Easy ATM hack|
In the former popular television game show, the player who was voted out was sent off with the expression "You are the Weakest Link, goodbye!" Some financial institutions should be bidding farewell to their weakest links – outdated ATMs. Taking advantage of vulnerabilities in older ATMs, such as default passcodes, thieves have been known to hack into these systems and drain them of cash. The U.S. Secret Service recently apprehended a couple of crooks who had some inside knowledge of the ATMs they pilfered $400,000 from, reports Help Net Security.
Fighting MRDC fraud
Mobile Remote Deposit Capture (MRDC) is fast, easy and provides customers with the convenience of depositing funds into their account without going to the branch. While adoption of check imaging technology has increased, there are inherent risks with the use of the technology that need to be addressed. Bank Systems & Technology has more on steps that can be taken to mitigate those risks and how the collection and analysis of data can help.
AML data concerns
Anti-money laundering controls and monitoring processes rank high on the list of compliance concerns for banks and other financial services companies worldwide. In the wake of major fines meted out to global financial institutions, banks are questioning their ability to manage their AML risks. In a recent study conducted by financial services firm NICE Actimize, banks view data access and data quality as their biggest challenges to maintaining AML compliance. Banking Technology has the details and more results from the study.
Hands on security
There's no denying it...in this digital age, technology and the Internet are integral parts of everyday life. As consumers' confidence in banking, shopping and performing many daily tasks using technology increases, the need to secure their data, access and devices becomes even greater. Global IT products and services provider Fujitsu has developed a biometric solution that works with Chip and PIN technology to provide multi-factor identity authentication in the palm of your hand. Finextra has the details.
Boosting digital services
Like many other financial institutions who are striving to compete in today's changing banking environment, Germany's Deutsche Bank is on a mission to find out how to retain customers and enhance the overall customer experience. The bank hopes to garner more insight on improving its digital banking operations through its partnership with several major technology firms and Internet startups on joint innovation labs in Berlin, London and the U.S. FierceFinanceIT has the details.
Personalized digital banking
In today's competitive financial market, it's not enough to simply offer the latest in digital banking technology. Consumers want more, according to recent research conducted by Cisco Systems, and they won't hesitate to go where all their needs are met. In its "Reimagining the Digital Bank" report, Cisco highlights the changing needs of retail banking consumers, and how integrating personalized service with digital technology can boost customer retention and increase profits. Bank Systems & Technology has the details.
Digital banking myths
John Lennon said "I believe in everything until it's disproved." Like anything that experiences rapid growth in popularity and adoption, there are some widely held myths within the financial services industry around online and mobile banking. Analyzing consumer data provided by over a hundred bank and credit unions encompassing approximately 3.5 million checking account holders, banking solutions provider Digital Insight has some facts that dispel five of the most common myths surrounding online and mobile banking. The Financial Brand has the details.
A Coin to replace cards
After much ado (and months of delays), the digital wallet solution that stores multiple payment cards all on one device that's about the size of a credit card, is finally on its way to early backers. Despite its expanded beta program, Coin's delayed release may impede its growth as it faces competition from the already-popular Apple Pay service and future security challenges with the 2015 EMV deadline. PYMNTS.com has the details.
Cash in a snap
One of the most popular mobile apps around that allows users to chat and send photos and videos to their contacts is about to become even more popular. Messaging service Snapchat has partnered with payments company Square to provide Snapcash, which will allow users to send money from their debit card account to their friends. The Washington Post has the details.
Updates, Patches and Alerts...
All of us at BOL wish all of you a Happy Thanksgiving holiday shared with family and friends. In observance of Thanksgiving, there will be no Tech Talk next week.
We'll be back with the latest tech news in two weeks.