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July 24, 2015

Here are the selections Tech Talk Editors George Milner and Teri Wesley have collected from this week's tech news:
  • Banking on faster payments
  • Outsourcing ATMs
  • Anti-fraud tool for CUs
  • Cash KiTTi app
  • Messaging service under fire
  • Insidious bank malware
  • Branching out online
  • Biometrics: the pros and cons
  • Cyber risk management
  • Spam, Scams & Breaches
  • Updates, Patches and Alerts
  • and on the lighter side...
Banking on faster payments
Speeding up the process for business and personal electronic (ACH) payments in the U.S. and in Europe is a hot topic throughout the industry as banks, payment providers and regulators weigh in. A Faster Payments Task Force has been established to help advance the initiative in the U.S., which includes a diverse array of members, including the latest addition of NACHA's CEO, reports According to a recent survey, reports Finextra consumers in the UK would go as far as switching banks for the convenience of faster payments.

Outsourcing ATMs
Of the approximately 6,800 FDIC-insured banks in the U.S., it's likely that each of them has at least one, or in most cases more than one, ATM. Maintaining these cash machines (which today do much more than simply dispense cash) and operating them in a way that best meets your customers' needs and your bottom line requires time and manpower. For those who are handling all of their ATM functions in-house, ATM Marketplace has some compelling points for outsourcing ATM operations.

Anti-fraud tool for CUs
With the rise in merchant data breaches, payment providers, banks and credit unions are bolstering their defenses to protect cardholders from fraud. Fintech provider CO-OP Financial Services, which caters to credit unions, has added enhanced fraud detection measures to its CO-OP Revelation data analytics platform to help credit unions detect fraudulent activity.
ATM Marketplace has the details.

Cash KiTTi App
We've gone from "there's an app for that" to WhatsApp. WhatsApp is a proprietary, cross-platform app touting 800 million users that has become widely popular for sending text messages, pictures, videos, and more! The UK arm of Spain-based Santander Bank has launched a money management app for the WhatsApp generation named KiTTi, which allows a group of 100 friends to create collective pots of money and pay out through the app using a prepaid contactless MasterCard. Finextra has the details.

Banks' messaging service under fire
A new instant messaging service backed by Wall Street's biggest banks is being called out by a New York regulator. The New York Department of Financial Service has fired off a letter to Symphony Communication Services, LLC requesting details on data deletion, end-to-end-encryption and open source features of the messaging platform, reports Bloomberg.

Insidious bank malware
Mirriam-Webster defines "insidious" as causing harm in a way that is gradual or not easily noticed. Nearly all malware can be defined as insidious but a newly discovered attack method known as a "client side injected malware" (CSIM) attack is particularly so. Using this attack method, criminals are targeting banks via bank customers' personal devices – which can go undetected by banks' fraud detection systems, reports Banking Technology.

Branching out online
The exponential growth of online and mobile banking may be disrupting traditional bank branches, but it has its benefits as well. The more modern, non-traditional channels allow for banks to expand their market boundaries. The Ledger has more on how technology is helping banks branch out and meet more customers online.

Biometrics: the pros and cons
The explosive growth in online banking, mobile devices, cardless payment transactions, and ever-evolving payment technologies has opened the door to myriad ways for consumers to bank and make payments – and more avenues for criminals to perpetrate fraud. The need for more enhanced security measures is greater than ever. Banking Technology highlights some popular biometric technologies being deployed for authentication, and their pros and cons.

Rethinking cyber risk management
As cybercrime has evolved in frequency, scope of attacks and sophistication, it's no longer just the IT department's problem. Critical elements in developing a cyber defense strategy are cyber risk management and having an effective recovery plan in place in the event of an attack. Banking Technology has more on how the financial sector should reevaluate its approach to cyber risk and formulate an effective risk management strategy.

Updates, Patches and Alerts...
— Wipfli

On the lighter side...
Apple's virtual assistant Siri was trending on social media networks recently when some users discovered that asking Siri to "charge my phone 100 percent" resulted in dialing 911 emergency service after a five second delay. We don't encourage trying that at home. But here are a few questions you can pose to Siri that will get rather enlightening responses.
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