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

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April 24, 2023

This Week's News is Sponsored by Better Branches ~

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General News

 

Apiture Partners with Neural Payments for Peer-to-Peer Payments

Apiture announced a partnership with Neural Payments, a peer-to-peer (P2P) payments service, to provide CUs with P2P payments within the Apiture Digital Banking Platform. With Neural Payments, members can send funds in seconds to an individual from within the Apiture Consumer Banking solution, regardless of the recipient's FI.

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NICE Actimize Launches New AI-Based AML Transaction Monitoring Solution

NICE Actimize has launched a new AI-based anti-money laundering (AML) transaction monitoring solution with multilayered analytics to better identify suspicious activity. The solution utilizes unsupervised machine learning on top of supervised models to spot unknown patterns of behavior.

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Digital Issuance Helps Eliminate Physical Debit Card Wait

Fiserv has introduced a new digital card issuance solution that eliminates the need for physical debit cards to be mailed to members. The solution allows members to add their new or replacement card to their digital wallet, including Apple Pay, before the physical card arrives.

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Hardware News

 

This Sub-$400 Mini PC Is Powerful Enough to Connect up to 3 Monitors

ZOTAC ZBOX CI325 nano, a compact PC that costs less than $400 and can connect with up to three monitors, is powerful enough to handle basic computing tasks and features a fanless design that reduces noise. It also has a range of connectivity options, including Wi-Fi, Bluetooth, and Ethernet ports, and comes with Windows 11 Pro preinstalled.

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Zyxel SCR 50AXE Helps Boost Network Security for Remote Workers

Zyxel Networks has introduced a new security gateway, the SCR-50AXE, designed to provide organizations with secure and stable connections to the Internet. The gateway features a powerful firewall, Internet traffic management, and web filtering capabilities to help protect the network from external threats. It offers secure remote access with VPN and support for SSL and IPsec. It also incorporates Nebula VPN Orchestrator, an auto VPN feature that eliminates complex VPN configuration steps to help keep home offices securely connected to the corporate network.

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Failed Hard Drives Lasted Less than Three Years, Analysis Finds

Secure Data Recovery gathered operational information from thousands of damaged or defective devices to analyze their failure rates and lifespans. Its analysis looked only at traditional mechanical hard drives with spinning platters. It did not include SSDs in the research. They found that the average lifespan of a failed hard disk drive was 25,233 hours before their demise, which translates to a lifespan of two years and 10 months. Toshiba drives had the longest average lifespan, while drives from Hitachi were the shortest-lived.

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Software Updates

 

Arkose Labs Introduces New Technology to Combat Advanced Phishing Attacks

Arkose Labs has launched an anti-phishing solution with a reinforcement learning algorithm. The new capabilities help combat an evolution in phishing called “reverse proxy phishing.” Reverse proxy attacks use fake websites to impersonate legitimate websites. They claim that their solution is able to detect and block malicious requests in real-time, and counter reverse proxy phishing.

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Unlocking the Potential of GPT Technology for Financial Advisors

GPT is an advanced form of machine learning that can analyze and interpret large amounts of data, providing insights and recommendations that can help advisors make better decisions. The author argues that GPT, combined with human expertise and judgment, can help financial advisors be more efficient and effective in their work, ultimately leading to better outcomes. However, he admits that some AI and machine learning tools can be unpredictable and there is potential for inaccurate predictions and poor advice, therefore he recommends that guidance should always be thoroughly reviewed by the advisor.

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ATMs/Kiosks

 

Cash Isn't Dead

This article argues that despite the rise of digital payments, cash is not dead and still remains a popular form of payment in many parts of the world. It notes that while cash "is not dead — it's shrinking." It concludes that even as digital payments are becoming more and more prevalent, "there's more U.S. currency in circulation today than ever before in history."

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Communication Key to Protecting ATMs

When the industry develops new methods to prevent ATM attacks, criminals advance to a new approach. In fact, criminals are now sharing data on how to attack ATMs and trying different methods. For example, one gang used multiple methods within a two-month span, including chain attack, pipe bomb, gas explosive and a grinder. There are a variety of methods to prevent attacks, including gates, steel blockers, dyes and camera analytics. Plus there is the Intelligent Bank Note Neutralization System, which works to neutralize the usage of stolen money from ATMs by producing an indelible ink that is traceable. The author concludes by stating that while there is no fool-proof solution to protect ATM attacks, effective communication and collaborative efforts among ATM deployers can help reduce the risks.

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Wireless World

 

Virtual Assistants Are the Magic Genies of Mobile Banking Apps

Virtual assistants are becoming increasingly popular in mobile banking apps, providing users with a more personalized experience. These assistants can help with account management, bill payment, and even financial advice. They are powered by AI and natural language processing. Additionally, virtual assistants can analyze spending habits and provide budgeting tips, as well as offer product recommendations based on a mobile banker's financial history.

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Security Section

 

Mitek Adds New Defense for FIs to Combat Rising Check Fraud

Mitek announced that check liveness is available for all customers of its Check Fraud Defender through a real-time mobile API. Check liveness is the ability to determine if a check is authentic and not a picture of a picture of a check.

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Cofense Protect+ Helps Battle Cyber Threats

Cofense has released a new service called Cofense Protect that helps automate defense in response to accidentally clicked phishing emails. The tool integrates with Microsoft Windows Active Directory to block further attacks that use compromised credentials. Additionally, the platform provides real-time threat protection, relevant simulations, and enduser training.

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Technology and Marketing

 

Asana Launches Prediction-Based AI Tools to Improve Decision Making

Asana, a work management platform, has launched new artificial intelligence (AI) tools to help improve decision-making. It features a host of self-described “pre-AI” tools that focus on predictive AI, staying clear of generative AI capabilities associated with ChatGPT.

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How FIs Can Unlock the Power of Hyper-Personalization

The author is convined that the days of carpet-bombing huge numbers of people with blanket offers for introductory credit card rates or offering incentives that don’t match with an individual’s life stage are gone. He says that the key to delivering a valuable personalized experience is knowing what consumers need right now and finding ways to solve their problems. How can FIs answer this call for hyper-personalization? He concludes that they need to deploy AI powered solutions that deliver valuable predictive, intelligent interactions, such as: automated cash flow analysis, transaction categorization, smart budgets, automated savings tools, and personalized advice and recommendations.

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Online Banking/E-Commerce/Website Design

 

Plaid Launches New Feature to Speed up Payments

Plaid has launched a new feature that allows users to instantly verify their FI account and complete transactions in real-time, rather than waiting days for the payment to clear. The firm hope that Transfer will grow from a set of uses like insurance and wage payouts to a wider set of occasions like paying bills or merchants directly from any account. Analysts say that Plaid Transfer’s instant payouts feature signals an increasing movement towards real-time payments in the US.

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Mastercard Unveils International Payments Tool

Mastercard has introduced a solution called 'Multi-rail International Payments' which enables FIs to route cross-border payments through a variety of payment rails, including card and real-time FI transfers. It aims to address cross-border payment issues such as regulatory compliance, operational inefficiencies and liquidity management. Payment rails include SWIFT, RTP, Mastercard Send and other networks.

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Visa and Partners Bring Interoperability to Digital Person-to-Person Payments

Visa has teamed up with various partners to create a cohesive, instantly available experience for P2P payments, regardless of the payment platform. The collaboration uses Visa Direct, a real-time push payment platform that allows users to send and receive money 24/7/365 across multiple use cases, including P2P payments. Visa is partnering with companies such as Fiserv, PayPal, Early Warning Services, and Square to bring about this interoperability. The focus of the partnership is to use the same user experience for all payments, enabling customers to experience a seamless money transfer process no matter where they are sending or receiving money from.

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Internet Access

 

Netskope Endpoint SD-WAN Helps Accelerate Edge Networking

Cloud security company Netskope has launched two new solutions, including a web-based platform, to help organizations become more secure. The first, Netskope Endpoint, provides endpoint protection across all devices, as well as cloud access security broker (CASB) analytics. The second, Netskope SD-WAN, offers secure software-defined wide area networking to ensure connectivity for branch offices, remote workers, and cloud applications. Both solutions are aimed at improving security for distributed workforces.

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4 Strategies to Help Reduce the Risk of DNS Tunneling

This article discusses DNS tunneling which is an attack technique that uses the Domain Name System (DNS) protocol to bypass traditional network security measures. DNS tunneling allows attackers to send and receive malicious data disguised as DNS traffic, making it difficult to detect and block. The article provides four strategies that organizations can use to reduce the risk of DNS tunneling: 1. Implement DNS security controls such as Domain Name System Security Extensions (DNSSEC) and Response Policy Zones (RPZ) to detect and block malicious DNS traffic; 2. Monitor DNS traffic and look for anomalies such as abnormal DNS query patterns, long strings of data, and non-standard ports being used; 3. Secure DNS servers and update them regularly to ensure they are not vulnerable to known exploits; and 4. Educate employees on the risks of DNS tunneling and how to recognize and report suspicious activity.

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Call Centers

 

How to Use Chatbots

A recent study found that two-thirds of customers are frustrated with companies before they speak with agents, often due to inefficient chatbots. However, the author remains convinced that with the support of AI and chatbot data, FIs can lower risks and improve service levels. He suggests using pre-mapped AI profiles to know an accountholder's financial capabilities and next steps, thereby enabling the chatbot to ask simple questions and produce more optimal scenarios. He also recommends using AI to create workflows that assess in-house products, where risk allowances lie, and ask questions that, with suitable responses, might enable FIs to offer appropriate products and services.

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