Links in “Technology”

The Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Depository Trust and Clearing Corporation (DTCC) have announced a joint venture named Soltra that will deliver software automation and services that will collect, distill, and speed information about cyber threats from a myriad of sources.  The president of Soltra stated that financial institutions need to have cyber intelligence at “network” speed in order to adequately protect themselves. The Soltra solutions should be available to credit unions in the next few months. [10/1/14]

Bank of America, which already offers the EMV chip technology in its credit cards, is rolling out the technology to its debit cards when replacing expired cards and to new customers. Merchants have until October 2015 to place new payment terminals to accept the chip cards, otherwise credit card companies have threatened to pass the fraud liability to the merchants. [10/1/14]

ABA survey finds one in eight Americans depositing a check using mobile devices at least once within the past year, and 80% of those using mobile deposits at least monthly. [9/19/14]

Apple has set itself up for success with its long-awaited entrance into the mobile payments field by making transactions secure, private and frictionless. Here's how. [9/15/14]

Cordray discusses the rising popularity of mobile banking and how to use technology to better serve consumers. [9/12/14]

Cybercriminals seek to jump onboard the smartphone bandwagon by introducing a skyrocketing number of new malware just for mobile phones. There were 2.5 million new mobile malware streams in 2013. That number is expected to climb to 5.4 million in 2014 and hit more than 50 million by 2017. [9/11/14]

The answer could be “yes.” According to Apple, the new Apple Pay iPhone tool, which was announced yesterday, will allow consumers to use their mobile phones to conduct transactions in a much more secure fashion than currently possible with plastic cards because no card information is shared with the merchant. [9/10/14]

FEMA wants you to get prepared, and what better way to get people to prepare than use what millions of Americans already have? FEMA has provided useful tips to enable you to use your phone in order to get better prepared for disasters. [9/8/14]

The CFPB says that the Texas-based First Investors Financial Services Group Inc. distorted consumer credit records for years. The company was aware of flaws in their computer system that resulted in inaccurate information being provided to the credit reporting agencies. This action makes clear that computer system or vendor mistakes are not valid excuses for submitting incorrect information to the credit reporting agencies. [8/21/14]

While tech won't remove the need for the human touch, it will be necessary for banks to adapt or die. The use of video ATMs, which use a two-way screen to permit customers to have direct assistance from bank personnel in remote locations, is one example. Here are others. [8/11/14]