June 23 – Beth Knickerbocker, acting chief innovation officer for the Office of the Comptroller of the Currency, has been added to the impressive speaker lineup for the Innovation & Transformation Forum, being held July 13 in Kansas City. Her presentation will cover the agency’s focus on Responsible Innovation that ensures that the use of new or improved financial products, services and processes meet the needs of consumers, businesses and communities in a manner that is consistent with sound risk management and is aligned with the bank’s overall business strategy.
Digital Banking (Mobile/Online)
June 20 – It is important that consumers use reliable and convenient ways to secure their money to sustain a financially healthy life. According to a recent survey from American Consumer Credit Counseling, 55 percent of consumers use online banking through a website, and 12 percent use mobile banking. Only 20 percent of respondents said they prefer to manage their banking needs by going into a physical branch or ATM.
June 20 – New data from Juniper Research has found that retailers stand to lose $71 billion globally from fraudulent CNP (Card-Not-Present) transactions over the next 5 years. The research found that a number of factors, such as the USA’s shift to EMV cards, delays in 3DS 2.0 (3D-Secure) and click-and-collect fraud were key drivers behind the rise.
June 13 – Financial and payment professionals do not anticipate any respite from cyber fraud and cyber attacks in the near future, according to a recent survey conducted by TD Bank. An overwhelming 91 percent of respondents stated they anticipate that payments fraud will become a bigger threat in the next two to three years, up slightly from last year (89 percent).
June 12 – Wells Fargo & Company has announced that beginning June 24, its 28 million mobile and online customers will have access to Zelle℠ person-to-person (P2P) payments through Wells Fargo Online® and Wells Fargo Mobile®. Zelle allows customers to send and receive payments with almost anyone with a U.S. bank account, using only the recipient’s registered mobile phone number or email address. Funds sent through Zelle are typically available in the recipient’s bank account within minutes – ready to spend, withdraw, or transfer.
June 5 – A handful of rapidly evolving technology sectors will create enormous economic opportunities for the U.S., says Francis Dinha, CEO of OpenVPN, creator of Private Tunnel.
June 5 – The spear phishing market is projected to grow from an estimated USD 840.7 million in 2017 to USD 1,401.6 million by 2022, at a CAGR of 10.8% between 2017 and 2022. Organizations rely heavily on spear phishing solutions whereby filtering spam, data loss prevention, email encryption, and email archiving proves beneficial for organizations. Hence, there is a huge demand for the integration of spear phishing market solutions with other mainstream technologies, which is fueling the growth of the spear phishing market. However, lack of awareness about cyber-attacks is restraining the growth of the spear phishing market.
June 5 — Which channel is most used, internet or mobile? Malauzai Software, a provider of mobile and Internet banking SmartApps for community financial institutions, released its May Monkey Insights that specifically looked at digital banking and compared which of the primary channels are most used. Internet Banking is defined as digital banking access via a browser, using Legacy Internet Banking technology as opposed to Mobile Banking native apps, purpose built for a specific platform. May 2017 data from 435+ banks and credit unions, covering 13.9 million logins and 765,000 active Internet and Mobile Banking users was analyzed.
May 24 – Amid the proliferation of real-time data from sources such as mobile devices, web, social media, sensors, log files and transactional applications, Big Data has found a host of vertical market applications, ranging from fraud detection to scientific R&D.
May 22 – Nasdaq Inc. and Citi Treasury and Trade Solutions have announced a new integrated payment solution that enables straight through payment processing and automates reconciliation by using a distributed ledger to record and transmit payment instructions. A number of payment transactions have been concluded including Citi’s automated processing of cross-border payments via a link between the CitiConnect® for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq Financial Framework. This collaboration has created a pioneering institutional banking solution that tightly integrates blockchain technology with Citi’s global financial network leveraging API technology.