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IHMVCU ($1.6 billion assets; 130,000 members; Moline, IL) has chosen Corelation KeyStone as their next core system. IHMVCU is scheduled to convert in October 2021.
Fiserv has introduced a new intelligent fraud detection solution for card issuers of all sizes, which they say is designed to help minimize fraud losses while maximizing legitimate cardholder spend for a full range of card types. Advance Defense is powered by cognitive artificial intelligence.
Apricorn announced the release of an 18TB version of its Aegis Padlock DT FIPS desktop drives. Security is strong: all passwords and commands are entered by way of the device’s onboard keypad, and one hundred percent of the authentication and encryption processes take place within the device itself and never involve software or share passwords / encryption keys with its host computer. Additionally, all have military grade 256-bit AES XTS encryption.
Windows 10 will soon alert users if their SSD is at risk of breaking down, and advise them to back up their data. The new feature comes packaged as part of the latest Windows 10 Insider Preview Build 20226, and is designed to detect hardware abnormalities for NVMe SSD and provide a heads-up when it detects a risk of imminent failure.
This article states that AI in banking is entering the mainstream as FIs start incorporating AI solutions into their businesses: A majority of financial services companies have implemented the technology for purposes like risk management (56%) and revenue generation through new products and processes (52%). It goes on to layout three best practices for FIs looking to get the most out of their AI deployments, based on the strategies currently in use by FIs that are finding success with AI applications.
The built-in Windows 10 Reliability Monitor is an often-overlooked troubleshooting tool. It’s actually a specialized subset of Windows’ longstanding general-purpose Performance Monitor tool (perfmon.exe). But because Reliability Monitor zeros in and tracks a limited set of errors and changes on Windows desktops, it offers immediate value and diagnostic information to administrators and power users trying to puzzle their way through crashes, failures, hiccups and more.
NVIDIA announced a cloud-based video conferencing platform, Maxine, to enhance remote work, online learning, and more. AI-enabled features such as gaze correction and facial adjustment provide a more natural face-to-face feel to virtual collaboration, the company says. Gaze correction automatically adjusts the positioning of the eyes to "simulate eye contact," making it appear as though a person is looking at the webcam even if they are in actuality staring at the screen. Face alignment takes this a step further and alters the positioning of a person's face for a more realistic "face-to-face" feel during virtual calls.
NCR announced the release of their next-generation ATM software platform, NCR Activate Enterprise NextGen. The software platform is hardware independent and enables FIs to deploy new user experiences such as video teller collaboration and contactless technology. The new platform can run on all the leading ATM providers and is built in accordance with the ATMIA next-gen industry framework, an industry-wide initiative.
Reverse ATMs are machines that take in cash instead of dispensing it to allow users to convert paper money into an electronic payment instrument. One example is the XTM machine which activates and dispenses an open-loop, prepaid Mastercard-branded card loaded with the value represented by the cash inserted by the user.
The PCI Security Standards Council (PCI SSC) and the ATM Industry Association (ATMIA) issued a joint bulletin to highlight an increasing threat that requires urgent awareness and attention. In action, the scammers gain remote access to a card management system to alter the fraud prevention controls such as withdrawal limits or PIN number of compromised cardholder accounts. This is commonly done by inserting malware via phishing or social engineering methods into a FI or payment processor’s systems in order to launch the cash-out scheme. These attacks usually do not exploit vulnerabilities in the ATM itself. The ATM is used to withdraw cash after vulnerabilities in the card issuers authorization system have been exploited.
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:
NorthEast Alliance Federal Credit Union
Charter is looking to keep small to medium-sized businesses connected with its Wireless Internet Backup for Spectrum Business customers throughout its 41-state footprint. In the event of a broadband or power outage, the system automatically kicks over to a redundant LTE connection with unlimited usage and no overage fees. Its available as an add-on solution for all standard Spectrum Business Internet speeds at a cost of $20 per month.
This article argues for “friendly friction” as a way to engage digital banking users, and as a way for FIs to ensure they are contacting consumers in the way they want to be contacted. Some people want notifications for each and every transaction, while others want to encounter friction only when they are making high-dollar-value payments. The article also mentions behavioral biometrics as a form of technology that can be especially helpful in the age of eCommerce — in many, but not all, settings.
More and more Trojans embed features that enable the criminals to take remote control of the infected device (RAT) — like the Alien Trojan itself — in order to perform the fraud from the victim’s device. Not only is there an increase in the number of new Android banking Trojans such as Alien, many of them also bring innovative features.
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In an unusual experiment, two European banks (one in Hungary, the other in Spain) are trying to boost security and – nonintuitively – convenience by layering one biometric authentication method on top of another. The two biometrics are facial recognition and palm recognition – both performed via a mobile device. It's clear that such an approach would theoretically be more secure, but the question is: will such a combo be too much friction for the typical user?
While there has been a year-over-year decrease in publicly disclosed data breaches, an Arctic Wolf report reveals that the number of corporate credentials with plaintext passwords on the dark web has increased by 429 percent since March. Of the high-risk security incidents observed, 35% occur between the hours of 8:00 PM and 8:00 AM, and 14% occur on weekends; times when many in-house security teams are not online.
Integrating Digital, Payments and the Core
Technology and Marketing
The author states that for forward-thinking organizations to maximize the value of data analytics in their business strategy, leaders must first identify the current problems and understand potential solutions and roadblocks. Businesses also need to understand the types and location of the data they collect or hope to collect, the sources of that data, where it goes, and how it will be used and protected. He concludes with three factors to consider when choosing a data analytics strategy.
Roughly 111.8 million Americans use voice assistants at least monthly. That’s more than a third of all Internet users in the country. Three benefits of voice technology in banking are: 1. Streamlined Banking; 2. Increased Accessibility; and 3. Biometric Security. Meanwhile three drawbacks include: 1. Privacy Concerns; 2. Faulty Voice Recognition; and 3. Regulatory Complications.
The author posits that FIs need a smart digital marketing strategy that can blend hyper-targeted digital marketing with the personal service (sometimes no more than hand holding). He concludes that by finding smart digital marketing solutions – including working with fintechs to build personal, frictionless digital banking experiences – community FIs can still leverage their traditional values in a digital world.
The author recommends that when starting a cloud migration project that you first select the tools and approaches based on what you want to move, where it needs to go, and the attributes it needs to have upon arrival. He surmises that almost always, this will drive the selection of a different set of tools for each migration project.
Not only do legacy technologies carry significant costs in terms of maintenance, upgrades, training, and extra work, they can also hamper employees’ productivity and satisfaction with work. The author suggests that AI-powered, employee-facing solutions can play a significant role in helping agents improve productivity and alleviate stress. Enabling engines and automation tools can improve call routing and provide agents with visibility across all channels, ultimately driving call handling efficiency and quality and optimizing your workforce.