Your source for the latest technology information of interest to credit unions across America.
Subscribe to our weekly e-mail newsletter and/or our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.
~ This Week's News is Sponsored by Better Branches ~
* Guardian Analytics Announces Solution to Prevent Wire Fraud
* Synergent Selected By Pioneer Valley FCU
* CipherCloud Announces Cloud Data Discovery
* Nymeo FCU Chooses NeighborBench
Guardian Analytics, a leading provider of behavior-based anomaly detection solutions for preventing banking fraud, announced their latest offering – a real-time, risk-based wire fraud prevention solution. The new solution, FraudMAP Wire, addresses the escalating problem of fraudulent wires initiated across all banking channels—call center, fax, branch, email and online.
Synergent Technology Services announced that Pioneer Valley FCU, located in Massachusetts, with 6,270 members, and $41.7 million in assets, will implement the Symitar Episys Core Processing System in Synergent’s service bureau environment. Additionally, the credit union will implement Synergent Electronic Check Collection and Share Draft Processing Services, ATM/Debit Card Processing and Statement Processing Services.
CipherCloud, a leader in cloud information protection, announced Cloud Data Discovery, a new addition, to its cloud information protection Platform, which enables organizations to rapidly adopt SaaS and cloud applications while ensuring that their compliance policies are fully met and their sensitive information is protected. The company says that credit unions can now discover and gain granular visibility into all of the information their users are sharing across all of their cloud applications.
NeighborBench, a provider of advanced compliance solutions for credit unions, announced Nymeo FCU as one of its most recent client additions. Nymeo Federal Credit Union ($240 million in assets, headquartered in Frederick, MD) selected the cloud-based NeighborBench compliance solution to help it maintain compliance efficiently as it serves over 20,000 members.
Credit Union InfoSecurity Conference Sponsored by
The 11th annual CU InfoSecurity Conference will be held June 5 - 7, 2013 at the Platinum Hotel in Las Vegas, NV.
This is a one-of-a-kind conference - a security conference dedicated solely to credit unions. Highly experienced, expert speakers discuss the latest security trends as they specifically apply to credit unions. Also included is a tour of InTouch Credit Union’s Lake Mead high tech branch. The CU InfoSecurity Conference is priced so that the majority of credit unions can afford it - just $395 per person and $295 for returning attendees. Topics include:
* Beyond SIEM
* Social Media Risks
* Phishing/Vishing Trends
* Cloud Backup Strategies
* Securing Mobile Banking
* Securing the Human Firewall
* Implementing & Securing IPv6
* Secure Document Management
* Information Security Programs
* Advanced Surveillance Security
* Assessments as IT Funding Tools
* Windows 7 & Windows 8 Security
Click Here for information, agenda, reservations & more.
Mention this ad and get a $100 discount!
Intel has announced that the Thunderbolt and USB SuperSpeed specifications will soon double data transfer speeds, plus the USB Super Speed 3.0 spec will boost power transfer in both directions from 10 watts to 100 watts. The increase in power means that computer monitors and laptops can be powered through the use of a single USB hub, which would also allow for a bidirectional data flow. The Thunderbolt peripheral interconnect will soon move from 10Gbps to 20Gbps. The USB SuperSpeed specification will double from 5Gbps to 10Gpbs.
HID Global announced its new Fargo HDPii Plus financial card printer/encoder, the successor to its HDPii desktop solution for retransfer printing of financial cards. The new device features the company's fifth generation of high definition printing technology, and enables secure instant issuance of both magnetic swipe and contact/contactless EMV cards. The unit features AES256 data encryption, resin ribbon erase functionality and inline encoding capability for both ISO magnetic swipe and EMV contact/contactless chips.
Hardware Section Sponsored by
Millennial Vision, Inc. (MVi)
FactFinder Express is a server monitoring tool which opens up the application layer of the server, showing the applications on the server, all their network connections, and how they are performing. It can be used to help pinpoint the true root cause of the problem:
Software Updates Sponsored by
Raddon Financial Group (RFG)
RBR’s study “Multivendor Software 2013” shows that multivendor and cross-vendor deployments comprise a total 740,000 ATMs, representing 28% of the world’s 2.6 million installations. RBR’s research found that the ability to cross sell across various channels, together with a desire to integrate with other channels espceially mobile, were the most important drivers of ATM channel integration. Three companies – NCR, Wincor Nixdorf and China’s Shenzhen Zijin – account for half of all multivendor application software. The last is present only in Asia-Pacific and is a partner of UK software firm KAL, the largest independent supplier of the “middleware” that enables an application to run on any vendor’s hardware.
NCR says that thier new Skimming Protection Solution prevents skimming activity, notifies a credit union of an attack in real time, and adapts quickly to new types of attacks. SPS can report in real time any attempt to tamper with or disable the jamming signal to law enforcement. NCR Financial Services highlighted the following skimming statistics:
- approximately 20,000 skimming incidents in the United States in 2012
- average cost per incident approached $50,000
- skimming represents 80% of all attacks against the ATM
SmartMetric announced the successful incorporation of near field communication (NFC) technology into its fingerprint-activated biometric chip card. The chip remains inactive until the cardholder touches the fingerprint sensor on the card. The company claims that it is the only fingerprint activated card that can be used with ATMs and point-of-sale devices.
ATMs/Kiosks Sponsored by
Here is a chance to learn about real life credit union success stories from various technology vendors through the words of their clients. This week's vendor is:
and their client is:
According to a new study by Harris Interactive and Jumio, consumers are still using mobile devices for financial transactions despite their concerns about security. Of the 2,130 smartphone and tablet users across the U.S. who took part in the survey, 83 percent said they were concerned about identity theft and about 25 percent said they had been a victim of online or mobile fraud. However, 60 percent said they planned to use mobile devices to check account balances and pay bills more often in the future.
ACI Worldwide announced the availability of ACI Architect Mobile Banking which they say enables credit unions to deliver secure mobile browser capabilities, downloadable apps and text banking to their members. The solution also delivers personal financial management tools, integrated bill payment and account-to-account transfers.
On average, people check their phones 150 times a day or every 6.5 minutes, according to Web application performance firm New Relic. The firm's usage breakdown places playing games at 43 percent of people's time, while social media eats up 26 percent. Collectively, the Apple App Store and Google Play marketplace carry more than 1.5 million apps, but of those downloaded, one in four is often abandoned after initial use, never to be played with again, New Relic said. About 60 percent of iOS apps have never been downloaded from the store.
A redesigned $100 bill coming in October that will hopefully thwart counterfeiting. The redesigned note incorporates security features such as a blue, 3-D security ribbon and a disappearing Liberty Bell in an inkwell. The lenses magnify the objects underneath them to make them appear to be moving in the opposite direction from the way the bill is being moved.
Financially motivated cybercrime accounted for 75% of data breaches in 2012, according to the Verizon 2013 Data Breach Investigations Report. In 2012, breaches affecting financial organizations accounted for 37% of the total, followed by retailers and restaurants (24%); manufacturing, transportation and utilities (20%), and information and professional services firms (20%). Hacking remains the top attack method, accounting for 52% of data breaches. Seventy-six percent of network intrusions exploited weak or stolen credentials (user names and passwords); 40% incorporated malware; 35% involved physical attacks such as ATM skimming; and 29% used social tactics, such as phishing.
Technology company Facebanx has developed a new online facial recognition solution that they say will enable credit unions to dramatically reduce fraud and ID theft. Facebanx works by users adding their face to their account via the camera on their laptop, mobile phone or tablet and then the software compares the facial image against a database of faces to flag up possible fraud. Each face is recorded via a video stream and the technology compares multiple images taken throughout the recording to confirm that the person is real and not a photo.
Security Section Sponsored by
THE FINANCIAL & SECURITY PRODUCTS ASSOCIATION (FSPA)
Call Today: 800.843.6082
Visit Us Online Today: http://www.fspa1.com
Online, Mobile, Network & Physical – Securing the Spectrum
Integrated Media Management - http://www.immonline.com
Read Nish Shah's comments:
Network Box - http://www.networkboxusa.com
Read Pierluigi Stella's comments:
Since 1989, the number of Americans between the ages of 55 and 64 who still have a mortgage has risen from 49% to 63%, while the median mortgage balance has tripled to $85,000. To help Baby Boomers facing late life mortgages, some credit unions are offering innovative mortgages. One offers a "Goodbye Mortgage" that features a five-year, fixed-rate mortgage, while another offers a flexible mortgage plan specifically for members within five to 12 years of retirement. Older memebrs can select anywhere from a five-year fixed-rate to a 12-year fixed-rate mortgage.
The Mercator Advisory Group is reporting that prepaid debit cards experienced a nearly threefold increase in the amount of funds loaded on them between 2008 and 2012 to $76.7 billion. The research firm anticipates $168.4 billion being loaded onto such products by 2015. It appears that the product's ability to manage balances and deposit checks through smartphones is closing the gap between the cards and checking accounts, especially for younger consumers.
NACHA recently announced two new opt-in programs for credit unions that it says will support payment innovations. The first is the XML Remittance program which will enable the use of the XML data format for transmitting business-to-business (B2B) transactions through the ACH network. Meanwhile NACHA's Deposited Check Truncation (DCT) program will enable credit unions to use the ACH to collect low-value consumer checks.
By some accounts, the Durbin Amendment is starting to hurt smaller issuers’ debit card income even though financial institutions under $10B in assets are explicitly exempted from the law’s cap on interchange rates. We will take a look at this disturbing trend in the May issue of Credit Union tech-talk - subscribe today.
XO Hosted PBX is a cloud-based offering that combines voice and network services with equipment in one complete solution, for a fixed monthly price. The system's latest upgrade allows customers to connect to the XO VoIP service, leveraging the XO Hosted PBX features with an Internet connection from any broadband provider. The feature is designed to give midsize and multi-location organizations more flexibility for all of their offices and operations.
Allworx has introduced an upgrade to the Allworx System Software 7.5. The companys says that users can now enjoy all the IP-based Allworx phone features on their Android or Apple tablet or smartphone. The company says that their Reach app essentially takes their phone system and virtualizes it on a mobile device.
The ICMI recently asked what software their contact center community used to schedule their contact center agents. Here are the results:
- 51% are using spreadsheets
- 21% use cloud-based WFM software
- 21% are using software either homegrown or built into their CRM, ACD, or routing technology
- 7% don't use any tools at all
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk, at these upcoming conferences:
May 30 - June 1, Scottsdale - 40th Annual FSPA Conference
June 5-7, Las Vegas - Credit Union InfoSecurity Conference