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

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August 17, 2015

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

 

General News  

* IMM & Advanced Fraud Solutions Expand Partnership
* MDT Converts LOC FCU
* Bluepoint Solutions to Offer Mitek MiSnap
* DoverPhila CU Completes CAMS-ii Conversion

IMM, a leading provider of integrated eSignature, workflow, and document solutions for credit unions, and Advanced Fraud Solutions (AFS), a CUSO formed in 2007 to combat financial fraud, have expanded their existing partnership. Initially collaborating in 2012 to help IMM`s clients more effectively mitigate fraudulent check transactions at the teller line, the companies have since strengthened the partnership and integrations between IMM`s Teller Item Capture and AFS`s TrueChecks to provide even faster, virtually real-time notification of potential fraudulent check transactions.

Member Driven Technologies (MDT) announced the conversion of LOC Federal Credit Union in Farmington, MI to the CUSO's core processing Symitar Episys solution. LOC FCU has 25,000 members and $160M in assets. MDT performs processing for over 1.8 million members, with combined assets of $17.5 billion.

Bluepoint Solutions announced an expanded partnership with Mitek, a leading innovator of mobile capture and identity solutions for member acquisition. Bluepoint`s mobile remote deposit capture solution, QwikDeposit ToGo, will now include Mitek MiSnap for automated mobile check capture.

DoverPhila Credit Union has completed their implementation of the CAMS-ii Core Processing Solution from R. C. Olmstead. RCO will provide core processing services to the $404 million, 35,541 member Credit Union as well as a complete member facing package.

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Hardware News

Samsung's new PM1633 SSD (solid state drive) features a whopping 16TB capacity - it is not just the world's highest capacity SSD, but the world's highest capacity drive of any type. On top of that, they also claim to be the world's fastest drive: 1,000,000 IOPS. It is made possible by the company's new 48 layer V-NAND technology. To increase capacity, manufacturers have to go vertical, which is where Samsung's vertical technology currently gives them a lead over competitors such as Toshiba and Intel/Micron.

Lenovo has unveiled a new family of mobile workstations, the ThinkPad P50 and P70, that use Intel's newest CPU architecture called Skylake. ThinkPad P70 introduces a 17-inch mobile workstation to the ThinkPad family, and is loaded with up to 64GB of DDR4 ECC memory and the ability to handle up to four storage devices and up to a terabyte of SSD storage. Additionally, the ThinkPad P70 comes with two Intel Thunderbolt 3 ports for ultra-fast connectivity and a 4K UHD display or optional FHD touch. They also come with the new FLEX Performance Cooling system which features a dual-fan design. 

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

 

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Software Updates

HotLink announced a new management solution called HotLink Cloud Management Express, part of the company's HotLink Hybrid Management Suite. This package is a VMware vCenter plug-in that extends existing vCenter management capabilities to additional resources including Microsoft Azure, vCloud Air, OpenStack, Amazon EC2, Microsoft Hyper-V, Citrix XenServer and Red Hat Enterprise Linux (KVM). The promise of Cloud Management Express is the ability to manage a diverse on- and off-premises hybrid enterprise, but with the simplicity of a homogeneous VMware environment. Pricing is currently set at $175 per Virtual Machine per year for 150 VMs.

Tufin announced the launch of the latest release of their Tufin Orchestration Suite R15-2 which they say enables organizations to manage, visualize and control security policies across their entire physical network and hybrid cloud platforms through automation and analytics. Some of the new capabilities in R15-2 include:

- Automated Decommissioning of Application and Network Access –automatically detect and shut down unused and obsolete firewall rules and objects

- Improved Visibility for Compliance and Governance – helps ensure tighter control over security policies and compliance with industry standards such as PCI DSS 3.0

- New capabilities to improve workflow automation, scalability, reporting, topology analysis, policy browsing and authentication

 

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Software Platform Sponsored by
Parascript

Parascript

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ATMs/Kiosks Everyone has heard of ATM skimmers that capture magnetic card stripe data on ATMs, but now enterprising scammers have invented a "shimmer." It is so named because it acts as a shim that sits between the chip on the card and the chip reader in the ATM — recording the data on the chip as it is read by the ATM. Mexican authorities have discovered these latest ATM skimming devices that can be inserted into the mouth of the cash machine`s card acceptance slot and used to read data directly off of chip-enabled credit or debit cards. It is reported that the fraudsters have been able to determine which ATMs will accept magnetic stripe cards that are cloned from chip cards.

In a move designed to thwart skimmers and fraudulent ATM withdrawals, Taiwan's CTBC Bank is testing an ATM that uses both facial recognition and finger-vein scanning to verify identity. Should the trial be successful, users will be able to withdraw funds without the use of a card or a PIN. For the finger vein biometric, they are using VeinID which was created by Hitachi.

 

 

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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:  

Sharetec Systems, Inc.

Sharetec

and their client is:

Planites 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

According the Auriemma Consulting Group, 98% of in-store Apple Pay users and 93% of in-app Apple Pay users surveyed are very satisfied with the experience. They make an average of 2.6 weekly in-store purchases and 2.3 weekly in-app purchases. Of the surveyed iOS users, 42% were using Apple Pay, 16% said that they were likely to use it and 41% said they had no plans to use it.

Nymi, in collaboration with TD Bank and MasterCard, announced the completion of the world's first biometrically authenticated, wearable credit card payment using one's heartbeat. The Nymi Band is a continuous wearable authenticator that identifies a user based on their unique heartbeat (or electrocardiogram) through proprietary Nymi technology called HeartID. Nymi has developed an NFC-enabled prototype of the Nymi Band for these pilots, which is linked to a user's MasterCard. In doing so, participants can utilize the Nymi Band to make secure, contactless payments using Tap & Go payment terminals found at many retailers.

PayPal and BlackBerry have partnered on a project called BBM Money, which will allow BlackBerry Messenger users to instantly send and receive money. To send money, certain users can now select the new Pay with PayPal icon and connect their PayPal accounts to BBM Money.

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Wireless World Sponsored by
Member Access Pacific (MAP)

MAP

 

The MAP App™ is the first network-branded prepaid card exclusively serving credit unions to offer mobile banking -
contact us now to learn more about this market-leading innovation for credit unions:

(866) 598 - 0698

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Security Section

Business email compromise schemes, also known as "masquerading" attacks, are growing in popularity - and damages. For example, Ubiquiti, a wireless networking technology provider, announced last week that it had been targeted by an email impersonation scheme that convinced employees in its finance department to fraudulently schedule wire transfers to overseas accounts to the tune of $46.7 million. In action, an organization's accounting department receives a fraudulent email from one of the company's C-level executives requesting an urgent wire transfer. The email tricks the employee who receives it because it appears to be coming from the executive, when it actually is coming from a fraudster. The criminals mask their identities by taking over the executive's corporate email account or by sending the email request from a spoofed domain that closely resembles the corporate email domain.

Data loss protection (DLP) solutions usually focus either on the endpoint or the network, but DataGravity tackles DLP at the storage array. DataGravity incorporates the metadata needed to track sensitive data on the actual storage array. The company says that they can identify sensitive unstructured data such as validated credit card and social security numbers using algorithmic patterns. Plus, end users can also define patterns and manually tag sensitive data. The latest version of DataGravity integrates with VMware vRealize to automate policy enforcement on virtual machines.

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Leaders Roundtable

Online and Mobile Banking:

Using Digital Technology to Create Value for Members


Cognizant - http://www.cognizant.com
Read Steven DeLaCastro's comments:
https://www.cunews.com/Cognizant.pdf

D+H - http://www.dh.com
Read Nigel O. Prince's comments:
https://www.cunews.com/D+H.pdf


 
IMM - http://www.immonline.com  
Read Nish Shah's comments:

Javelin Strategy & Research - http://www.javelinstrategy.com
Read Mary Monahan's comments:
https://www.cunews.com/Javelin.pdf

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

 

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Technology and Marketing

Most credit union marketing staff are not trained as graphic designers. One low cost option for them to create designs for Web or print (e.g., blog graphics, presentations, Facebook covers, flyers, posters, invitations, etc.) is Canva. You can upload your own photos or choose from free backgrounds, photos and hundreds of free elements and fonts, or choose from their library of more than 1 million premium images for $1. With Canva you can edit your photos using preset filters or get advanced with photo editing tools like brightness, contrast, saturation, tint, blur, x-process and vignette.

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Online Banking/E-Commerce/Website Design

Beginning Jan. 1, credit unions that issue MasterCards will be able to join the new Account Data Compromise program if they agree not to sue for breaches. The policy applies to breaches affecting at least 30,000 MasterCard accounts. Credit unions that do less than $200 million in purchase volume annually will receive $6.25 per magnetic strip card. Credit unions with $100 million to $1 billion will get $4. Credit unions with more than $1 billion will receive $2.70. Credit unions will get an additional $1 ($1.05 in the case of $1 billion volume) for every chip card they reissue.

In recent polls, RemoteDepositCapture.com asked users about their thoughts on RDC. 84% said the benefits far outweigh the risks and costs; 13% said the benefits marginally outweigh the risks and costs, while only 3% said benefits did not outweigh the negatives. As for the perceived per-transaction value of a mobile deposit, here were the results:

- 24% said up to 25 cents

- 25% said up to 50 cents

- 26% said up to $1

- 8% said up to $2

- 6% said up to $5

- 4% said more than $5

- 6% found no value in using mobile deposit

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Internet Access

Newly Observed Domains and Hostnames tracks new hostnames, or fully qualified domain names, when first seen on Internet. This real-time knowledge allows organizations to discover malicious hostnames targeting users. Offered by Farsight Security, the real-time Passive DNS solution helps provide critical context (the information documenting the network configuration of the threat and of the Internet surrounding the threat) to increase the value of prepackaged reputation and threat feeds and other threat intelligence.

Restricting access to unproductive and known-malicious websites is a best practice for preventing productivity loss and reducing risk. However, according to a recent report, more than 20 percent of the top 1 million websites are running vulnerable software and are therefore open to compromise by attackers. As a result, even sites considered “safe” may be compromised and used to serve malware at any time. Menlo Security claims that their Menlo Security Isolation Platform prevents any malware from reaching user devices via compromised or malicious websites. They recently partnered with Webroot to use their Web classification data and threat intelligence to enable administrators of the Menlo Security Web Isolation Platform to establish granular policies that selectively allow, block, or isolate websites based on 83+ categories. Additionally, the classification intelligence from Webroot augments the logs and reports provided by the Web Isolation Service, enabling administrators to track and analyze all Web usage.

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Call Centers

Contact centers track and measure a wide variety of metrics, but one that might be overlooked is Transferred Call Percentage, which tracks what percentage of calls are being transferred to another agent, skill group or department. This is valuable because it provides insight into both the member experience and individual agents' skill levels. When properly analyzed, it can assist with routing designs, and help managers and supervisors develop agent skill sets and training programs.

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