BankNews April 2015

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2015 ISA ENTRY – ACG’s ECS 4-in-1 (ATM Anti-Skimming Device)

ECS® 4-in-1 is ACG’s most comprehensive skimming solution for ATMs with dip card readers. ATM card
skimming is high-tech bank robbery that accounts for 98% of all ATM card fraud. The U.S. Secret Service
estimates that domestic financial institutions lose $1 billion annually due to skimming attacks. ACG’s
ECS 4-in-1 device is poised to arm community banks against card fraud by offering multi-layered
skimming protection.

ECS 4-in-1 is truly a unique anti-skimming solution, as it offers a combination of detection and jamming
protection. It not only safeguards ATM users against skimming attacks through detection technology. It
also provides a shield of skimming protection by creating random, disturbing frequencies that scramble
skimmers (jamming). Therefore, ECS 4-in-1 can detect the physical installation of skimming devices
while simultaneously deactivating them. Additionally, the complete solution includes communication
and data logging functionalities. Therefore, ECS 4-in-1 is a fully integrated solution that provides
financial institutions with four tools to combat skimming: 1) detection; 2) jamming; 3) communication;
and 4) data logger.

The Innovative Solutions Awards champions products and services that aid community banks in the
areas of efficiency and customer service; ECS 4-in-1 is an original hardware solution that does just that.
The product’s detection and jamming functions protect not only banks, but also their customers against
skimming attacks—bolstering branch security and customer confidence. The communication and data
logger functions allow banks to closely monitor and track ATM card activity to quickly identify skimming
devices and protect customers from attacks. Moreover, ECS 4-in-1 will help community banks better
serve customers through:

  • Customization: Product parameters are highly customizable according to FI requirements to
    minimize false alarms.
  • Convenience: On average, it takes less than an hour to install ECS® in the field, and the ATM
    does not have to be taken out of service during installation.
  • Affordability: ECS 4-in-1 is the most affordable skimming solution on the market that features
    both detection and jamming technology.

ACG, Inc.
www.acgworld.com

ADT Launches Anti-Skimming Device to Detect, Deter ATM Fraud

March 13 – ADT Security Services has introduced a new advanced skimming detection device for financial institutions throughout North America. The ADT Anti-Skim™ ATM Security Solution helps prevent skimming attempts and detects skimming devices on all major ATM makes and models.

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Deputy Secretary Robert M. Kimmitt remarks on policy principles for sovereign wealth funds

Oct 13 – Thank you, Peter, for that warm introduction.  It is a pleasure to join you today to discuss the importance of keeping markets open for foreign investment, a particularly timely topic given the current uncertainty in global financial markets.  I would like to thank the U.S. Council for International Business for hosting this event and for its continuing interest in this important topic, and I also thank the co-sponsors and supporters of the event. 

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Deputy Secretary Kimmitt statement on IWG agreement on generally accepted principles for sovereign wealth funds

Oct 13 – Deputy Secretary of the Treasury Robert M. Kimmitt issued the following statement on the release of the International Working Group of Sovereign Wealth Funds’ Generally Accepted Principles and Practices for Sovereign Wealth Funds:

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Deputy Secretary Kimmitt to announce $3.9 billion in tax credits

Oct 2 – U.S. Treasury Deputy Secretary Robert M. Kimmitt and Treasury’s Community Development Financial Institutions Fund Director Kimberly A. Reed will travel to New Orleans, La., this week to award $3.9 billion in tax credits to organizations investing in rural and urban low-income communities across the United States.  The awards are being made under the 2007 round of the New Markets Tax Credit Program and will include $400 million allocated specifically for the redevelopment and reconstruction of the Hurricane Katrina Gulf Opportunity Zone.

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Wisconsin: ‘Skimmers’ milking cardholders

South Dakota names Kim Olson state economic development director

Cummins Allison Explains How to Ease ATM EMV Transition and Eliminate Liability for Financial Institutions

July 29 – The U.S. payments infrastructure is steadily moving toward EMV readiness. To incent EMV compliance, various mandates and liability shifts are taking place between now and October 1, 2017. With timelines in place for a shift in liability, the total cost of card-present fraud will no longer be borne solely by card issuers. If an ATM cannot accept an EMV chip card after its designated liability shift date, the ATM acquirer (such as the bank or credit union) will bear the cost of any fraud.

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FIS Selected to Build Atom Bank App

June 26 – Atom, the designed for digital challenger to the U.K. banking market, is partnering with FIS™, a global leader in banking and payments technology as well as consulting and outsourcing solutions, to serve banking customers on the go.

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Belvoir Federal Receives America Saves Designation of Savings Excellence for Credit Unions

May 29 – Belvoir Federal Credit Union has received the America Saves Designation of Savings Excellence for Credit Unions, a new designation that recognizes credit unions that go above and beyond to encourage people to save money during America Saves Week.

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