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

Subscribe to our weekly e-mail newsletter and/or our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.

August 20, 2018

This Week's News is Sponsored by Better Branches ~

BB

 

General News

 

Nymeo FCU Adds IMM's Electronic Forms Library

IMM, a leading provider of eSignature solutions, announced that Frederick, MD-based Nymeo FCU has deployed an extensive digital forms library powered by IMM’s eSign technology. This self-service library enables members to initiate nearly every type of account maintenance or service request “on-demand” in a secure, digital banking environment.

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PSCU Adds Linked Analysis

PSCU announced the rollout of Linked Analysis which enables PSCU to look at the connection between accounts in an effort to identify fraud before it occurs. Linked Analysis uses cross-network analytics to create a 360° view of a member, enabling PSCU to link events across different platforms, individuals across different institutions, merchants across any card, and all of these points to each other.

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ENACOMM and Alcor Consulting to Work Together

ENACOMM, a top provider of intelligent interactions and authentication technologies for FIs, announced a partnership with Alcor Consulting, a provider of VoIP related products and services, as well as general IT consulting and software development. Through the reseller agreement, FIs will be equipped with VPA (Virtual Personal Assistant) banking and the ENACOMM Financial Suite (EFS), which includes a hosted, dynamic interactive voice response (IVR) system for personalized consumer interactions.

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Hardware News

 

Intel Foreshadow Exploits: How to Protect Yourself from Latest Chip Vulnerability

Intel has revealed a range of its modern processors are affected by new Foreshadow vulnerabilities that could allow sensitive data to be stolen. The vulnerabilities pose a particular risk to data handled by cloud platforms due to the possibility of virtual machines being able to read data from other VMs on the host machine.

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10 Tips for Buying Refurbished Technology Devices

According to Back Market, a refurbished electronics supplier, "refurbished products are becoming an increasingly popular alternative to new ones." This article coves 10 practical tips for IT Departments looking to save money on hardware purchases.

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

 

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Software Updates

 

Windows 10 Updates Are About to Get Smaller and Less Painful

Starting with the "next major version of Windows 10 and Windows Server", Microsoft will change how it handles monthly quality updates, the name given to the bundle of general and security fixes issued for Windows on the second Tuesday of each month, otherwise known as Patch Tuesday. While Microsoft currently issues three versions of these quality updates — known as Full or Latest Cumulative Update (LCU), Delta and Express — in future Microsoft will only issue a single type of quality update.

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Evaluating Patch Management Software: 6 Key Considerations

Gartner forecasts that 99 percent of the vulnerabilities exploited by the end of 2020 will be known to security and IT professionals at the time of the incident. Patch management tools can be delivered and configured in various ways. e.g., they can run on premises or in the cloud. They can be appliance-based, stand-alone solutions or part of a larger software product suite. This article makes some recommendations that IT leaders should consider when fine-tuning their patching strategy.

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ATMs/Kiosks

 

FBI Warns of ‘Unlimited’ ATM Cashout Blitz

Virtually all ATM cashout operations are launched on weekends, often just after FIs begin closing for business on Saturday. The FBI is urging FIs to review how they’re handling security, such as implementing strong password requirements and two-factor authentication using a physical or digital token when possible for local administrators and business critical roles. The agency warns that cyber criminals are planning to conduct a global ATM cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an ‘unlimited operation’.

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ATMs/Kiosks Sponsored by
Heritage Industries


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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:  

Member Access Pacific

MAP

and their client is:

SELCO Community 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

 

Data: Who Wants Contactless Cards?

The U.S. Payments Forum reports that active contactless-enabled payment terminals are approaching 20% of the U.S. market, an increase of more than 100,000 terminals within the last year. Some recent studies indicate U.S. issuers are poised to unleash more contactless-enabled cards. It’s still theoretical, because less than 5% of cards in circulation in the U.S. have contactless technology and no major issuers have disclosed plans for a mass issuance of contactless cards.

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How to Improve the Mobile Banking Experience

The author beleives that innovative mobile offerings and delivering a comprehensive range of services and solutions can be differentiators - in short, deploying digital capabilities to solve users’ problems will be the key to building long-term relationships with consumers. He offers four ways FIs can improve mobile banking today in this article.

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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

 

RunSafe Could Eliminate an Entire Class of Infrastructure Malware Attacks

RunSafe, a Mclean, VA-based startup, got started doing research for DARPA on how to defend critical infrastructure. They built a commercial product based on that initial research that they claim eliminates an entire class of attacks. The way they do this is by hardening the software binary so malware and exploitations can’t find the tools they need to execute across the infrastructure.

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Financial Sector Top Phishing Target

Kaspersky is reporting that the second quarter of 2018 flustered users of financial services, with nearly a quarter (21%) of attacks featuring FIs, followed by e-shops (8%) and payment systems (6%).

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Technology and Marketing

 

Getting More Out of Your Marketing

Amanda Thomas, former CU marketing executive and current president of TwoScore, offers some marketing recommendations in this article such as: 1) pre-planning work is just as important as everything else; 2) have open discussions with tellers, who talk to members every day; 3) develop an outlook that looks ahead over a time horizon of one to three years; and 4) become as knowledgeable as possible about what other FIs in your market do, and how they do it.

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Millennials Open to Buying Non-Financial Services from FIs

Millennials would buy or consider buying non-financial products (e.g., mobile phone damage protection; roadside assistance; prescription, vision and hearing discounts; personal/family data storage; ID theft protection; travel/trip insurance and child identity theft protection) from community FIs, according to a survey of more than 2,000 consumers by Cornerstone Advisors. Among older millennials (ages 31 to 38), 40% said they would buy a package deal from either a credit union or bank, while 48% said they would consider it and 12% said they wouldn’t, according to the Cornerstone survey.

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Online Banking/E-Commerce/Website Design

 

Fintechs Take on Borrowers with Poor Credit

For FinTechs, making loans to subprime borrowers can be a lucrative business. The credit cards typically have interest rates of around 20 percent, higher than the average credit card interest rate which the Wall Street Journal, citing the Federal Reserve, said is 14.1 percent.

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One Year In, Early Bet on Zelle Paying off for CUs

With more than one year under its belt, Zelle’s user rates are skyrocketing, with consumer “trust” noted as a leading indicator. Competitors like PayPal’s Venmo, however, remain formidable opposition. The top reasons for use in banking apps over a six-month period were rent, meals, splitting utility bills and gifting.

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Canadian CUs Trial Alexa

Two Canadian CUs (Conexus CU and Innovation CU) are now testing a system that lets members do their banking through Alexa. The technology comes by way of Vancouver-based FinTech specialist Central 1, which developed it in collaboration with San Francisco design agency Point One Digital. Essentially, the idea is to make Alexa a MSR, allowing end users to tell the AI platform to make payments, transfer money, and perform other banking transactions, all via voice command.

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Internet Access

 

Cloud Computing Remains Top Emerging Business Risk

Cloud computing ranks as the top risk concern for executives in risk, audit, finance and compliance, according to the latest survey by Gartner. Additional information security risks, such as cybersecurity disclosure and GDPR compliance, ranked among the top five concerns of the executives surveyed.

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Ixia Helps Delivers Visibility into All Traffic in Virtual Workloads in Private Clouds

Keysight Technologies announced Cloud Sensor vTap, a new feature of CloudLens from Ixia, a Keysight Business. Cloud Sensor vTap enables organizations to manage their security risk in private and hybrid cloud environments, such as Microsoft Azure Stack, with visibility into East-West traffic without requiring access.

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Call Centers

 

5 Ways to Provide Employee Recognition

Attracting and retaining engaged contact center employees has always been difficult. A recent Gallup study showed that employees who do not feel adequately recognized are twice as likely to quit within the next 11 months. Gallup asked employees what form of recognition meant the most, and here are their replies: 1) Public recognition via an award, certificate, or some commendation; 2) Private recognition from a boss or peer; 3) Receiving a level of achievement through an evaluation or review; 4) Promotion, or an increase in the scope of work and responsibility; and 5) Monetary award such as a bonus, pay increase, or a trip.

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