July 22, 2013

 

General News

 

* First General CU Signs On for CUProdigy
* March Networks Announces Next Generation Solution
* PSCU to Host Second Annual KnockOut Collaboration Event
* Los Angeles Firemen’s CU Chooses Interneer
 

First General Credit Union, Muskegon, MI, recently announced their conversion to the CUProdigy credit union core software system from Credit Union Data Processing (CUDP), and their move to purchase ownership shares in the CUDP CUSO. CUDP was founded in 1991 and CUProdigy is the newest iteration of their core processing system.

March Networks, a top supplier of video surveillance systems to credit unions in the Americas, has introduced the newest addition to its next-generation financial solution - the four-channel 8704 S Hybrid Network Video Recorder (NVR). The 8704 S is a high-performance, small-footprint video recorder designed for standalone ATMs and smaller branches seeking real-time video recording.

PSCU’s second annual competitive thinkfest, KnockOut 2013, is scheduled for September 26-27 at PSCU’s St. Petersburg, FL headquarters. The 24-hour brainstorming and innovation summit is open to employees of the CUSO and its Member-Owner Credit Unions. The collaborative event features five person teams with each team seeking to create a working prototype of a cutting-edge solution or service that will help credit unions grow and prosper.

Interneer, a leading provider of Business Process Management (BPM) software for process automation applications and smart mobile apps, announced that Los Angeles Firemen’s Credit Union has selected their software to streamline and automate its member services and online banking. Interneer says that their Intellect 7 solution will automate nearly 100 different operational tasks and processes at LAFCU, resulting in streamlined operations, a reduction in human errors in a manual process, saving time, lowering costs, and increasing employee productivity.

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Hardware News

Lenovo is partnering with VMware as it tries to break into a server market dominated by Hewlett-Packard, IBM and Dell. Lenovo will bundle ThinkServer products with VMware's vSphere with Operations Management. The company is pushing VSOM to smaller organizations that want better control for virtualization but don't want to go into cloud computing.

Dropcam is a high-definition Wi-Fi video camera with remote viewing and two-way sound that is geared towards small businesses. It streams with SSL encryption and features digital zoom and night vision. You can store your recordings online with plans starting at $99 a year for a 7-day DVR plan.

Using a tablet equipped with a card reader, a North Carolina-based company wants to help you develop a "branch of the future." We will explain what their system does in the August issue of Credit Union tech-talk - subscribe today.

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Hardware Section Sponsored by Millennial Vision, Inc. (MVi)

 

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Software Updates

Mortgage Returns is a St. Louis-based company that provides mortgage CRM and lead generation tools for mortgage originators. The company develops multi-email and mailings campaign to reach out to members with refinancing opportunities. Regular mailings and emails can include birthday cards, quarterly newsletters and even tailored correspondence to local events. Mortgage Returns also does a quarterly review to analyze data and make strategic adjustments based on market conditions, regulations and rate changes.

The third annual FinTech Innovation Lab 'Demo Day' featured numerous financial technology start-ups. Six top firms were recognized:

 

• Centripetal Networks, which has developed scalable cyber-security technology.

• Dashlane, which presented a secure digital wallet and password manager.

• Inktank, which has built a data storage system based on an open-source platform.

• Narrative Science, which demoed an AI engine that generates text from reports.

• OpenFin, which presented software that enables financial services firms to trade using HTML.

• ScrollMotion, which presented software that allows customers to create applications for iPads and tablets without requiring programming skills.

Detect Safe Browsing (DSB) from Easy Solutions extends fraud prevention to the end-user, helping to protect against malware and sophisticated threats such as pharming, man-in-the-middle (MITM) and man-in-the browser (MITB) attacks, where antivirus and spyware removal software are often not effective. DSB 4.0 now extends this support to Android and iOS to help secure mobile banking.

 

 

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Software Updates Sponsored by Raddon Financial Group (RFG)

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ATMs/Kiosks

Diebold has formed a partnership with mobile wallet provider Paydiant for a cardless Mobile Cash Access (MCA) solution that gives consumers a convenient and secure option to interact with credit union ATMs. The cardless MCA solution allows consumers to pre-stage cash withdrawals on smartphone devices, while at the ATM, consumers authenticate themselves by scanning a unique QR code that signals the ATM to dispense cash via an encrypted connection to the cloud.

As evidenced by Diebold's announcement above, mobile banking and ATMs are converging. We will look at some of the ways that this convergence may play out in the August issue of Credit Union tech-talk - subscribe now.

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ATMs/Kiosks Sponsored by Heritage Industries

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CU Success Stories 

 

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:

 

Innovative Technology, Inc. (INTECH)

and their client is:

Torrance Community Credit Union

Credit Unions - if you have a vendor that you are happy with then please This email address is being protected from spambots. You need JavaScript enabled to view it.!

Vendors - if you have a credit union that is happy with your solutions then please This email address is being protected from spambots. You need JavaScript enabled to view it. and we will give you a $100 discount on your Case Study!
 

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Wireless World

Juniper Network's third annual study of mobile threats concludes that mobile malware developers are recognizing the "huge opportunity in the growing market dominance of Android." While malware for the Android operating system has increased dramatically, the report says that mobile malware for Apple's iOS is "noticeably absent" from its malware sample database thanks to Apple's tight control of iTunes. One big issue facing Android users is the multiple variants of the OS in circulation - Google notes that only four percent of Android users are running the most recent version of the OS which cleans up vulnerabilities that are exploited by about 77 percent of Android malware.

Some companies are coming out with apps that allow payments by taking a picture of a credit or debit card, however there are security concerns. Flint Mobile's mobile app, which uses an iPhone camera to scan cards, only permits card reading to the cloud with no data stored on the phone. Using technology acquired from Card.io, PayPal has devised a mobile payment process triggered by a smartphone capturing a picture of a card without any extra attachments, and bundled it into its PayPal Here offering. Jumio also offers camera-to-card payment technology for businesses.

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Security Section

A new survey sponsored by Oracle shows that while IT teams acknowledge that attacks on core infrastructure elements pose severe risks to their organizations, they continue to spend on average less than a quarter of their IT security budget on core infrastructure elements like databases, applications, and servers, as compared to 67 percent on network assets. The report suggests that organizations should put their biggest security focus on the identified 'at-risk' assets, which means moving budgets from the network perimeter and endpoints to the data center, and implementing a true layered defense that addresses privileged user access, vulnerable applications, and accounts with excessive access.

XYverify offers a suite of transaction authentication services that help credit unions evaluate all forms of mobile payment transactions in real-time for proactive fraud mitigation. The company delivers what they call "Fourth Factor" authentication, adding both 'where you are' and 'who you are' credentials. Their geolocation technology requires no application installation or mobile download, but instead uses a "silent mobile API ping" that can be triggered with virtually every U.S. cellular network and connected device, including feature phones, tablets and smart phones.

Guardian Analytics FraudDESK has detected a significant increase recently in the "Tech Support" social engineering fraud scheme. Posing as "Windows or Microsoft Technicians," the scammers ask to gain remote access to the victim’s computer in order to remove malware. They can require payment before removing the alleged malware, or make changes to security settings on the victim’s computer or plant malware, leaving it vulnerable.

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Security Section Sponsored by THE FINANCIAL & SECURITY PRODUCTS ASSOCIATION (FSPA)

Our members, located in every state, will be more than happy to consult with your credit union regarding: Upgrading branch security equipment, remodeling branches, servicing all types of physical & electronic security equipment (to include keeping older equipment operational), and providing quotes on ATMS, cash-recyclers, safes, vaults, safe-deposit boxes, after-hour-depositories, drive-up banking systems, tellers’ undercounter steel & storage units, insulated products and all types of electronic security & digital video systems. This email address is being protected from spambots. You need JavaScript enabled to view it. by telephone or e-mail for an immediate referral to a member-company in your local area.

CREDIT UNIONS:

For more information or for a member referral in your specific geographic area, please This email address is being protected from spambots. You need JavaScript enabled to view it. for a prompt & detailed response. Our members carry a very broad line of products and are able to provide credit unions with many powerful and affordable alternatives for their security equipment & servicing needs.

SECURITY VENDORS:

For more information about joining our organization and all of the accompanying benefits, please This email address is being protected from spambots. You need JavaScript enabled to view it. for a prompt & detailed response.

Call Today: 800.843.6082

Visit Us Online Today: http://www.fspa1.com

 

 

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Leaders Roundtable

Online & Mobile Banking:

Moving from Transactions to Member-Centric Solutions

Cachet Financial Solutions - http://www.cachetfinancial.com Read Jeffrey C. Mack's comments: http://www.cunews.com/Cachet.pdf

Connect Financial Software Solutions - http://www.connectfss.com Read Joe Long's comments: http://www.cunews.com/Connect.pdf

 

eEminder - http://www.eeminder.com   Read Thomas Utsch's comments:   https://www.cunews.com/eeminder.pdf

Harland Financial Solutions - http://www.harlandfinancialsolutions.com Read Andy Lapp's comments: http://www.cunews.com/HFS.pdf

  

Integrated Media Management - http://www.immonline.com   Read John Levy's comments:   http://www.cunews.com/IMM.pdf

Javelin Strategy & Research - http://www.javelinresearch.com Read Mark Schwanhausser's comments: http://www.cunews.com/Javelin.pdf

Mercator Advisory Group  - http://www.mercatoradvisorygroup.com Read Edward O'Brien's comments:     http://www.cunews.com/Mercator.pdf

 

PSCU - http://www.pscu.com Read Jeremiah Lotz's comments: http://www.cunews.com/PSCU.pdf

Q2ebanking - http://www.q2ebanking.com Read Ned Tobey's comments: http://www.cunews.com/Q2ebanking.pdf

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Technology and Marketing

Credit unions that are utilizing social media will want to monitor and measure the success of their efforts. Here are some simple and affordable tools:

- Boardreader

- Google Alerts

- Radian6

- Trackur

- Twitter Search

- WhosTalkin

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Online Banking/E-Commerce/Website Design

Yodlee released Yodlee WealthCenter which is a new suite of tools and enhanced wealth data designed to help credit unions interact with self-directed investors. According to Yodlee's research, 73 percent of investors make their own investment decisions. The company says the software offers investors sophisticated tools to help them understand their net worth history, personal rate of return, investment allocations, and asset categorization.

Peer-to-peer lending, or P2P, was introduced in 2006 and companies such as Lending Club and Prosper are on course to make about $3 billion in loans this year. These developments have drawn the attention of hedge funds, endowments, pension funds, insurers and others who want to put hundreds of millions of dollars to work. P2P loans have annual interest rates ranging from 6 percent to as much as 30 percent, however while loans originated by Prosper from 2005 to 2009 had a yield of just over 12 percent through the end of 2012, losses from loan defaults reached almost 18 percent. Prosper now sets interest rates on loans itself, based on the creditworthiness of borrowers, whereas previously they let borrowers and lenders negotiate rates. They say that the new approach has helped them attract institutional investors.

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Internet Access

Siemens Enterprise Communications has unveiled “Project Ansible” which is a new platform designed to deliver increased business performance by unifying voice, video, social communications, search, business process applications, and other channels. The company says that they can offer differentiated features and services by focusing on:

 

• Persistence - automatically-created, persistent, shared spaces, with associated files and transcripts of voice and video, conversations and participants;

• A Single View – bringing together synchronous and asynchronous communication channels into one, “rich canvas” view;

• Integration and Contextual Search

Riverbed Technology offers organizations their Granite architecture which consists of core and edge appliances and software. This combination lets organizations centralize storage and data protection functions while still running applications and keeping a cache of often-used data at each branch. It allows for more efficient transfers of data across networks, and it can also aid offline operation, if a branch is temporarily cut off.

 

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Call Centers

According to the "Look Who's Talking: Financial Institutions' Contact Centers Under Attack" report, 74 percent of financial institutions believe that organized attacks by criminal rings are responsible for the majority of contact center fraud, often with account takeover as their goal. Caller ID spoofing means that simple fraud detection systems that block known malicious caller IDs simply are unable to prevent many scams. Many attacks are so sophisticated that the caller often has just enough information to make the call center representative believe they are the actual member. Security experts point out that credit union contact centers must utilize both anti-fraud tools and better authentication methods in order to combat these attacks.

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Conferences

Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk, at these upcoming conferences:

November 5 - 7, Denver - BAI Retail Delivery

May 21 - 23, Las Vegas - Credit Union InfoSecurity Conference

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