Links in “Technology”

New York's IT examinations to be preceded by a pre-examination questionnaire, called the "First Day Letter," that will require bankers to detail how they are set up to handle cyber security issues. [12/11/14]

Nearly two out of every three credit unions has a mobile app. Mobile remote deposit capture is also on the rise as credit unions continue to outpace banks in providing mobile services. [12/9/14]

When it comes to data breaches, compliance does not equal security. In fact, compliance can equal a false sense of security, as demonstrated by the fact that the PCI Security Standards Council recently hashed out recommendations that probably wouldn't have done much to stop the Home Depot breach that was happening at about the same time. [12/9/14]

And now the number is up to four. Joining Navy Federal Credit Union and America’s First Credit Union are UW CU in Madison, WI, and L&N FCU in Louisville, KY. Experts predict that there will be hundreds of credit unions offering Apple Pay by the end of the first quarter in 2015. [12/8/14]

A recent segment on National Public Radio’s “All Things Considered” followed a security expert who showed how easy it is for a hacker to infiltrate a retailer’s point-of-sale network. The expert noted that point-of-sale terminals connected to networks are often left unattended and that no one noticed when he paid more attention to the retailer’s computer network connection than to merchandise. The segment concluded that retailers have little incentive to take responsibility for data breaches when financial institutions are picking up the tab for the losses. [11/26/14]

Cordray tells bankers to bow to the inevitable and build a payment system with faster or even real-time payments. [11/24/14]

Two lawmakers have sent letters to 16 financial institutions, including several banks, requesting details on data breaches. The breaches constitute a "clear and present danger to our nation's economic security," according to the lawmakers. [11/19/14]

The proposed rule on prepaid accounts just issued by the CFPB has been expanded from the 2012 proposed rule to include a wider range of accounts.  In addition to the use-anywhere prepaid cards, the proposed rule also covers such things as campus cards used for financial aid disbursements, some government-benefits cards, tax-refund cards, and prepaid cards that some companies use to pay employees. CFPB Director Richard Cordray added that prepaid accounts are more than just cards and include other types of accounts, such as PayPal, Google Wallet and possibly certain mobile payment plans. [11/14/14]

Invisible authentication with fewer password interruptions at the point of sale is where MasterCard and Visa want to head in 2015, with facial and voice recognition apps, or maybe even wristbands that authenticate cardholders through their cardiac rhythms. [11/14/14]

After receiving only three comments regarding its proposed policy on payment system risk, the Federal Reserve Board is adopting the policy as it was proposed with an overall effective date of December 31, 2014. [11/13/14]