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 Your source for the latest technology information of interest to credit unions across America.

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October 27, 2014

~ This Week's News is Sponsored by Better Branches ~


General News  

* Fortress Risk Management Raises Funds
* Xamin Announces Vulnerability Management Service
* PSCU & Connect Form Partnership
* Bell ID Launches Tokenization Manager

Fortress Risk Management, a solutions provider of intelligence services that helps credit unions reduce risks from fraud and financial crime threats, announced it has raised $3.5 million in funding with a group of institutional investors. Investors include Black Dragon Capital, Advantage Capital Connecticut Partners and the Department of Economic and Community Development for the State of Connecticut.

Xamin announced its proactive Vulnerability Management Service which provides ongoing assessment and remediation of security threats for financial institutions` IT infrastructure. The company, based in Chicago, is a leading national managed IT service provider (MSP) for financial services firms.

Connect Financial Software Solutions announced that it has formalized a partnership with PSCU, the nation`s leading credit union service organization. The partnership includes collaboration on innovation initiatives for both firms, and provides Connect`s Digital Channel Solutions, consisting of Online and Mobile Banking and Account Opening, as an option to PSCU clients.

Payment credential management specialist, Bell ID, has launched its Tokenization Manager software. The solution can be used by card issuers and merchants to enhance security and limit fraud by facilitating tokenized payments.




Hardware News

At least 47% of merchant terminals will be enabled for EMV chip technology by the end of next year, according to the Payments Security Task Force which is a cross-industry group formed by Visa and MasterCard. In October 2015, Visa and MasterCard will transfer liability for fraud to retailers who have not upgraded their hardware. Meanwhile, nine large financial services firms predicted that half of their cards — 575 million in all — will be chip-enabled by the end of 2015.

Lenovo introduced the latest entry in its ThinkCentre line of space-saving “tiny” M-Series of desktops: the ThinkCentre M83 with a starting price of $599. The M83 comes equipped with manageability tools including PC Cloud Manager 3.0, a free system management tool and Intelligent Cooling Engine (ICE) 3.0 that optimizes system cooling and fan acoustics to help maximize reliability. The company also updated its line of ThinkCentre E63z all-in-one (AIO) desktops with Intel Core i3 processors. 


Hardware Section Sponsored by
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Software Updates

Microsoft and Docker have started working on a native Docker implementation for Windows Server, which will make the increasingly popular container technology available for organizations that use Windows. The two companies will create a version of the Docker Engine that will run, natively, on the next edition of Windows Server. Launched in March 2013, Docker is a form of container-based virtualization that hold applications. However, unlike full virtual machines, a Docker container does not include a full OS, but rather shares the OS of its host. Containers offer superior performance for the applications they contain, compared to running the application within a virtual machine, which incurs the overhead of running through a hypervisor.

Using data gathered by Windows Network Services and Windows Management Instrumentation, Outlier's endpoint threat detection system works without agent software. The system analyzes the endpoint's data and triggers alerts if it discovers likely incursions. Within the Outlier system, endpoint monitoring is managed by an on-premises device called the Data Vault, software that runs on a Windows machine and uses algorithms to find suspicious activity and rank it.



Software Updates Sponsored by
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Hyosung announced the launch of its video banking drive-through solution: the MX7800i. Made available through the MX7800i model and offering its 21.5” display screen, credit unions are able to offer face to face video assistance, in addition to traditional ATM transactions. The company estimates that between 3,000 and 3,500 video teller machines under various brands have been rolled out in the U.S. market. The company see the system as a blend of assisted self-service where the member does as much as they possibly can and only asks for video help when they need it.

ProfitStars has launched Alogent Interactive Capture which is a payment solution that supports self-service platforms. The centralized infrastructure enables reporting, fraud and duplicate detection, risk mitigation and integration capabilities, and can be configured to work with ATMs and kiosks outside of branch systems.


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:





and their client is:

Technology Credit Union

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Wireless World

Tablets have been called “couch devices” by some because consumers often reach for them and may in turn make a purchase while relaxing on their couch at home. The greatest tablet-driven m-commerce per capita spend in 2014 is in the UK, the US, Australia, the Netherlands and Denmark. Meanwhile, using mobile phones in store to execute a payment remains far less common than remote mobile purchases. In most markets, the percentage of overall mobile commerce executed via a mobile phone that are proximity, or in-store payments, would be in the single digits. Three of the world`s most developed markets had the highest spend of proximity mobile payments on a per capita basis in 2014: Australia ($22); the US ($16); and the UK ($12).

Andrews Federal Credit Union's newest branch offers free Wi-Fi in a café setting. The Springfield, VA-based high tech branch showcases the credit union's mobile services and online banking. The branch also features mobile device charging stations, multiple teller pods for personal and private transactions, and a children`s play area. There are also iPads, Kindles and Galaxies available for members to use.


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Security Section

Synthetic identity fraud occurs when a fraudster fabricates a new and false identity that is not associated with a real person. The absence of a victim may enable synthetic fraud to remain undetected for long periods of time. ID Analytics recently announced a new study from ID:A Labs that shows while the number of synthetic identities is decreasing, the average fraud rate for synthetic identities has increased more than 100 percent since 2010. ID Analytics` study notes two factors contributing to the rise:

1) the implementation of Social Security number (SSN) randomization, which is an approach to SSN issuance that took effect in July 2011. While this new approach was designed as a way to deter fraud, it is also makes it more difficult for legacy fraud detection systems to detect a fictitious SSN

2) the proliferation and availability of identity information due to a rise in the number of data breaches

The Global IT association ISACA — creators of the Cybersecurity Nexus (CSX) — recently launched the Cybersecurity Fundamentals Certificate. The Cybersecurity Fundamentals Certificate is aligned with the Skills Framework for the Information Age (SFIA) and the National Initiative for Cybersecurity Education (NICE) Cybersecurity Workforce Framework. It tests for foundational cybersecurity knowledge in five areas:

- Cybersecurity concepts

- Cybersecurity architecture principles

- Cybersecurity of networks, systems, applications and data

- Incident response

- Security of evolving technology


Security Section Sponsored by


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Leaders Roundtable

Core Systems:

Using Core Systems to Enable Superior Financial Performance


Business Performance Innovation (BPI) Network -
Read Dave Murray's comments:

Celent -
Read Stephen Greer's comments:

Read Michael Nicastro's comments:

Corelation -
Read Theresa Benavidez's comments:

CU Answers

D+H -
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Enhanced Software Products -
Read Matt Lefler's comments:

Share One -
Read Teri Van Frank's comments:

VSoft Corporation -  
Read Jon Barnard's comments:


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Technology and Marketing

iQuantifi announced that their cloud-based virtual financial advisor platform is now available to credit unions. The goal-based planning advice system is targeted at millennials and young families. The company says that their software offers consumers automated and personalized financial advice via an intuitive, web-based advisor.


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Online Banking/E-Commerce/Website Design

According to a new report from TSYS, debit cards are dropping in popularity in the US thanks to security concerns. In the 2013 study, 49% preferred debit, but in 2014 that number dropped to 43%. Meanwhile, 89% of respondents felt that it was safe to use their credit card, while that number dropped to 83% for debit cards. As for mobile payments, fraud prevention and risk reduction tools were seen as the most important features to consumers when it comes to incorporating mobile into their payments process.

A recent Federal Reserve study found that 69% of consumer payers and 75% of business payees prefer instant or one-hour payment speed. To help meet this demand, NACHA is working toward a phased implementation approach that will move the ACH network from next-day settlement to same-day payment processing during three different windows. The goal is to make same-day processing available for virtually any transaction and provide greater certainty about funds availability.


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Internet Access

Integra announced a new cloud-based DDoS protection service. The new monitoring service serves to divert 'bad' traffic from your system into the hands of your carrier network. The service also employs the help of Arbor Networks for its DDoS attack expertise.

In a related story, Akamai Technologies is reporting a 389% increase in average DDoS attack bandwidth between the third quarter of 2013 and the third quarter of 2014. The company noted the following reasons for the increased DDoS activity:

- the availability of attack toolkits with easy-to-use interfaces

- a growing DDoS-for-hire criminal industry

- a mass exploitation of Web vulnerabilities that allowed attackers to build huge botnets of compromised computers used to generate traffic


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Ongoing Operations


Ongoing Operations - The Credit Union Movement's Top BCP & Technology (Cloud) Provider

Always-On Production Connectivity typically includes:

* Internet Connectivity

* Core System Connectivity

* Credit Union Connectivity

* Credit Card Processor

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* ATM Processor

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* Enterprise Grade Firewall

* Intrusion Detection System


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Call Centers

Mplsystems has launched intelligentResponse which is an automated response solution to help credit union contact centers handle the anticipated flood of incoming text messages caused by the growth in mobile apps, social media, web chat and email channels. The system blends both automated response and assisted response activities, taking advantage of the latest text analytics technologies to filter out standard, higher volume consumer requests (such as product information requests, balance inquiries, bill payments, password reset and initial quotes) for automated response. The company says that their platform should be able to handle around 60% of incoming messages automatically, with the remainder being routed to contact center agents with the most appropriate skills for resolution.