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 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.

February 1, 2016

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

BB

 

General News  

* Digital FCU Implements IMM`s eTeller Solutions
* ForecastThis Launches LendingLens
* Parascript Announces SignatureXpert Update
* Sonavation Launches IDKEY

Digital Federal Credit Union recently retained IMM, a provider of eTransaction automation for credit unions, to enhance its teller operations with IMM`s Teller Item Capture and TotaleReceipts solutions. The Marlborough, MA-based credit union says that the solutions will assist in maximizing employees` productivity as well as in streamlining the member experience.

ForecastThis, a provider of machine learning and artificial intelligence, has officially launched its financial services platform, LendingLens. The company says that LendingLens is a configurable platform solution, providing lenders with direct access to the untapped predictive intelligence of their own data assets.

Parascript announced the latest version of SignatureXpert, the automated signature verification engine that processes signatures to help prevent fraud. Using a single SignatureXpert API, Parascript system integration partners can now fine-tune check parameters such as the signature coordinates, the number of signatures to extract, and where multiple signatures are located in relationship to each other to verify signatures on checks.

Sonavation, a pioneer in biometric ultrasound technology for digital security, announced the launch of its IDKEY biometric security key product line. IDKEY is powered by Sonavation`s patented 3D biometric ultrasound surface scan technology, which provides an in-depth scan of a user`s biometric fingerprint, creating a unique identifier for each user that the firm says is virtually unspoofable.

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Hardware News

Thumb-size PCs like Intel's Compute Stick are not very popular now, but ABI Research is estimating that shipments of these compact computers will reach 5 million by 2021. The typical thumb-size, or stick, PC is slightly larger than a flash drive, and converts any display with an HDMI port into a full-fledged PC. Users can run Windows 10 OS and applications such as Microsoft Office. Users still need a separate keyboard and mouse to use these ultra-compact computers. Intel's Compute Sticks with Core M3 and M5 processors are targeted at enterprises and can be managed and secured remotely, e.g., a system administrator can prevent usage of the Compute Stick in unauthorized places.

SanDisk recently announced the availability of the new SanDisk X400 SSD, what they are calling the world's thinnest 1TB M.2 form factor solid state drive (SSD). The new SSD, which can endure up to 320TB worth of writes over its lifetime, is based on SanDisk's sixth generation X3 Technology, a 3D flash memory that stores three bits per cell (triple level cell, or TLC) for greater density. The X400 SSD also offers data protection through AES 256-bit compliant encryption and TCG Opal 2.0 compatibility. Along with a 1TB M.2 version, the new X400 SSD comes in 128GB, 256GB and 512GB capacities. It is also available in a 2.5-in (laptop drive) form factor. 

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

 

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Software Updates

The number of software vulnerabilities and related patches is second to only the number of unique malware programs released each day which is why patch management is so important and why unpatched software is the top reason computers get exploited. Yet patching is fraught with a multitude of issues. Some security experts contend that you should simply focus on applications most likely to be exploited, e.g., Java, Adobe Acrobat, Flash, Internet Explorer, etc. that account for much of the risk. They contend that diligently and selectively patching a handful of critical applications is the most effective use of patching resources to prevent breaches.

Group Chat, as the name suggests, enables users to chat in groups. It is a kind of chatroom which can be created by non-admin users within an organization. Some organizations claim that it helps with productivity and opens secure (encrypted) lines of communication. There are other advantages, too, like the option of keeping a permanent, searchable transcript of each session. Most chat services also let you share or embed files in real time. Here some group chat vendors:

- ChatWork

- Flowdock

- HipChat

- Office Chat

- Redbooth

- Slack

- Telegram

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ATMs/Kiosks

Nautilus Hyosung says that their new self-service digital kiosk supports quick and easy self-service, including new account opening, debit card issuance, statement printing, and other functions. It features video teller technology and supports biometric access, e.g., palm vein biometric authentication. The company claims that the device is designed to process 107 banking tasks that comprise 90 percent of teller window transactions.

The major money center banks are starting to focus on card=less ATM access. JPMorgan Chase says that the first phase of the rollout will let customers withdraw cash from a Chase ATM using a one-time pin number that will be sent to their smartphones. In the second phase, they will be able to withdraw cash simply by tapping their phones on the ATM. Plus they are looking to increase the number of teller transactions processed by ATMs to 90 percent from a current rate of 60 percent by the end of 2016. Meanwhile, Bank of America just announced that they are also developing card-less ATMs. Its 2016 ATM upgrade also will enable the machines to accept payments from credit card customers, cash checks, and dispense varying denominations of cash.

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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:  

Share One

Share One

and their client is:

Missouri Valley Federal 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

Kasisto was founded in 2013 with the intention to help facilitate intelligent conversations on any mobile device. They started by enabling financial institutions to add virtual personal assistants to their mobile and tablet offerings. Their software uses deep speech, natural language and artificial intelligence technologies. For example, a member could ask "How many more loan payments do I have left on my car loan?" and the software would translate that question to text, figure out what the member is really asking for, find the answer, and then speak the answer back to the member.

Mitek and Harland Clarke announced a new product launch that will improve security of mobile deposit for consumers and credit unions. Checks printed by Harland Clarke now include new Photo Safe Deposit features recognized only by the advanced computer vision embedded in Mitek`s Mobile Deposit software. These features will help increase the integrity and security of checks deposited through the mobile channel. Checks are printed and delivered to consumers with the Photo Safe Deposit icon, a camera-lock graphic, placed on the front. When this is recognized by a mobile device via Mitek`s back-end software, the checks are scanned for key features—Image Match and Mobile Mark, also additional features provided by Harland Clarke. Image Match is the identical MICR code lines printed on both sides of the check, while Mobile Mark is a box for users to checkmark when a deposit is made via smartphone, reducing the risk of inadvertently depositing the same check in the future.

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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

UpGuard has launched GuardRail which is a solution that helps IT departments understand how their various systems are operating. The new security configuration management tool automatically scans every server, network device, application and mobile device in an IT environment to create a living model of configuration state, while automatically monitoring them for security vulnerabilities and configuration drift. In addition to their new security scanning tool, the Silicon Valley-based firm wants to create a new security scoring methodology that they call the CSTAR (Cybersecurity Threat Assessment Report) score. The score, which helps rate an organization's overall risk, the potential for data breaches and unplanned outages, represents a composite measure based on the vulnerability discovery and scanning of server, network devices, applications and mobile device configurations.

The ABA's Deposit Account Fraud Survey Report found that most of the fraud losses in 2014 were from debit cards that can be traced to retail breaches that occurred outside of financial institutions. They insist that while financial losses tied to fraud against deposit accounts increased about 12 percent from 2012 to 2014, banks are not to blame. The group notes that losses related to online banking and ACH/wire fraud (account takeover) inside the institution have actually decreased in the two years since their last report. They add that financial losses linked to debit compromises accounted for the greatest industry loss, at 66 percent, followed by check fraud, which accounted for 32 percent of overall loss.

Malware hidden in firmware can be difficult to detect, can't be easily erased and can survive reboots and fresh installs of an operating system. To help address this issue, Google's VirusTotal service has added a new tool that analyzes firmware, the low-level code that bridges a computer's hardware and operating system at startup. The new tool will label firmware images as either legitimate or suspicious. It can also extract certificates attached to firmware and detect if there are other executable files inside of it.

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Security Section Sponsored by
StrongAuth, Inc.

StrongAuth

 

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Leaders Roundtable

Security:

Addressing Insider Threats, Cyber Attacks & Data Security

 

Accellion - http://www.accellion.com
Read Yorgen H. Edholm's comments:
https://www.cunews.com/Accellion.pdf

 

Allied Solutions - http://www.alliedsolutions.net
Read Ann D. Davidson's comments:
https://www.cunews.com/Allied.pdf

 

Alloya Corporate FCU - http://www.alloyacorp.org
Read Teresa Brent's comments:
https://www.cunews.com/Alloya.pdf

 

 

 

Easy Solutions - http://www.easysol.net
Read Daniel Ingevaldson's comments:
https://www.cunews.com/EasySolutions.pdf

 

EnableSoft - http://www.enablesoft.com
Read Richard Milam's comments:
https://www.cunews.com/EnableSoft.pdf

 

Horsetail Technologies - http://www.horsetailtech.com
Read Mark Berman's comments:
https://www.cunews.com/Horsetail.pdf

 

 
IMM - http://www.immonline.com  
Read John A. Levy's comments:

 

Info@Risk - http://www.infoatrisk.com
Read David Trepp's comments:
https://www.cunews.com/This email address is being protected from spambots. You need JavaScript enabled to view it.

 

InfoSight - http://www.infosightinc.com
Read Brian Smith's comments:
https://www.cunews.com/InfoSight.pdf

 

KnowBe4 - http://www.knowbe4.com
Read Stu Sjouwerman's comments:
https://www.cunews.com/KnowBe4.pdf

 

Millennial Vision - http://www.mviusa.com
Read Scott Cowan's comments:
https://www.cunews.com/MVi.pdf

 

Onbase by Hyland Software - http://www.onbase.com
Read Steve Comer's comments:
https://www.cunews.com/OnBase.pdf

 

Pwnie Express - http://www.pwnieexpress.com
Read Paul Paget's comments:
https://www.cunews.com/PwnieExpress.pdf

 

Securonix - http://www.securonix.com
Read Chris Inglis' comments:
https://www.cunews.com/Securonix.pdf

 

SentinelOne - http://www.sentinelone.com
Read Scott Gainey's comments:
https://www.cunews.com/SentinelOne.pdf

 

Venminder - http://www.venminder.com
Read Aaron Kirkpatrick's comments:
https://www.cunews.com/Venminder.pdf

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Technology and Marketing

According to a report released by Facebook, Millennials drive 40 percent of the financial conversations on Facebook, with more than 60 percent of all content pertaining to peer-to-peer payments, loans and mortgages, banking, investments and credit cards. Many of these 6.5 million posts, comments, likes and shares are dominated by female users. Debt, credit scores and financial guidance are among the top concerns for this generation. An estimated 53 percent of Millennials report not having someone they trust for financial guidance and only 8 percent trust institutions for guidance.

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Online Banking/E-Commerce/Website Design

The person to person (P-to-P) payments space has numerous popular non-FI players such as PayPal, Venmo (which PayPal owns). Square Cash, Facebook Messenger payments, Snapchat's "Snapcash" feature and many more. Some analysts believe that since credit unions do not have the social aspect to their payments offerings like these companies, they need to focus on ease and convenience of moving money in order to compete. Vendors looking to help credit unions with these efforts include Fiserv and FIS. For example, Fiserv's Popmoney service has integrated money transfer and bill pay services into its NOW Network to offer a single payments experience. Meanwhile, FIS' People Pay service offers real time payment delivery available through its own network and via a partnership with PayPal, plus consumers can send retailer-branded virtual gift cards through the network.

Rumors are circulating that LG Electronics plans to unveil a universal payment card that links users' debit and credit cards in one place. It's reported the South Korea-based electronics giant will call it the LG Pay "White Card" which includes a small LCD screen users can select which debit or credit card they want to use to make a transaction. The regular credit card-sized device can also store loyalty cards that can be selected during a purchase.

Visa announced the launch of Visa Commerce Network, a new way for merchants to create online and in-app commerce experiences. Visa Commerce Network works by connecting transactions between two merchants. For example, a hotel can provide its customers with offers from local restaurants using Visa Commerce Network, and with cardholder consent, track engagement and even issue rewards. Qualifying purchases are recognized at the point of sale and rewards can be applied to cardholder accounts – eliminating the need for coupons or redemption schemes. Visa Commerce Network was built on the TrialPay platform, which was acquired by Visa in early 2015.

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Online Banking Sponsored by
IMM

IMM

 

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Internet Access

A startup named Starry claims that they can deliver speeds up to one gigabit — comparable speeds to Google Fiber — wirelessly, and with no data caps or complicated contracts. In their words, they will be using "the world's first millimeter wave band active phased array technology for consumer internet communications." Millimeter waves occupy what is sometimes referred to as the Extremely High Frequency (EHF) range from 30 GHz to 300 GHz.

Domain Name System (DNS) is required to share and access information online. The use of DNS, specifically port 53, for data theft is often called DNS tunneling. To defend against these attacks, organizations need a DNS firewall configured to block attempts at data exfiltration. Plus, DNS protection tools should have the ability to automatically terminate malicious queries and prevent the execution of malware contained in DNS communication. Infoblox, BlueCat Networks, Comodo and others offer DNS security solutions.

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Call Centers

The customer satisfaction score, or CSAT as it is often called, intends to measure a customer's satisfaction on a scale of 0 - 100 with the service received. CSAT is often determined by a single question in follow-up surveys along the lines of “How would you rate your overall satisfaction with the service you received?” This is often graded on a scale of one to five, with a score of one representing “very dissatisfied” and five representing “very satisfied.” All surveys are then averaged for a composite CSAT score. Some organizations set their standard at a 4-out-of-5; any customer who provides a score of 3 or less triggers a call back from a contact center manager or QA team member.

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