Hackers Target the IRS|
We have all become accustomed to hearing about the breach-of-the-week. This one is different. There is a mother lode of information to be stolen and the IRS is holding it so it's big news when we learn from NewsFactor Network that 100,000 tax accounts had their information exposed when the St. Louis office of the IRS was hacked. In related news, a judge ruled yesterday that Target must disclose information about all breaches prior to the massive attack they suffered in 2013. Target's potential liability could be much greater if they had previous incidents and failed, thereafter, to implement appropriate security measures and hire adequately skilled IT people to guard against future incursions. Get the details at Law360 (subscription required, but free for 7 days) and shore up your defenses against the additional liability that could result from multiple breaches.
Facebook recently rolled out a peer-to-peer money transfer service. Are they on a path to become a bank? We don't know for sure but their fee structure is certainly competitive. TechCrunch reports that currently the money transfers are free. Time to take notice.
Mobile account validation by voice
Are you tired of typing your account number and keying in passcodes to verify your identity every time you access your bank account? That may be about to change. Finextra writes that India's Icici Bank allows customers to store their voiceprint so they are instantly authenticated when they call from a registered mobile phone.
Mobile banking satisfaction
By the end of 2017 there will more than a billion (with a "b") mobile banking users worldwide. There will be fierce competition for those customers so you had better provide what they want. Banking Technology reports on the results of extensive surveys and focus groups in the U.S and U.K. to determine what customers want now -- and what they will expect in the future.
Branding with the ATM
ATMs are an extremely convenient technology and for your customers they may be the only direct contact they have with your institution. You may be using them to sell additional products and services but are you taking advantage of the branding opportunities these machines offer? ATM Marketplace suggests there may be more you could (and should) be doing.
Compliance & digital innovation
It may seem like the constantly changing compliance rules act as a drag on your digital innovation. How do you balance the need to comply with the fast-paced development environment needed to stay competitive? Banking Technology shares some thoughts and advice.
Building a "smart" bank
What if you could build a new full service bank where the primary focus was on the mobile customer? What if you didn't need to integrate with the legacy software you have developed over decades but could start from square one? You had better keep an eye on Mondo. TechCrunch has the details.
Attacks with a secondary motive
Verizon is both a carrier and an ISP and has a serious role to play thwarting cybercrime. This year they have added another category to their breach report to track attacks with a "secondary motive." Infosec Island reports that Verizon found that 70% of attacks where the motive was known were not directed at the primary owner of the site. Make sure your defenses are aligned to fight all the threats you are facing.
A bank without the bank
The U.K. startup Monese won't apply for a full banking license but will be providing full account services. Their website states, "All you need from a bank, without the bank." Competition is coming from many directions and TechCrunch provides some details about this latest approach.
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