Friday, March 20, 2015

Data Breaches Hit Half of America: Verizon Report

Almost half of all American consumers (45%) said data security breaches have compromised their personal payment information or that of a household member, according Verizon’s 2015 PCI Compliance Report.

Image source: Hubspot
Verizon Enterprise Solutions, a subsidiary of the communication firm, published the report March 12. It was the fourth year Verizon has published the report, which looks into how firms comply with the Payment Card Industry Data Security Standard.

Are you using firewalls, antivirus, and authenticated access portals to protect your systems and your clients?

Tuesday, March 17, 2015

Cyber-Security Is Center Stage

Sen. Elizabeth Warren (D-Mass.) met with credit union executives following her general session address. The group discussed regulatory burden, cybersecurity and other key issues that concern credit unions.

Image source: Article
Cybersecurity emerged as the most prevalent theme, however, and every general address speaker covered the topic.

Do you share other CU executives' concern about cybersecurity?

Monday, March 16, 2015

Preparing for E-Discovery

One of the critical steps in managing litigation is properly handling electronically stored information, or “ESI.”

Image source: Article
The seismic shift to ESI is a significant challenge for businesses, but it doesn’t have to be overwhelming. Taking steps now to prepare for e-discovery will pay off in the future with significant savings in time and money. You can think about e-discovery in three stages: (1) prior to litigation; (2) anticipating litigation; and (3) during litigation.

Are you waiting until after you've been sued to think about e-discovery?

Friday, March 13, 2015

MasterCard to Bring Biometric Security to Silicon Valley Credit Union

MasterCard is diving deeper into biometric security with a new credit union partnership, according to a Credit Union Times article by Roy Urrico. The company has teamed up with Silicon Valley’s First Tech Federal Credit Union.

Image source: Article
How the biometric technology will fit in with the rest of the security program is to be determined but MasterCard has confirmed that they will be exploring a multi-modal system employing face, fingerprint, and voice recognition.

Are you forward-thinking when it comes to biometric technologies?

Wednesday, March 11, 2015

The Best and Worst Credit Union Apps

Consumers want easy access to their funds and the ability to check balances on the go, make transfers in transit and deposit checks without heading into a local branch.

Image source: Article
Credit unions often get an unjust reputation as being behind the technological curve, but a 2014 analysis by Magnify Money shows 8 of the top 10 mobile banking apps were from credit unions.

Read the article to see which apps stand out from the rest. How do you stack up against the competition?

Tuesday, March 10, 2015

U.S. credit unions locked in cyber battle with their regulator

For Debbie Matz, the head regulator for 6,350 of the nation's credit unions, it's an easy answer: a cyber hacker sneaking in through a credit union vendor, cracking through to the larger U.S. financial system and wreaking havoc along the way.

Image source: Article
For years, Matz has warned about a general vulnerability of third-party vendors in U.S. financial markets, with little success.

Have you heeded the warnings?

Monday, March 9, 2015

XML Files Used to Distribute Dridex Banking Trojan

Cybercrooks have been leveraging malicious macros hidden inside XML files to distribute the Dridex financial malware, researchers have warned.

Image source: Article
It’s not uncommon for cybercriminals to use specially crafted Microsoft Office files that contain macros for malware distribution. However, attackers usually rely on Microsoft Word and Excel documents, not the XML (Extensible Markup Language) format.

Are you detecting these types of trojans?

Using Smart Phones to Improve Bank and Apple Pay Security

Recently, we've seen a lot of media coverage around Apple Pay being used for fraudulent activities by criminals with stolen identities and credit cards.

Image source: Article
Many of the articles highlight that fraud is stemming from a back door in the activation process called the “yellow path”. The yellow path is the process by which the bank can put the card activation on hold to do additional verifications.

Is your firm prepared to move beyond old fraud prevention technologies?
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Wednesday, March 4, 2015

How Same-Day ACH Transactions Will Affect Your Fraud Prevention Operations

by Damien Hugoo, Product Manager, Easy Solutions

The implementation of same-day Automated Clearing House (ACH) transactions has been getting a good amount of media attention lately. American Bankers Association (ABA) believes that widespread adoption of same-day ACH transactions represents a fundamental step to promote faster payments across the entire industry.

Image source: Article
Initial reaction has been that same-day settlement will pinpoint fraud more rapidly and as a result, customers will be alerted quicker. While part of this is true, there is major work to be done to pinpoint fraud faster.

In terms of fraud operations, right now most banks processes have a 2-day timeframe to tell the Federal Reserve that they want to return the ACH debit. With Same-Day ACH, banks will be forced to reengineer their entire fraud program and compress all their current processes into the 2-hour window. Subsequently, all ACH fraud prevention processes will have to start to be automated for those transactions.

Is your credit union prepared for these changes?

For information about real-time transaction monitoring download this whitepaper: An Introduction to Transaction Anomaly Detection.

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Tuesday, March 3, 2015

Apple Pay a haven for 'rampant' credit card fraud, say experts

Apple and its banker pals may have inadvertently lowered the barrier to credit card fraud by adding pay-by-wave technology to iPhones, security experts fear.

Image source: Article
Payment cards can be added to Apple Pay by taking a photo of the card, and allowing a device to run optical character recognition over the image to fill out the long card number, expiry dates and other details. These numbers can be entered manually, so physical access to a card is not needed.

Are you an early adopter putting your members at risk?

Monday, March 2, 2015

Brian Panicko demos CellTrust SecureLine for Good

With the integration of CellTrust SecureLine for Good and Good Work, financial advisors, agents, analysts, brokers and wealth managers can seamlessly and securely access corporate email, make secure phone calls to business contacts, and send secure text messages all from their personal device.

Because the employees’ personal devices are equipped with a second mobile business number, business and personal communications are kept separate and private.

Go to www.celltrust.com/finserv-good-knox/ to learn more about CellTrust SecureLine for Good for financial services organizations. Alternatively, if you're ready, give the app a try.

Mobile Security By The Numbers

As ubiquity of mobility paired with the availability of cloud continues to drive major technological disruptions within just about every type of enterprise transacting business today, CIOs and CISOs are increasingly put on notice to incorporate mobile into their security plans or risk irrelevance.

Image source: Article
Over the past several months, numerous surveys and studies have done a good job offering up some statistical proof points about the scope of the mobile security dilemma.

Read the article to see a collection of salient stats, including:

Friday, February 27, 2015

Secure credit cards: Retailers are on board, banks and credit unions lag

Government and the private sector don't always see eye to eye, but we're working together on an issue of great importance to Californians and all Americans: making credit card purchases safer.

Image source: Wikipedia
One crucial sector of the business community, however, has yet to fully buy in.

Why is it credit unions continue to provide their customers with outdated, riskier technology?

Thursday, February 26, 2015

Three questions with a CU CEO on adapting to new technology

In October, the credit union had a soft opening of a new, innovative branch with only one employee. The branch features a computer touch screen table and wall, interactive loan consultation and an interactive teller machine (ITM) that video conferences in a remote representative.

Image source: Article
SEFCU President and CEO Michael Castellana said the credit union did not model the branch after any existing financial institutions.

Read the article to see how SEFCU is adapting to new technologies and read what is next for the credit union.

Tuesday, February 24, 2015

Windows? NO, Linux and Mac OS X Most Vulnerable Operating System In 2014

Apple’s operating system is considered to be the most secure operating system whether it’s Mac OS X for desktop computers or iOS for iPhones.

Image source: Article
But believe it or not, they are the most vulnerable operating system of year 2014. According to an analysis by the network and security solutions provider GFI, the top three most vulnerable operating system are: Apple’s Mac OS X, Apple iOS, and Linux kernel.

What operating system flavors are you using within your credit union?

Video Communication Isn't Just for Big Banks

The number of routine transactions conducted at community bank and credit union branches has gone down 10% annually over the past four years.

Image source: Article
Conversely, mobile traffic is skyrocketing with 50,000 customers downloading banks’/credit unions’ mobile apps each week and executing anywhere from 250 to 300 million online banking logins each month.

Customers are sending a message: Did you get it?

Monday, February 23, 2015

7 Reasons Millennials Are Turning to Credit Unions Instead of Banks

Reason 4: Mobile banking is the new norm - millennials gravitate toward technology and apps that are on the same level as big banks, and found that credit unions are offering “just as many” online services and apps.

Image source: Article
Some Millennials prefer to do all their banking from their cellphones and some feel that banks are not on par with their offerings. Switching to a credit union two years ago meant that Chris Kummer, 33, an associate account executive in public relations in Seattle, could keep using his favorite three financial apps and maintain the personalized service.

Is your credit union keeping up with the millennials needs and desires? Be sure to read the whole article for the other 6 reasons.

Hiring Hackers to Find Software Bugs

When it comes to finding and fixing software bugs, companies have a variety of priorities.

Image source: Article
But whether it’s protecting credit card data or personally identifiable information, securing intellectual property, or preventing online gamers from cheating, one fact remains: finding and fixing security bugs is difficult and labor intensive.

This article looks at the risks and rewards of offering software bug bounties to hackers.

Friday, February 20, 2015

IT's top 3 cloud migration errors

The good news is that most companies are now moving to the cloud; the bad news is that many are doing it poorly

Image source: Flickr
Despite all the best-practice information out there, huge mistakes are still widely made.

Have you migrated to the cloud? Did you do so successfully?