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CUNA has entered a strategic collaboration agreement with the National Sheriff’s Association in support of its Inmate Growth Naturally and Intentionally Through Education (I.G.N.I.T.E.) program, which aims to teach incarcerated individuals life skills including money management. Going forward, the two organizations will work together to pinpoint opportunities to connect inmates with credit union resources designed to help set them on a path to financial well-being.
Data access and control firm Cinchy is launching The Credit Union Edition of its Cinchy Dataware Platform to help credit unions extend the life of their core systems. They say CUs can access their data in three ways: 1) real-time data from core banking system and applications without the need for copy-based integration; 2) tools including auto-versioning, auto-backup, auto-protection, auto-correction, and auto-tracking; and 3) user accessibility that allows for instant collaboration.
SmartMetric has created a nano biometric fingerprint scanner that sits inside the credit card which is used to confirm that the person using the card is the legitimate card holder. Because the SmartMetric biometric card works without the need to be inserted into a reader and because it has its own internal rechargeable miniature hybrid battery, the company claims that the SmartMetric biometric card is the only biometric card that can work at the vast majority of ATMs.
Seagate has upgraded its Exos Application Platform storage arrays with a new ASIC RAID controller that doubles performance and adds what Seagate calls self-healing to preserve data on defective hard disks. The Exos X chassis can hold a mix of traditional hard disks as well as SSDs. It comes with software that automatically moves “hot” data, which is being frequently accessed, to SSDs, while less used “cold” data is moved to the hard drives. If a hard drive’s read/write head fails, ADR (Automatic Drive Regeneration) takes the failed head out of commission but leaves the remaining drive heads operational.
Federal Reserve Financial Services has launched the FedPayments Insights Service, a business and analytics tool that generates reports on a FI’s payments settled through the FedACH Service to help the organization advance its business strategy and day-to-day ACH operations. They say that the service provides a comprehensive, easy-to-access view of an institution’s daily and historical FedACH activity, including government and commercial transactions.
LogicGate Risk Cloud is GRC enterprise software that helps FIs automate their risk management processes and comply with various regulatory requirements. Over 20 pre-built applications are available in LogicGate Risk Cloud. This article reviews this platform and these features.
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This article states that it’s looking more and more like consumers aren’t willing to completely give up cash, even though they increasingly use digital payments. It points to a survey that reveals that while three in five consumers believe the U.S. will be a “cashless” society at some point in their life, many still want cash as an option. In fact the percentage of people who think it’s likely that society will be cashless in their lifetime is essentially unchanged from six years ago, despite the shift to digital. Bottom line: many analysts say we’re not going to a “cashless” world but to a “less cash” world that relies less on paper money, but doesn’t eliminate it. Many consumers still like the option to use cash, and more than 60% say cash protects privacy, is safe to use and is important for society.
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:
More and more, commuters expect convenience when taking public transport. Visa’s recent Future of Urban Mobility Survey found that 91 percent of riders expect public transit to offer contactless payments, and nearly a third cited contactless payments as a top feature that would entice them to use public transit. For the first time ever, Visa’s network has processed over one billion tap-to-ride transactions on global transit systems in just ten months. North America now accounts for approximately one in five contactless taps on transit.
Credential compromise has been one of the top causes for network security breaches for a long time, which has prompted more organizations to adopt multi-factor authentication (MFA) as a defense. While enabling MFA for all accounts is highly encouraged and a best practice, the implementation details matter because attackers are finding ways around it. This article covers "MFA fatigue" and ways to mitigate it, e.g., by restricting available MFA methods, enforcing rate limits for MFA requests, and detecting location changes for authenticated users.
Some ransomware operators might be dropping file encryption in favor of corrupting files because corrupting files is faster, cheaper, and less likely to be stopped by endpoint protection tools than encrypting them. It remains to be seen if this is the start of a trend where ransomware affiliates switch to data destruction instead of encryption, ensuring the only copy is in their possession, or if there are just a few isolated incidents that are starting to pop up.
Technology and Marketing
Gathering documents, extracting valuable information and putting it to work is a manually intensive effort requiring the attention of a dwindling resource - employees. To gather data driven insights, the authors recommend starting by defining objectives which then leads to determining the kinds of information you need to collect and establish processes and systems to make that information actionable. The next step is to implement an automation layer that performs a consistent, reliable set of actions for all documents: accepting, classifying, extracting specific data sought and flowing document and data downstream to any process or system that needs it. Finally they call for analysis by trained staff members and then maintaining the discipline to modify the models as goals shift.
Benchmarking Your Digital Banking Strategy
Access Softek - http://www.accesssoftek.com
Read Chris Doner's comments:
Humanizing Digital: Increasing Account Holder Loyalty and Exceeding CU Goals with Smart, Flexible Solutions
Digital Transformation: A Credit Union Imperative
The Digital Banking Market Is Heating Up
Three Present-Day Goals to Revolutionize Your FI’s Marketing
eSignatures Are Now a Top Priority Across the Nation
Fight Fraud by Better Understanding Your Financial Data
It’s Always About the People: 5 Rules for Digital Banking and Beyond
A personal banker for all? Sounds unattainable, but the author states that he has found a way to scale the model, while keeping finance and compliance happy. The solution: leverage knowledge management technology powered by artificial intelligence. He claims that these technologies, particularly the ones that include step-by-step process guidance and AI-powered conversational capabilities, are perfectly suited to providing needs-based product recommendations and financial guidance. He concludes that technology advances now make it possible to provide a personal, albeit virtual, banker for all.
Dubbed a “new risk-management framework,” new recommendations issued by NACHA concern cases in which fraudsters induce account holders to send money to accounts the criminals control. These credits, as they are known, can flow through a variety of pipes, including ACH credits, wire transfers, card networks, and “other instant and digital payments.” The shift in emphasis outlined in the new “framework” has three objectives: increasing industry awareness of credit-push frauds; cutting down the number of successful frauds; and increasing funds recovery after a successful fraud.
This article explores steps you can take to get ahead of unnecessary cloud spending. It includes these 6: 1) Examine your cloud computing bill; 2) Find idle resources; 3) Develop cloud deployment policies; 4) Scale back your cloud disaster recovery strategy; 5) Put your data in cold storage; and 6) Consider an alternative cloud.
Cloudflare has unveiled that both its Cloud Access Security Broker (CASB) and Data Loss Prevention (DLP) services are now available as part of Cloudflare’s zero trust platform. Cloudflare CASB helps provide organizations visibility and control across their corporate SaaS applications to secure workplace tools, detect shadow IT, and control user access. The firm says that their DLP customers have increased protection and controls over data flowing across their network — detecting and preventing data exfiltration, scanning for Personally Identifiable Information (PII), and securing access to sensitive information.
PCI Pal has announced the launch of its Pay By Bank open banking solution for contact centers. They claim that their solution makes highly secure omnichannel, FI to FI payments possible across all contact center channels, including voice (phone), chat, and social. The first iteration of the service gives consumers the option to pay from any FI in the UK, with further global regions, including the US, to be launched shortly.
The majority of call centers are seeing year-over-year increases in fraud activity, according to the 2022 Omnichannel Authentication Survey from Neustar. Fraudsters are increasingly targeting agent-led authentication methods over the phone channel, contributing to a $5.8 billion increase in consumer fraud losses in 2021 – 70% more than the amount lost in 2020. Over half (60%) of surveyed FIs plan to supplement knowledge-based authentication (KBA) with new technology to create multi-factor authentication, while more than one-third of non-financial organizations plan to replace KBA entirely.