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

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August 5, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

GWUCUI Signs with ESP

George Washington University Credit Union Initiative (GWUCUI), Washington, DC, has selected Enhanced Software Products, a provider of customer-centered core processing and technology solutions strictly for CUs, as their core processing vendor. They expect that as students learn about GWUCUI’s mission and impact on the GWU community, they will be able to charter a credit union by May 1st, 2020.

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St. Cloud Financial CU Signs with Corelation

St. Cloud Financial Credit Union ($196 million assets; 22,000 members; Saint Cloud, MN) has signed with San Diego-based Corelation to use thier Keystone core processing system. The credit union’s core selection team was composed of key stakeholders representing every level of the CU, and throughout the selection process, they noted that they were impressed by Corelation’s KeyStone open API, system capabilities, and its intuitive design for both front-end users and technical programmers.

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Hardware News

 

31 Hardware and Firmware Vulnerabilities: A Guide to the Threats

This article provides a detailed list of hardware-related vulnerabilities, discovered both before and after Meltdown, that your IT Department should be aware of.

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

 

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Software Updates

 

Collections and the Next Recession: An Overlooked Prep Strategy

Collections strategies demand diverse approaches, which is where analytics-based strategy comes into play. As each accountholder and situation differs, machine learning techniques and constraint-based optimization can open doors for FIs. The article recommends a more personalized approach that can help reduce immediate losses and sustain the relationship.

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Building an AI-Powered FI

Advanced analytic capabilities and technologies are advancing much faster than the deployment of artificial intelligence solutions in the banking industry. The ability to use AI to improve the consumer experience on a personalized basis is also becoming more affordable to organizations of all sizes. The author states that now is the time for FIs to embrace AI across the organization.

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ATMs/Kiosks

 

Are CUs Prepared for ATM Cash-out Attacks?

By some estimates, ATM fraud is estimated to be $2 billion a year. Criminals are getting less value out of stolen cards on the black market given the increased adoption of chip cards, so some are turning to cash-out attacks and ATM skimming. Cash-out attacks are highly coordinated operations that obtain pilfered cardholder data, then gain access to an ATM’s transaction switch and install malware, and eventually withdraw money from the ATM using the stolen information.

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ATM Testing Robot

Interesting video of a sophisticated robot designed to torture test fully assembled ATMs.

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Personalized ATMs

Sberbank now offers personalized ATM menus that show a main screen that features the options they have used the most in the past, as well as relevant personal offers. In particular, the system suggests the amount the client should withdraw based on their past cash withdrawals and even wishes them a happy birthday and offers a present.

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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:  

Member Access Pacific

MAP

and their client is:

Connection 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

 

Sharpening the Swiss Army Knife Potential of Mobile Card Services

Mobile card services could be the Swiss Army knife of card management for consumers, because of the capabilities they can make easily accessible to cardholders. Allowing users to turn their cards on and off, set spending limits, restrict usage based on purchase location and receive alerts when cards are used are just a handful of the popular uses for mobile card services (MCS). However, just one-third of American consumers report having used MCS, according to PYMNTS’ research. The article goes on to state that most consumers aren’t really all that aware of MCS offerings.

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Part 2 - Top-6 Mobile Banking Aspects to Consider When Promoting Youth Loyalty

Last week we covered Part One of this series and the 6 key things to look for when developing a mobile banking strategy. Part Two continues with more potentially successful mobile banking strategies.

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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

 

AT&T Cybersecurity Rolls out Managed Threat Detection and Response

AT&T Cybersecurity rolled out a new managed threat detection and response service that uses AlienVault technology and threat intelligence combined with AT&T’s security operations center (SOC) and managed services experience. The cloud-native platform includes security orchestration, automation, and response (SOAR), and has more than 300 built-in integrations. Plus the AT&T Managed Threat Detection and Response SOC has a dedicated team of security analysts who monitor customer environments 24-7 and detect and respond to threats.

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94% of Attacks Hitting Financial Services Use One of Four Methods

Research from Akama revealed that 94% of observed attacks against the financial services sector came from one of four methods: SQL Injection (SQLi), Local File Inclusion (LFI), Cross-Site Scripting (XSS), and OGNL Java Injection (which accounted for more than 8 million attempts during this reporting period). OGNL Java Injection, made famous due to the Apache Struts vulnerability, continues to be used by attackers years after patches have been issued.

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Technology and Marketing

 

Want to Scale Your Content Marketing? Get the Employees Involved

Employees are natural advocates of your organization. Instead of paying money to influencers and brand ambassadors, the author suggests that you empower your employees in a way that helps them gain influence in the market. Give them the resources, tools, and leeway to develop their expertise in the niche.

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Online Banking/E-Commerce/Website Design

 

Fingerprints and Giesecke + Devrient Collaborate on Biometric Payment Cards

Fingerprint Cards and Giesecke + Devrient Mobile Security (G+D) are collaborating to bring contactless biometric payment cards to the market. The card features Fingerprints' T-Shape module which is part of the 1300-series. It has ultra-low power consumption and is tailored to be integrated in smartcards using standard processes.

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Internet Access

 

Top Cloud Services for FIs

The article concludes that pure and simple, the systems FIs prefer to keep under their own roofs are their mission-critical core banking systems. It then states that popular additions to core financial product offerings that FIs often opt to outsource to the cloud include: * Financial planning and wealth management; * Credit card processing; * Credit scoring; * Insurance; * Brokerage services; * Overall financial portfolio risk analysis tools for the institutions themselves.

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Masergy Beefs up SD-WAN Security with Three New Bundles

Masergy is tripling down on SD-WAN security with the addition of three new bundles to its managed SD-WAN offering. First is the Unified Threat Management option which integrates a range of security features including Web filtering, antivirus protection and data loss prevention and intrusion detection across a single, built-in platform. Secondly, Masergy’s Threat Monitoring and Response is a fully managed service that monitors IPS and anti-malware alerting from the Unified Threat Management (UTM) appliance, which is deployed with Masergy’s Managed SD-WAN service. Finally, they offer a Managed Security Service bundle that is delivered over its Unified Enterprise Security platform, which enables coverage for the customer’s entire IT environment—not just SD-WAN deployments.

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Managed or DIY SD-WAN? Survey Reveals Lessons from Early Adopters

Today, the majority of today’s SD-WAN deployments (63%) are of the “do it yourself” variety, in which the business procures, installs, and manages the physical or virtual appliances, network links, and management software. But when those who are currently managing their SD-WAN on their own were asked how they preferred to deploy their SD-WAN solution, 82% chose a managed service.

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Call Centers

 

6 Considerations for Building a Purposeful Quality Scorecard

From years of real world contact center Quality Control experience, the author shares six things to consider when creating a quality scorecard.

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