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

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March 18, 2019

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Five Credit Unions Select Member Driven Technologies

Member Driven Technologies (MDT), a CUSO that hosts the Episys core platform from Symitar, announced that First Abilene Federal Credit Union, Linn-Co Federal Credit Union, Greenville Federal Credit Union, CODE Credit Union and Henrico Federal Credit Union have selected MDT to host the Episys platform and provide critical IT solutions for their CUs.

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CoNetrix Releases NCUA ACET Guide

NCUA IT examiners are beginning to request a completed ACET from CUs with an asset size between $250M and $1B. The Automated Cybersecurity Examination Tool (ACET) was developed in 2018 and is based on the FFIEC’s Cybersecurity Assessment Tool. CoNetrix has developed and made available a guide in PDF format to help credit unions complete the NCUA’s ACET for their cybersecurity preparedness.

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Hardware News

 

Source Technologies Announces Self-Serve Kiosk for Retail Banking

Source Technologies announced its 10-Series kiosk for retail banking. The kiosk has been designed for FIs working to transition mundane teller transactions to self-service kiosks that integrate with their core systems, the company said in a press release.

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

 

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Software Updates

 

25% of Software Vulnerabilities Remain Unpatched for More than a Year

There are a variety of factors—severity, difficulty of exploitation, existence of a proof-of-concept—that influence how quickly vulnerabilities can be addressed inside an organization. Foremost among those are the utilities provided by vendors to apply patches. In a comparison of vendors, Microsoft comes out far ahead of others, enabling organizations to patch 25% of vulnerabilities within 14 days, 50% within 37 days, and 75% within 134 days.

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ATMs/Kiosks

 

Insert Skimmer + Camera Cover PIN Stealer

Very often the most clever component of your typical ATM skimming attack is the hidden pinhole camera used to record users entering their PINs. They can be hidden 100 different ways, but they’re frequently disguised as ATM security features — such as an extra PIN pad privacy cover, or an all-in-one skimmer over the green flashing card acceptance slot at the ATM. Sometimes the scammers just use the security camera built into the ATM itself.

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Millennials Think Cash Will Go Away, but Lack Credit Savvy

Most (82 percent) millennials believe society will eventually become cashless, even though they're the generation most likely to favor cash when traveling, according to a TD Bank Consumer Spending Index.

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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:  

Network Box USA

NetworkBox

 

and their client is:

Community Resources 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

 

POPio Mobile Video Cloud Adds Transaction-Based Banking with Remote Deposit

POPio Mobile Video Cloud, an interactive mobile video banking solution, now has an in-video chat integration-ready remote deposit capture feature, as well as a redesigned mobile interface.

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Dell EMC Positions Itself as a Player in 5G

According to Dell EMC, the 5G infrastructure will be software-defined and look like an orchestrated cloud. For 5G, operators are using more generic hardware and more open software, creating what he called a “reusable platform.” Dell EMC also has a vision of offering a cloud “operational hub” to be the authority over all of an organization’s cloud workloads.

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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

 

Phishing Attacks Evolve as Detection & Response Capabilities Improve

A Microsoft analysis of data collected from users of its products and services between January 2018 and the end of December showed phishing was the top attack vector for yet another year. Plus phishing attacks are becoming increasingly polymorphic. Rather than using a single URL, IP address, or domain to send phishing emails, attackers last year began using varied infrastructure to launch attacks, making them harder to filter out and stop.

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Survey: 160% Increase in Destructive Attacks Targeting FIs

Carbon Black and Optiv Security released a report that found that 67% of financial organisations surveyed have reported an increase in cyberattacks over the past 12 months, while destructive attacks have increased 160% over the past year. Additionally, 79% of surveyed FIs said cybercriminals have become more sophisticated.

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Technology and Marketing

 

How to Serve Baby Boomers’ Unmet Financial Needs

FIs are overlooking scores of ways to deepen digital relationships with the nation’s 82 million Baby Boomers, typically by assuming it is wiser to double down instead on innovations for mobile-first Millennials, accoridng to Javelin Strategy and Research. The reality is that 2 in 3 Boomers primarily manage their checking account in digital channels — just like Millennials. The obvious difference is that Boomers turn first to online banking, while Millennials prefer mobile banking.

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Rise of the Member Experience Manager

The rise of senior-level customer experience managers is a relatively new phenomenon in the business world, but there’s no question the role is here to stay. Just last April, a global survey by Forrester Consulting identified “customer retention/loyalty” and “customer experience” as the top two business priorities for global companies across eight industries. This article offers tips from 3 CUs — Vibrant, Redwood, and Northwest — on how to approach the member experience (MX) role and build a successful program.

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Online Banking/E-Commerce/Website Design

 

Study Finds More Older Consumers Willing to Give P2P a Try

A new study has found 50% of first-time P2P users are age 45 or older. Early Warning Services, the network operator behind Zelle that conducted its second Digital Payments Adoption Study, said the results show older generations are giving P2P a try due to growing confidence and trust in digital payments. Fifty-two percent of Generation X and 46% of Boomer respondents said they “trust” P2P payments, and are interested in using available solutions, the survey found.

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B2B Payments: What Magic Will It Take to Make Paper Disappear?

Since 2014, commercial credit cards have gained about three percentage points share in B2B volume – rising to 12.5 percent in 2018 while ACH transactions moved up 10 percentage points between 2014 and 2017 to 32 percent. Although paper check payments are declining, they still account for nearly half of B2B transaction volume overall. For large transactions, card acceptance remains impractical due to credit limits. According to NACHA, the average ACH debit transaction was more than $30,000 and the average ACH credit transaction more than $9,000 in 2015.

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Fed Forces Delay of New Same Day ACH Processing Window

NACHA, national administrator of the ACH network, said a third processing window for same-day transactions will be postponed for six months until the Federal Reserve Board of Governors (Fed Board) approves the initiative. The effective date will be deferred by six months to March 19, 2021. The Fed Board needs to issue a request for public comment before it can approve the new rule, as well as allow the public the appropriate time to comment.

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Internet Access

 

VMware Firewall Takes Aim at Defending Apps in Data Center, Cloud

VMware has taken the wraps off a firewall it says protects enterprise applications and data inside data centers or clouds. Unlike perimeter firewalls that filter traffic from an unlimited number of unknown hosts, VMware says its new Service-defined Firewall gains deep visibility into the hosts and services that generate network traffic by tapping into into its NSX network management software, vSphere hypervisors and AppDefense threat-detection system.

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3 Steps to Take Before Deploying SD-WAN

The author recommends taking a few preliminary steps to help minimize the disruption and costs associated with transitioning from the legacy network. They are: 1) Assess your current network; 2) Determine if you want managed service or in-house; and 3) Review current WAN contracts.

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Call Centers

 

NICE Robotic Process Automation Announces Partnership with CallVU

NICE announced a partnership between NICE Robotic Process Automation (RPA) and CallVU to offer visually enriched IVR (Interactive Voice Response) and digital consumer engagement at the front end, together with smart automation of complex back end processes. When selected during the IVR process, this additional digital engagement layer triggers the sending of a URL to the user’s smart device and enables a visually enriching experience via screen sharing and multimedia.

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