BankNews Feb. 2015

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Authentication Strategies for Financial Institutions

April 9 – ThreatMetrix, a provider of context-based security and advanced fraud prevention solutions, has announced several strategies for financial institutions to accurately authenticate customers and employees in alignment with joint statements released by the Federal Financial Institutions Examination Council (FFIEC) on compromised credentials and destructive malware.

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Phishers Increasingly Target Consumers’ Banks and ISP Accounts

April 3 – The APWG reports in its new Phishing Activity Trends Report that phishing against banks and ISPs rose markedly compared to other sectors in the third quarter of 2014. The number of brands being attacked remains high, and malware variants continue to proliferate at record rate of increase.

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EMVCo Launches Regional Seminar Program

March 13 – EMVCo, the global technical body that manages the EMV® Specifications, has launched a seminar program that aims to educate and inform regional audiences on the EMV topics most relevant to them. The first event, which is scheduled to take place in Washington, D.C., on 4 May 2015, will provide an overview of EMV chip technology and EMVCo’s role in promoting the global interoperability of payment tokenization.

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Cadence Bank Upgrades Digital Banking Platform and Website

March 12 – Cadence Bank, based in Houston, Texas, has announced enhancements to its digital platforms, including a more intuitive online and mobile banking platform and an improved website experience.

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The Truth About App Ratings

By Will Ferrell

Due in large part to the explosion in popularity of applications — or apps — that we download to our smartphones and tablets, app ratings are exploding in popularity. But what exactly is an app rating? Simply put, it’s a rating, based on user reviews, of apps that reside in either the iTunes or Google Play stores. While users can go to the iTunes and Google Play Stores of their own volition to provide app ratings, in many cases, if not most cases, they are prompted by the app itself provide a review. When an app has a lot of reviews, and/or a favorable ratings, it’s likely that the developers of that app have coded into the app a rate and review component; i.e., a message that pops up, typically after x number of logins or x type of interactions, that prompts a user to rate the app. If you indicate you are satisfied or loved the app, then you are prompted to either rate it, or you are directed to the app store to rate it.

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New Site Helps Manage Allowance for Loan and Lease Losses Calculation

February 12 – Sageworks, a financial information company and provider of risk management solutions, announced the launch of, a free, online resource for financial institution executives involved in the calculation of the allowance for loan and lease losses (ALLL). The site will serve as a best practices hub for banks and credit unions, as well a space for professionals to ask questions and get answers on the ALLL.  Continue reading “New Site Helps Manage Allowance for Loan and Lease Losses Calculation” »

Ally Bank Launches New Online Banking Platform

January 23 – Ally Bank, the direct bank subsidiary of Ally Financial Inc., has announced the launch of its redesigned online banking experience.  Nearly one half of Ally Bank’s retail deposit customers use online banking, and the new platform provides them with a simpler, smarter way to manage their bank accounts, as well as new features most frequently requested by customers.

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iPhone Mobile Users Outpacing Android Users, Says New Report

December 11 – Malauzai Software, a leader in mobile banking, has released its monthly Monkey Insights “little-data” report, the report where an overwhelming amount of big data surrounding mobile banking is broken up into digestible analytics factoids. The study highlights key trends in mobile banking usage based on November data for 245+ banks & credit unions, covering 4.5 million logins from 266,000 active mobile banking users.

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Steps to a Successful Mobile RDC Program

By Robb Gaynor

Smartphones have transformed into more than just a means of communication as consumers become increasingly comfortable with their capabilities. One area in which this comfort has become most evident is in the dramatic growth of mobile banking usage — on average, 25 to 35 percent of a bank’s customer base actively uses the mobile channel. What started out as a way to quickly check balances has evolved into full-service banking via the mobile device. The available features and clear demand from consumers has even led some institutions, such as Moven and BankMobile, to launch as mobile-only banks.

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Announcing Javelin Strategy & Research’s 2014 Identity Safety in Banking Award Winners

October 27 – Criminals are fueling their assault on consumers’ checking and savings accounts with targeted data breaches and malware attacks, which are lucrative sources of account credentials and financial information. Their success was undeniable, as existing non‐card fraud (ENCF) nearly tripled from 2012 to 2013, and resulted in total loss of $5 billion. These incidents are facilitated by the proliferation of a variety of stolen consumer PII that can be used for account access.

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