatically paid-off each month. Cardholders of the new "TCF Miles Plus VISA" credit card earn one point for every dollar of purchases made with their card. The points can be used as miles for free air travel.
With little fanfare, the Federal Reserve has begun transferring the nation's money supply over an Internet-based system that is replacing the historic DOS-based system. The Fed moves about $1.8 trillion a day on a closed, stand-alone computer network. But it is in the process of switching to a system called FedLine Advantage, a Web-based technology. Proponents say the system is more efficient and flexible, but the move scares some security experts who say that the threat of outside access is too big a risk. A spokesperson for the Fed said, "We feel confident that this system adheres to the highest standards of security. Without disclosing the specifics, it is important to note that our security controls include authentication, encryption, firewalls, intrusion detection and Federal Reserve conducted reviews."
To keep your credit union's website fresh, you may want to consider using a CMS (content management system). A well-designed CMS encourages consistency in a site by providing tools to enforce information architecture, generate consistent menus and page layouts, and uniformly apply the credit union's brand throughout the website. By some estimates, 80 percent of the total of your website's costs will be spent on its maintenance, not its development. Houston Federal Credit Union is one CU that is getting on the CMS bandwagon - they are working with Dallas-based Trabian Technology to implement its CMS to do the in-house Web updates that will help keep its site fresh and consistent.
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Internet
Access
For the first time ever, more Americans are using broadband to access the Internet than dial-up, according to market research company Nielsen/NetRatings. As of July, there were 63 million people using broadband at home, making up 51 percent of the total US Internet population. That's a 47 percent jump from last year, when broadband totaled only 38 percent of all US online households. The results are not surprising, given the steady growth of subscribers among the nation's largest broadband providers. The Baby Bell phone companies - Verizon Communications, SBC Communications, BellSouth and Qwest Communications - have reported strong subscriber growth over the past year. While cable companies continue to surpass the Bells in total broadband market share, they have watched their growth slow compared with DSL (digital subscriber line).
While the network takes the lion's share of the blame when it comes to downtime, a recent report by Forrester Research says that network hardware often isn't to blame. The research firm found in a survey that 15% of respondents pointed to the network as the cause for failures: but just 2% of failures were determined to be hardware-related, while 13% resulted from human error, unmanaged changes, misconfigurations, routing failures and problems with network software. The firm believes that route analytics products from companies such as Packet Design, Ipsum Networks and Bluewave Networks can help deliver optimal performance over Wide Area Networks and the Internet. The benefits of route analytics software packages include the ability to make possible end-to-end service visibility, to discover routing anomalies, to predict the results of configuration changes and to provide performance baselines for applications and services.
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Call
Centers
More and more developers of software for call center forecasting and schedule creation are introducing modules that deliver training material to MSRs. Among the developers to do so recently is Blue Pumpkin. Learning Express, one of Blue Pumpkin's newest modules, relies on Knowlagent's software to disseminate training material to MSRs either at specific times or during slow periods when MSRs happen not to be receiving calls. Also in conjunction with Knowlagent, Blue Pumpkin provides a choice of courses from training firm Entretel, including courses that show MSRs how to convey empathy and how to listen to members effectively.
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Conferences
Catch
Tom and Bill Rogers, Associate Editor of Credit Union
tech-talk at the following conferences in
2004:
October 6 - 11, Las Vegas, NV – Combined Council of Auto Credit Unions & Firefighter Credit Union Conferences:
http://www.ccacu.com
November 2 – 7, Orlando, FL – CU InfoTECH Conference:
http://cuconferences.com/detail.aspx?ID=20
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