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New Online Banking Report Published by Netbanker



By Jim Bruene on July 8, 2010 1:13 PM | Comments (0)


imageTwo months ago when we were sketching out the next Online Banking Report (see note for links to the report), I thought it would be useful to look at the real-time Web and how consumers were becoming accustomed to status update feeds through Facebook and Twitter.
Old-school alerts: Email

As I wrote the report, I realized that most online banking users still want to consume transaction data the old-fashioned way, through email and over the Web. We did a quick consumer survey that confirmed our hypothesis, with email preferred 2-to-1, over text and voice messaging. Even among the under-35 crowd, email and text alerts were tied.
So we also took a detailed dive into email alerts, developing 22 recommendations for state-of-the-art email messages. And we graded 16 alert examples from 13 financial institutions. Overall, our sample scored very well with Bank of America, Lending Club, Mint, ING Direct,PayPal all earning A grades. Also US Bank, Schwab, Wells Fargo and Prosper were just slightly lower, each with a B+. 
The future: Real-time streams/feeds/updates

While email, text or voice messages work well for alerts. They are not as desirable for keeping users informed of all their transactions. Once you starting getting multiple emails each day from your financial accounts it becomes overwhelming and you stop opening them. That’s why a transaction feeds are a promising means for keeping customers up-to-date on an ongoing basis. In a world where so many consumers are following a Facebook news feed, Twitter feed, or good old RSS, it’s only natural that financial transactions will join the mix.
But it’s still a long way off. Consumers for the most part, do not want commercial messages cluttering their news feeds. And they are understandably confused about privacy/security settings, and don’t feel confident that bank transactions delivered via Twitter direct message, are not being displayed to the world.
However, once we get past that educational challenge, we believe a significant number of consumers will prefer tracking their finances via feed (mostly via mobile) instead of logging in to online banking multiple times per month.
To learn more about what could happen in this area, we looked at three transaction-feed startups:
Bottom line: Real-time feeds are the future, but many years away from making it past even the earliest of adopters. For most financial institutions, the important thing to do now is make sure you have great email and text alerts. But for those looking to differentiate with technology, feeds provide an intriguing opportunity. 

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Posted by John B. Frank Friday, July 9, 2010 0 comments

Western Union Now in Japan

Western Union Authorized to Offer Global Money-Transfer Services under Japan’s New Law

http://westernunion.comCompany Registered by FSA under Japan’s New Money-Transfer Laws
TOKYO--(BUSINESS WIRE)--Western Union (NYSE: WU), a leader in global payment services, has been registered to operate international money-transfer services under Japan’s new Act Concerning Settlement of Funds, which allows non-banks to conduct money-transfer services.
“We are delighted to be registered as a money-transfer provider under Japan’s robust and progressive new law”
Western Union is the first money-transfer provider authorized to offer cash-to-cash transfers across 200 countries and territories under the new law regulated by Japan’s Financial Services Agency (FSA). It allows Western Union to work with companies across multiple classes of trade in addition to banks to offer Western Union® Money TransferSM services.
“We are delighted to be registered as a money-transfer provider under Japan’s robust and progressive new law,” said Drina Yue, Managing Director and Senior Vice President, Asia Pacific, The Western Union Company.
“As a global leader in money-transfer services, we believe Japan is moving in the right direction in facilitating convenient and regulated money-transfer services for Japanese citizens as well as international workers,” Yue said. “Bringing Western Union services as close as possible to consumers, particularly international workers in Japan who have constraints on their time and their ability to travel to traditional financial centers, is a significant advantage.”
The growing need for international workers in Japan is expected to lead to an increased demand for money-transfer services. According to the Immigration Bureau of Japan, the number of foreign residents in Japan was 2.2 million as of Dec. 31, 2008.
Upon regulatory approval, Travelex is expected to become Western Union’s first Agent under the new law to offer the Western Union Money Transfer service at Travelex stores in Japan.
Western Union also has agreed with Seven Bank to launch international money-transfer services in Japan to its customers via online banking and its nationwide 14,000-strong ATM network, providing a round-the-clock international money-transfer service for consumers to send money from Japan to the world.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Custom House branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of more than 420,000 agent locations in 200 countries and territories. In 2009, The Western Union Company completed 196 million consumer-to-consumer transactions worldwide, moving $71 billion of principal between consumers, and 415 million business payments. For more information, visit www.westernunion.com.
WU-G

Contacts

Western Union

Media:

Kristin Kelly, +1 720-332-4751

Kristin.kelly@westernunion.com

or

Investors:

Mike Salop, +1 720-332-8276

mike.salop@westernunion.com
Permalink: http://www.businesswire.com/news/home/20100707005503/en/Western-Union-Authorized-Offer-Global-Money-Transfer-Services

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Posted by John B. Frank Thursday, July 8, 2010 0 comments

Discover Financial Services Announces International Alliance with Serbia’s DinaCard

http://www.discoverfinancial.com

Agreement Will Boost Transaction Volume on the Discover, Diners Club International® and PULSE Networks
RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Financial Services today announced an agreement with DinaCard, the Serbian payment network, which will allow DinaCard cardholders to use the Discover, Diners Club International and PULSE networks for international purchases and cash access outside of Serbia by the end of 2010.
“All parties clearly will benefit – Discover, Diners Club International and PULSE will see increased volume on their global networks, while DinaCard cardholders will be able to pay and withdraw cash globally for the first time.”
Another example of Discover’s commitment to growing its global network, this alliance will result in increased transaction volume on the company’s payment networks. DinaCard cardholders will have global access to credit and cash withdrawals, with local volume remaining on the DinaCard network.
“This agreement, made possible in partnership with our Diners Club® Belgrade franchise, aligns with Discover’s strategy to expand globally by forming alliances with other payment networks,” said Rajive Chada, President of Diners Club International, a subsidiary of Discover. “All parties clearly will benefit – Discover, Diners Club International and PULSE will see increased volume on their global networks, while DinaCard cardholders will be able to pay and withdraw cash globally for the first time.”
Founded in 2003, DinaCard is the system of national payment cards operated by the National Payment Card Center, a division of the National Bank of Serbia, Serbia’s central bank. With 27 local issuing banks and 2.5 million cards, it is the largest acquiring network in the country, owning 30% market share.
The recent lift on Serbia’s international travel restrictions will allow DinaCard cardholders to use their cards around the world. Cards will be replaced on a renewal basis by participating issuing banks, with the Discover, Diners Club International and PULSE identifiers placed on the reverse side.
This alliance marks another milestone for Discover, which has entered into strategic alliances with BC Card, China Union Pay and JCB over the past several years. These alliances provide growth opportunities and deliver value and volume to merchants and partners.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit http://www.discoverfinancial.com.
About Diners Club International
Diners Club International is owned by Discover Financial Services (NYSE: DFS), a leading credit card issuer and electronic payment services company. Established in 1950, Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services. Today, Diners Club is a globally recognized brand serving the payment needs of select and affluent consumers as well as providing corporations and small business owners with a complete array of expense management solutions. With acceptance in more than 185 countries and territories, millions of merchant locations and access to over 675,000 cash access locations and ATMs, Diners Club is uniquely qualified to serve its cardmembers all over the world. For more information, visit www.dinersclub.com.
About DinaCard
DinaCard is the national Serbian payment card accepted on over 60,000 merchant locations and close to 3,000 ATMs in Serbia. It is operated by the Serbian central bank, the National Bank of Serbia and has all Serbian banks as it member banks. For more information visit www.nbs.rs.

Contacts

Media Contact:

Mai Lee Ua

Discover Financial Services

224-405-3082

maileeua@discover.com

or

Sladjana Prijic-Sladic

National Bank of Serbia

+381 11 3027 206

press@nbs.rs
Permalink: http://www.businesswire.com/news/home/20100708005681/en/Discover-Financial-Services-Announces-International-Alliance-Serbia%E2%80%99


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Rabobank’s Use of Corillian Online from Fiserv Leads to Celent Model Bank Recognition

http://www.fiserv.com

U.S. arm of global bank unifies online banking and bill payment with notable results
BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that Rabobank, N.A. has been recognized as a Celent Model Bank for their integration of online banking and bill payment through Corillian® Online from Fiserv. Celent, an international research and consulting firm, names a select group of financial institutions as Model Banks each year based on the institutions’ effective use of technology. Rabobank, N.A. is part of Rabobank Group, which is headquartered in the Netherlands and is one of the largest banks in the world.
“We chose Corillian Online to create an online banking experience that would not only meet our customers’ needs but exceed them. We have now dramatically improved functionality, and have seen substantial increases in online banking and bill payment enrollment and use.”
“We have found that when users have a positive online banking experience, they are more likely to use the service regularly, and we’re more likely to attract new online banking users,” said Erwin Martinez, Chief Information Officer, Rabobank. “We chose Corillian Online to create an online banking experience that would not only meet our customers’ needs but exceed them. We have now dramatically improved functionality, and have seen substantial increases in online banking and bill payment enrollment and use.”
Since Rabobank implemented Corillian Online in September 2009 the average number of weekly online banking enrollments has increased by 33 percent, and the number of customers actively using online banking has increased by more than 64 percent.
In addition, the average number of weekly online bill payment enrollments has increased by 125 percent, which can be attributed to the integration of bill payment functionality into the online banking home page. First-time online bill payments by existing users are also up 33 percent. This increase in first-time payments among existing users is particularly significant, as research has shown that moving customers deeper into an online relationship is key to building customer loyalty and profitability. Rabobank also promoted adoption of the new online banking service with marketing efforts including in-branch merchandising, website promotion and a sweepstakes.
Corillian Online features a user interface that combines common online banking functionalities – account balances, statements, transfers, notifications, alerts, electronic bills and payments -- onto a single screen for easy access. Users can also see a graphical display of recent spending behavior on the same screen. This consolidation of relevant, actionable information makes management of day-to-day financial tasks easier for consumers.
“Rabobank understands that the future of banking will play out online, and Corillian Online provides a flexible foundation for a wide range of financial management activities,” said Erich Litch, senior vice president and general manager, Consumer Services, Fiserv. “Not only has the implementation allowed Rabobank to enhance the user experience, Rabobank now has the ability to expand their online services as new technologies emerge.”
In addition to Corillian Online, Rabobank uses Personal Money ManagerTM from Fiserv, which provides customers with access to transaction reporting and analysis capabilities within the online user interface, as well as Campaign Manager, Voyager® Family Banking and Mobile MoneyTM from Fiserv.
About Rabobank, N.A.
Rabobank, N.A. (RabobankAmerica.com) is a California community bank that provides personalized service and a full array of quality products to individuals, businesses, and agricultural clients. With nearly 100 locations, we serve the needs of communities from Sacramento to the Imperial Valley through local decision making and active community involvement by our employees.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visitwww.fiserv.com.

Contacts

Media Relations:

Ann S. Cave

Senior Public Relations Manager

Electronic Banking Services

Fiserv, Inc.

678-375-4039

ann.cave@fiserv.com

or

Additional Fiserv Contact:

Wade Coleman

Director, Public Relations

Fiserv, Inc.

678-375-1210

wade.coleman@fiserv.com

At A Glance











Fiserv, Inc.
Source: via Business Wire
Updated   08/18/2009   by company
Headquarters:Brookfield, Wisconsin
Website:http://www.fiserv.com
CEO:Jeff Yabuki
Employees:20,000
Ticker:FISV  (NASDAQ)
Revenues:$4.74 billion (2008)
Net Income:$569 million (2008)
Permalink: http://www.businesswire.com/news/home/20100707005695/en/Rabobank%E2%80%99s-Corillian-Online-Fiserv-Leads-Celent-Model

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Posted by John B. Frank Wednesday, July 7, 2010 0 comments

Password Stealers and Conficker Top June Malware

According to CNET, malware surged in June:


June proved to be another hot month for malware with by a surge in attacks by a password-stealing bot and the return of old nemesis Conficker, according to a report released Tuesday by security software maker Sunbelt.  Designed to ferret out cached passwords and log-in credentials for banking sites, "Trojan-Spy.Win32.Zbot.gen" was the second-most prevalent piece of malware detected by Sunbelt last month, up from the No. 5 spot in May. The top spot, grabbing more than a quarter of all detections, was held by "Trojan.Win32.Generic!BT," a generic form of malware with hundreds of variations and sometimes associated with scareware and rogue security software, noted Sunbelt.
(Credit: Sunbelt Software)
The month also marked a return engagement of Conficker, this time in the form of a variant called Downadup. Following the...<<read more>>>



Editor's Note:  Here's Sunbelt Software's Press Release:

Sunbelt Software Announces Top 10 Malware Threats for June

SunbeltLabs detects surge in password-stealing Trojans, media player threats and the re-emergence of Conficker as users visit untrusted sites in search of World Cup video
CLEARWATER, Fla.--(EON: Enhanced Online News)--Sunbelt Software, a provider of security software, today announced the top 10 most prevalent malware threats for the month of June 2010. The report, compiled from monthly scans performed by Sunbelt Software's award-winning anti-malware solution, VIPRE® Antivirus, and its antispyware tool, CounterSpy®, is a service of SunbeltLabs™.
“Although Trojans continue to dominate the top 10, June reveals interesting trends such as a fresh wave of Conficker-based detections, suggesting that this troublesome piece of malware is on its way back”
Most significant in June was a surge in detections of Trojan-Spy.Win32.Zbot.gen, a growing family of password-stealing Trojan horse programs, which moved up from fifth place in May to second in June as a result.
Also revealed by Sunbelt Software’s ThreatNet™ statistics was the re-emergence of the high-profile Conficker worm, in the form of variant Downadup. Like the original Conficker strain, Downadup spreads across a network by taking advantage of a vulnerability in Windows Server service which allows remote code execution when file sharing is enabled. This particular variant of Downadup also spreads through removable drives and takes advantage of weak administrator passwords to turn off some system services and anti-malcode protection.
New entries in the top 10 in June were:
  • Packed.Win32.Tdss.q (v) (TDSS Rootkit)

  • Trojan.ASF.Wimad (v) (Redirect browsers to a malware-infected web site)

  • Worm.Win32.Downad.Gen (v) (A variation of the Conficker worm)

Trojan.ASF.Wimad (v) is a VIPRE detection for a group of Trojanized Windows media files which, when opened with Windows Media Player, redirect the victim’s browser to a web site to download malicious files. They have been used to download a variety of malware. The growth in these detections in the month of June is widely due to increased activity around video downloads associated with the FIFA World Cup, which began on June 11.
Trojan.Win32.Generic!BT – a generic detection for Trojans, continued to dominate the top 10 and accounted for a over a quarter (27.16%) of all detections, down a fraction on the previous month. It is a detection that includes many downloaders associated with scareware or rogue security products.
Seven of the top 10 detections found also featured in May, while six of the top 10 were Trojan horse programs, highlighting a small decrease in the number of different types of Trojans being detected in volume. However, Trojans are still highly active, as illustrated by the growth in Trojan-Spy.Win32.Zbot.gen.
INF.Autorun (v), Trojan.Win32.Generic.pak!cobra and BehavesLike.Win32.Malware (v) also recorded significant month-on-month rises in percentage of detections.
“Although Trojans continue to dominate the top 10, June reveals interesting trends such as a fresh wave of Conficker-based detections, suggesting that this troublesome piece of malware is on its way back,” said Sunbelt Software research center manager Tom Kelchner.
“As we expected, malware related to the distribution and downloading of media files is also on the increase, as highlighted by the appearance of Trojan.ASF.Wimad (v) in the top 10 for June, coinciding with the start of the FIFA World Cup. With many of the World Cup matches taking place during work hours when users have no access to a TV, the temptation to seek out online streaming services, be they from trusted or untrusted sources, has been too strong for some users. To avoid unnecessary malware risks, it is essential to keep clear of unknown and unproven sites offering audio and video streaming,” Kelchner added.
The top 10 results represent the number of times a particular malware infection was detected during VIPRE and CounterSpy scans that report back to ThreatNet, Sunbelt Software’s community of opt-in users. These threats are classified as moderate to severe based on method of installation among other criteria established by SunbeltLabs. The majority of these threats propagate through stealth installations or social engineering.
The top 10 most prevalent malware threats for the month of June are:




















1. Trojan.Win32.Generic!BT 27.16%
 
2.Trojan-Spy.Win32.Zbot.gen4.68%
 
3.INF.Autorun (v)4.05%
 
4.Trojan.Win32.Generic.pak!cobra2.58%
 
5.BehavesLike.Win32.Malware (v)1.48%
 
6.Packed.Win32.Tdss.q (v)1.34%
 
7.Trojan.ASF.Wimad (v)1.13%
 
8.Trojan.Win32.Malware1.06%
 
9.Trojan.Win32.Agent1.04%
 
10.Worm.Win32.Downad.Gen (v)1.02%
To see a graphical comparison of the top 10 most prevalent malware infections between May and June, please visithttp://www.sunbeltsoftware.com/malware-threat-report/.
About SunbeltLabs
SunbeltLabs specialises in the discovery and analysis of dangerous vulnerabilities (i.e., security holes, bugs, maligned features or combination of operations) that could be exploited for Internet and email attacks. The research team actively researches new malware outbreaks, creating and testing new threat definitions on a constant basis. For detailed threat research information and to view the top 10 threats in real time please visit SunbeltLabs at http://www.sunbeltsecurity.com.
About Sunbelt Software
Headquartered in Tampa Bay (Clearwater), Fla., Sunbelt Software was founded in 1994 and is a leading provider of Windows security software including enterprise antivirus, antispyware, email security, and malware analysis tools. Leading products include the VIPRE® and CounterSpy® product lines, Sunbelt Exchange Archiver™, CWSandbox™, and ThreatTrack™.
For more information about Sunbelt Software, please visit the company’s website at: http://www.sunbeltsoftware.com. To learn more about current activities, products, and ideas at Sunbelt Software, please visit Sunbelt’s corporate blog at http://www.sunbeltblog.com. To view this release online, go to
Copyright © 2010 Sunbelt Software. All rights reserved. All trademarks used are owned by their respective companies.

Contacts

Davies Murphy Group

Brian Alberti

sunbelt@daviesmurphy.com

www.daviesmurphy.com

or

Sunbelt Software

Laurie Murrell, 727-562-0101

lauriem@sunbeltsoftware.com

www.sunbeltsoftware.com
Permalink: http://eon.businesswire.com/news/eon/20100706005754/en/SunbeltLabs/malware/security






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The Internet (Formerly Known as Popular) Now Completely Over says Prince

Facebook, online banking and YouTube? Yawn. The Internet is so yesterday, according to pop music legend Prince, who in a recent interview characterized the World Wide Web as a big, fat, soon-to-pass fad.
"The internet's completely over... The internet's like MTV. At one time MTV was hip and suddenly it became outdated," said Prince during a recent interview with U.K. newspaper The Daily Mirror. "Anyway, all these computers and digital gadgets are no good," he added. "They just fill your head with numbers and that can't be good for you." The interview was in anticipation to the release of his new album 20TEN (did he just fill our heads with more numbers?), which readers of the British publication will be able to get for free inside this Saturday's paper edition.


Read more: http://www.sfgate.com/cgi-bin/blogs/techchron/detail?&entry_id=67294#ixzz0t0a83tbE



Here's a related story from the E-Secure-IT News Feed:












Is the Web outdated, or is it just Prince?
(from CNet at 6-7-2010)
The Internet has suffered a premature death--or at least that's what aging rocker Prince believes has happened. "The Internet [is] completely over," Prince told U.K. publication The Mirror, which published an interview with the music icon on Monday, the eve of the debut in that country of his latest CD, 20TEN. Perhaps not coincidentally the disc will be distributed in the pages of The Mirror. "The Internet [is] like MTV," Prince continued. "At one time MTV was hip and suddenly it became ou... read more»


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The Death of Internet Anonymity









Anthony M. Freed



C70e8ed35fb5ca21f3b33e446090de25
After a year-long analysis of the state of Internet security led by the National Security council, President Obama's cybersecurity coordinator Howard Schmidt has released details of the administration's plan to protect the masses from cyberscumbags by creating a federal system for online identity authentication.
The Financial Times reported that "the creation of a system for identity management that would allow citizens to use additional authentication techniques, such as physical tokens or modules on mobile phones, to verify who they are before buying things online or accessing such sensitive information as health or banking records."
Good intentions aside, implementing a program of this nature could have repercussions far beyond combating phishers and scammers - it could put an end to any notion of online privacy and anonymity.
Electronic payment fraud and identity theft are serious problems, and are a drag on our economy which we could surely do without. But is this really where we need to begin?
Software continues to be produced with vulnerabilities written into the code, confidential information continues to be compromised on a daily basis due to lax security policies and employee unfamiliarity across a spectrum of industries, and information technology continues the shift to outsourced managed services in the cloud.
These realities create more opportunities for data loss on a massive scale.
So why pursue authentication issues as the first order of business? And why is a federally issued "cyber identity" being touted as the optimal solution, over and above a slew of commercial epayment security options already available?
At the risk of seeming like a tinfoil hat wearing paranoid, I ran across an article in the TeamCymru newsfeed from Prison Planet that really struck a nerve.
If you take away all the allusions to evil ulterior motives that pervades the article and simply look at the rant as an examination of some potential consequences from a federal cyber identity mandate, it quickly becomes clear that this may not be the best solution - for all of us Internet users anyway.
The article titled Cybersecurity Measures Will Mandate Government ID Tokens To Use The Internet was written by Paul Joseph Watson and Alex Jones, and asserts that "under the guise of cybersecurity, the government is moving to discredit and shut down the existing Internet infrastructure in the pursuit of a new, centralized, regulated world wide web."
Whether or not the true intention is to "discredit" the Internet, the more than forty cybersecurity related bills before Congress and the elevation of cybersecurity to the Czar level at the White House are clear evidence that the government is moving to "centralize and regulate" the Internet to some degree.
The article goes on to say that "similar legislation aimed at imposing Chinese-style censorship of the Internet and giving the state the power to shut down networks has already been passed globally, including in the UK, New Zealand and Australia."
While "Chinese-style censorship" is not specifically outlined in Schmidt's strategy, the proposal does entail requiring everyone who wants to access the Internet to register with the government, creating yet another layer of bureaucracy at potentially enormous cost to taxpayers.
If the government has to say "yes" to your request for access to the Internet, then they also have the power to say "no."
And there are many other issues that will arise from such a system, like whether the government will monitor and collect data on individual usage, and what steps would be taken to protect the system itself from being compromised.
Even if your access to the web remains unfettered, the requirement to register for and use a federal cyber identity would mean an end to one of the Internet's most lauded features - the ability to remain (relatively) anonymous.
The Prison Planet article claims that "abolition of anonymity is used to chill free speech,"and they may be on to something here.
Though, I think the authors meant "freedom of speech"  - but the term "free" might be more apt, as access to a web that is under federal control will undoubtedly cost users more than it does today.
Americans for Tax Reform sees federal control of the Internet as just another example of a backdoor tax that will make access to the Internet more expensive:
"Everyone will pay rates for service that the government sets. And everything passing through your Internet, TV, or phone would become subject to the FCC's consistent regulatory whim..."
Sorry Alex and company, it probably just comes down to the mighty dollar, and the opportunity to garner profits, fees and taxes.
Although, just because someone is paranoid, it does not mean someone else is not really out to get him.


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Kapersky Calls for Mass Adoption of Card Readers

Kapersky Calls for Mass Adoption of Card Readers