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November 20, 2023

This Week's News is Sponsored by Better Branches ~



General News


BankSocial Announces Proposed DEFY FCU

BankSocial, in collaboration with industry partners and advisors, announced the proposed DEFY Federal Credit Union - the first digital native, self-custody CU powered by distributed ledger technology and the ethos of credit unions. Based in Texas and powered by BankSocial open banking features, the proposed DEFY FCU has a mission to serve its members and the larger Web3 community.



Nymbus Launches Personal Onboarding Concierge

Nymbus announced the launch of its Personal Onboarding Concierge service. The process is designed to work in harmony with Nymbus Onboard, a digital onboarding solution. The solution helps simplify the collection of prospective member information, document gathering, and signature acquisition. It also helps ensure that Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) checks meet the required standards.





Hardware News


Ciphertex Strengthens Data Security with SecureNAS CX-160KSSD-X

Ciphertex's new SecureNAS CX-160kSSD-X is a high-capacity storage solution that incorporates advanced encryption features, including hardware-based encryption and key management, to help protect sensitive data from unauthorized access. The SecureNAS CX-160KSSD-X storage unit is powered by an Intel Xeon D processor (4, 8, or 16 Core) and supports up to sixteen hot-swappable 2.5" SSDs and two internal 2.5" SSDs and can store up to 490TB. The system meets the maximum-security standards of the US government.



Hardware Section Sponsored by
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Software Updates


Enhancing the Digital Experience Through APIs

APIs (Application Programming Interfaces) allow different software systems to communicate and exchange data with each other. The primary benefit of APIs is the ability for FIs to deliver an elevated online and mobile banking experience that includes new, in demand features—without the need to build these capabilities themselves. This article goes on to outline the many ways APIs can enhance the digital banking experience.



Data Loss Prevention Vendors Tackle Gen AI Data Risks

DLP vendors are now focusing on developing solutions that can handle the data security concerns arising from the use of AI and the rise of "Gen-AI" (Generalized AI) systems. One of the key challenges is that AI systems are becoming smarter and more autonomous, making it difficult for traditional DLP tools to identify and control potentially risky data transfers. Additionally, the use of AI algorithms can also lead to unintentional data exposure. This article highlights some of the techniques that DLP vendors are deploying to tackle these challenges.



Windows Hello for Business: Passwordless Authentication for Windows Shops

Microsoft has brought biometric sign-in to Windows 10 business and enterprise users with Windows Hello for Business. It lets Windows 10 and 11 users who have devices with fingerprint readers or special cameras log into Windows via fingerprint or facial recognition. WHFB uses Group Policy or mobile device management (MDM) policies, usually enforced with Microsoft Intune, for management and enforcement, and leverages key- and certificate-based authentication in most cloud-focused scenarios for maximum protection. The PINs and gestures created by users work across devices in the WFHB model.





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How to Fight Back Against ATM Fraud

ATM fraud via skimming and other techniques is on the rise. While credit card issuers have improved fraud protection with EMV, skimmers have also upgraded their technology, using smaller devices that are difficult for cameras to capture. Meanwhile, "shimming" is an updated version of skimming that reads the chip card information rather than the magnetic stripe. Cards with dynamic rather than static data are still better protected from shimming because chips with dynamic data allow for controls to be put in place. Unfortunately, physical attacks are also on the rise and this article lays out some solutions to these types of attacks.



Co-Op Introduces New ‘Contactless ATM Access’

Co-op Solutions has introduced “Contactless ATM Access” for all NCR Atleos terminals now, and for Diebold and Hyosung terminals in 2024. According to Co-op Solutions, Contactless ATM Access is expected to drive increased ATM usage on the part of credit union members and non-members alike.



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Wireless World


NFC Payments Surge Ahead

According to a report by Juniper Research, the total number of digital commerce transactions globally is projected to exceed 1 trillion by 2024, driven by the increasing popularity of NFC payments and digital ticketing. The new study, which covers digital money transfer, digital and physical goods purchases, digital ticketing purchases, banking, NFC payments, QR code payments and bill payments, found the strongest growth in NFC payments at 30%.



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Security Section


Mastercard Uses AI to Sharpen Payment Resiliency

Mastercard has expanded its Payment Resiliency solutions with three new optional enhancements to its Stand-In Authorization service: 1) Dynamic Decisioning – improving authorization accuracy by leveraging AI to make intelligent decisions on the issuers’ behalf; 2) Account Balance Listing – giving issuers the ability to share cardholder spend limits with Mastercard to allow for more precise decisioning while mitigating overdraft and over-credit-limit concerns; and 3) Contingency Manager - allowing issuers to create more flexible sets of customized Stand-In parameters which can be enabled automatically based on predefined conditions.



CrowdStrike’s New Falcon Go Delivers AI Security to SMBs

CrowdStrike has launched a new product called Falcon Go which is designed to act as endpoint protection that's easy to deploy, with a guided setup wizard with built-in presets for many common protection tasks, and a unified home screen showing threat activity and protected devices. The main console also provides management options for most of the system, letting users manage devices, deploy agents and manage user authorization. Falcon Go starts at $300 a year, which provides support for five devices, and there's a 15-day complimentary trial option available.





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Technology and Marketing


A Safe Place for Members with Dementia

There are approximately 5.8 million people in the United States living with Alzheimer’s disease and related dementias, according to estimates from the CDC. To improve its efforts to support and protect the financial interests of the population of its members — as well as their caregivers — who live with these diseases, Landings Credit Union ($247M, Tempe, AZ) has earned a dementia-friendly business designation. Dementia Friendly America is a national network of communities, organizations, and individuals that also grants Dementia Friendly (DF) certifications.



Harnessing Data-Driven Strategies for a Deeper Understanding of Loan Affordability

The author states that loan affordability has become vital to preserving homeownership and promoting financial well-being, and that it is imperative that FIs embrace a data-driven approach to income and employment verification to determine loan affordability. She notes that amidst shifts in inflation, the job market, and the overall economic landscape, calculating the DTI ratio has become less straightforward. She goes on to offer some startegies for addressing loan affordability across various consumer groups.



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Online Banking/E-Commerce/Website Design


Is the U.S. Embracing Open Banking?

Open banking refers to the sharing of banking data with third-party companies through the use of Application Programming Interfaces (APIs). It allows consumers to easily access and manage their financial information across multiple platforms and service providers. However, challenges exist, such as the need for standardized APIs and ensuring data privacy and security. This article concludes by offering some tips for making open banking successful.



Mastercard Says Wide Adoption of CBDCs Would Be ‘Difficult’ Right Now

Mastercard believes that achieving global acceptance and interoperability of CBDCs is challenging due to various factors such as different regulatory frameworks, technological complexities, and the need for significant coordination among central banks worldwide. However, the International Monetary Fund has said that CBDCs are “a safe and low-cost alternative” to cash, with approximately 60% of countries in the world exploring CBDCs.



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Internet Access


Best Satellite Internet: Starlink and Alternatives

In the US, there are three primary providers of satellite broadband: HughesNet, Starlink, and Viasat. Each company and service has its own pros and cons - this article discusses those pros and cons in detail.



Best VPNs for Small Business

A VPN that secures corporate resources, communications and data is a must-have — especially since the shift to remote and hybrid work. This article covers four of the best VPN services for SMBs: 1) Surfshark; 2) Nordlayer; 3) ProtonVPN; and 4) Perimeter81.




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Call Centers


OpenAI Unveils Custom ChatGPT Bots to Help with Specific Tasks

OpenAI has introduced 16 customized chatbot models of its GPT-3 technology, collectively known as ChatGPT Plus. The ability to use these custom GPTs and eventually create your own is available only to ChatGPT Plus and Enterprise subscribers for $20 per month. A couple of bots may be of interest to call centers, such as Data Analysis and Tech Support Advisor.



Hudson Valley CU Cuts Speed of Answer Response by 30%

In this videocast, Illuma’s Founder/CEO Milind Borkar and Steve Goodwine, Director of Contact Center at Hudson Valley CU, share how the CU has cut their speed of answer response by 30% and its member abandonment rate by 51% using Illuma's Shield Rapid Voice Verification. In addition, they note that caller verification, which used to take about 60 seconds, now takes just 17 seconds on Illuma Shield today.