Obama’s security summit “snubbed” by tech leaders

From Payment Eye -
"Apple appears to be one of the few companies willing to play ball with the US government’s proposed surveillance and security rules, with CEOs of Facebook, Microsoft and Google conspicuously absent from an Obama-led industry event.

Revelations by ex-NSA whistleblower Edward Snowden that the US gathers intelligence from social networks, e-commerce systems and other websites not caused an international outcry over consumer privacy.

Rather than scale back surveillance, the Obama administration is insisting that companies and websites that routinely collect customer data or facilitate communications and transactions between individuals will have to make this information available to the NSA. Plans announced at the summit show that the government is reluctant to tell companies how this data will be stored or used, making it a hard sell to their customers."

Read more>> 

On-Line Training Courses

Not everyone is a candidate for a full-time public training course.

Despite the many advantages of attending a specialist training program (like interactive contact with the trainer and the program participants) there are also a whole range of drawbacks (like taking time off work, travel & accommodation expenses, just to mention two).

However these constraints should not deprive you of the opportunity to further your training and professional standing in your chosen career.

Working through some of our partners, we are proud to be associated with a number of on-line training programs.

CLICK THROUGH to a listing of our growing range of on-line training courses together with a brief description and a link allowing you to register and participate in these exciting programs from the comfort of your own office/home.

For training program details just click the course title.

Will NSA Code-Cracking Dent Online Banking Security?

From American Banker 

“Recent reports that the National Security Agency has been undermining encryption on the Internet raise questions about the security of online banking data. The spy agency has been installing "back doors" in commercial software and introducing weaknesses to industry encryption standards, according to documents leaked to the media by Edward Snowden. The good news (such as it is) is that cybercriminals may not take advantage of these vulnerabilities, since they usually focus more on tricking humans through tactics like phishing than on the time-consuming work of cracking codes.”

watch video>>

What IBM-Trusteer Deal Means to Users

From Bank Info Security 

‘Big Blue is marketing Trusteer's wares beyond the financial sector. With IBM planning to acquire Trusteer, a security software company specializing in anti-fraud products for financial services organizations, enterprises can expect to see security technology that originally targeted financial institutions spread into the broader security market.

"There is a lot of room for innovation to expand into the broader enterprise market" as organizations need to protect their web applications from attackers, says Avivah Litan, a distinguished analyst with market research firm Gartner. "This doesn't have to be just banking." ‘

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“Log In with PayPal” - Product Demo

PayPal has released a revision to its PayPal Access service called “Log In with PayPal:.

PayPal says that this revision provides a new “commerce identity system” that allows account holders to use a single PayPal identification not only to authorize their identity when logging into a website, but also to pay for purchases on e-commerce sites that accept PayPal as a payment method.

Log In provides user identification, as well as all necessary payment credentials, for making a purchase.

Watch the official product demo below.

Bill Payments via Your Smartphone

Similar to depositing your check using your phone, paying bills this way is just around the corner. Mitek systems have developed Mobile Photo Bill Pay and U.S. Bank is said to be already testing this functionality.

What we are reading … 14th March 2013

Android accounts for most mobile malware, says F-Secure http://dld.bz/cpxBX

Retailer sues Visa over data breach penalties http://www.finextra.com/News/FullStory.aspx?newsitemid=24623

GoPago Sees History Repeating With mPayments Revolution http://dld.bz/cpxBW

UK govt rejects calls to tighten banking leverage rules http://dld.bz/cpT27

How to Manage Your Project Priorities http://shar.es/enmkO

JPMorgan Chase Suffers Online Banking Outage, Confirms Cyberattack http://dld.bz/cpT26

Why Basel III Matters http://dld.bz/cpxBV

What businesses can expect to see with Google Glass http://dld.bz/cpxBT

FNB's digital boom http://businesstech.co.za/news/banking/32902/fnbs-digital-boom/

Do Banks Need Intelligence Officers? http://shar.es/jLOZM

50 Of The Most Spectacular Website Designs In Banking

The FinancialBrand.com has published a list of what they feel are 50 of the most visually stunning websites from banks, credit unions and other financial institutions around the globe. 

take a peek>>

What we are reading … 8th March 2013

The Future of Multichannel Banking http://twb.io/104sAms

Using Big Data to Fight Banking Fraud http://dld.bz/cnrt5

Benefits of bringing mobile banking to the unbanked http://gu.com/p/3evp7/tw

Street Lights, Security Systems And Sewers? They're Hackable, Too http://n.pr/ZhGgpr

Citigroup 'may withdraw operations in 21 countries' http://dld.bz/cnBKF

Bank Wars: The Battle For Internet Traffic And Mobile Banking http://shar.es/jyz66

The big banks' big lies http://www.brisbanetimes.com.au/business/the-big-banks-big-lies-20130303-2fepi.html

Social Media (SoMe) – What comes next is even more disruptive http://shar.es/jyzFd

Best and worst banks in South Africa http://dld.bz/cmZHd

Mobile banking happening in places where smartphones are rarely found http://dld.bz/cmZHb

A More Mobile Future For Banking http://dld.bz/cmZGQ

Online Banking 2.0: Getting Visual

“Let’s face it: online banking hasn’t fundamentally changed since it first rolled out over a decade ago. It’s an online version of a checking register and little else. But times are changing. Financial institutions everywhere are transforming their once dry and dull online banking systems into robust, feature-rich visual user experiences.It’s what has become loosely defined as “personal financial management,” or PFM — the visual representation of financial information intended to aid consumers with account management, budgeting, saving and other banking decisions.”

read more>>

Startup Prepares Alternative to Online, Mobile Banking Passwords

“As banks struggle to move past passwords, a Silicon Valley startup is taking a stab at a fingerprint and facial recognition standard backed by some heavy hitters — PayPal and Lenovo among them.”

read more>>

Programming an NFC Tag Gets Remarkably Easy

Programming a NFC (near field communication) tag is very easy and fast to do. In this short video you will see how to program NFC tags using an NFC enabled smartphone.

Now, what to do with it?

Is this the bank of the future?

Polish Bank Alior has unveiled a digital bank that includes Facebook payments and an "entertainment area."

Alior's virtual branches are aimed at younger, tech savvy consumers. Features of the digital bank include the ability to speak to or text bank staff, send p2p payments through Facebook and an entertainment area, where users can watch films, listen to music and play games.

Alior Bank is pitching the Alior Sync as a new type of financial services firm, available anytime, anywhere, for a young, digitally savvy customer base.

Alior Sync is replacing physical branches with a virtual one that can be accessed through its website. The site contains a tab showing users how many bank staff are available to talk and through which medium - video, audio or text chat. When a customer clicks on an option they are put through to a member of staff and a screen where they can carry out transactions.



Additional to regular online banking features, Alior Sync has also developed Android and iOS mobile apps that let customers check their finances, transfer funds and pay invoices using their mobile’s camera.



A finance management tool is also offered, which can import account histories from other banks, and is aimed at assisting customers keep track of their budget. A “payments assistant” helps control spending and alerts users when transactions occur.

The bank has also worked with vendor IND Group on an app that lets customers transfer money directly to friends through Facebook photos without having to leave the page. The transactions are authorized using one-time codes sent via text messages and captcha. PayPal payments can also be made via e-mail.



Alior Sync has also added an entertainment area where users can watch films, listen to music and play games.

Is this the bank branch of the future?

You’re a banker …..

Humphery advising Sir Desmond about the possibilities of making the Minister make the decision that they want him to make. Great clip from the comedy 'Yes Minister.'

But comedy aside, this is exactly what is making the current financial crisis much worse than it should be; politicians and bankers each Hell bent on pursuing their own agendas.

Is Google getting ready to launch a mobile payment service?

According to those in the know, Google is considering building a payment and advertising service that would let users buy milk and bread by tapping or waving their mobile phones against a register at the checkout. The service may make its debut this year according to anonymous sources. The system will be based on near-field communication (NFC) technology, which can beam and receive information wirelessly from 10 cm away.

Google joins a whole range of companies that want an in on the NFC market, and which may account for a third of the $1.13 trillion in global mobile-payment transactions projected for 2014, according to IE Market Research. In November, Verizon Wireless, AT&T, and T-Mobile USA formed a venture called Isis to offer an NFC-based service in 2012. Visa is testing contactless payments and planning to roll them out commercially in mid-2011, says Bill Gajda, Visa's head of mobile innovation.

"It's a land grab," says Jaymee Johnson, a spokesman for Isis. "Folks are sort of jockeying for position." "

EBay's PayPal may start a commercial NFC service in the second half of 2011, says Laura Chambers, senior director of PayPal Mobile. The system would also power peer-to-peer NFC transactions. For example, a restaurant patron might beam his share of the bill to his dining companion's phone. PayPal is open to partnering on NFC payments with companies such as Google, Chambers says.

Speaking about NFC at a technology conference in November, Google Chief Executive Eric Schmidt said, "You'll be able to walk in a store and do commerce. You'd bump for everything and eventually replace credit cards." Andy Rubin, Google's vice-president for engineering, declined to comment on future services and products.

A single NFC chip on a mobile phone would hold a consumer's financial account information, gift cards, store loyalty cards, and coupon subscriptions, say the people familiar with Google's plans. Users may also be able to make online purchases from their phones. By scanning a movie poster, for instance, a consumer might read reviews and use the Google service to purchase tickets.

"NFC could displace the cash register," says Charles Walton, chief operating officer for NFC chipmaker Inside Secure. "This is going to come superfast."

Google may be in a good position to disrupt the payments industry because merchants and consumers already use its technology widely. Some 300,000 people activate phones daily that use its Android software. On December 6, Google released its newest version of Android, called Gingerbread, which has some NFC features, such as reading information from NFC tags. More functionality "will come out pretty quickly," says Google's Rubin. On the market since December 16, the NFC-enabled Nexus S phone, developed with Samsung Electronics, will serve as a test for a Google payment and ad service, says one of the people knowledgeable about Google.

Last year, Google bought Zetawire, a Canadian startup with a patent on a way to combine a phone-based wallet with a reward-and-loyalty system. Google Ventures, the company's venture capital arm, also invested in Corduro, a closely held developer of mobile-payment solutions in Southlake, Texas.

Foreign banks join Malaysian Electronic Payment System (MEPS) automated teller network

Five major foreign banks in Malaysia have joined the Malaysian Electronic Payment System (MEPS) automated teller machine (ATM) network, which until recently had been the domain of local banks.

Beginning in 2011, HSBC Bank Malaysia, OCBC Bank, United Overseas Bank (UOB), Standard Chartered Bank Malaysia) and Citibank will form part of the MEPs family, enabling customers to use the ATM facilities on a wider scale.

StanChart and Citibank had earlier announced their decisions last week.

The agreement links the banks to the MEPS service which provides interbank cash withdrawals and balance enquiries at more than 10,000 ATMs across Malaysia.

However, the banks will launch the service individually over time as soon as their respective systems are fully operational. Currently, there are 14 foreign banks in Malaysia.

This development is in line with recommendations in the Financial Sector Masterplan to allow incumbent foreign banks to set up a shared ATM network and introduce new foreign competition.

Given the intensifying degree of global competition and greater assimilation into the global arena, the banking sector has to be prepared for greater liberalization.

HSBC general manager (Personal Financial Services) Lim Eng Seong said through this partnership, the bank hoped to expand its reach to a larger and more diverse market segment.

“We aim to raise the bar in customer experience. Thanks to Bank Negara's various liberalisation initiatives, customers of locally incorporated foreign banks now have a wider access to their banking needs,” he said in the joint statement yesterday.

OCBC head of consumer financial services Charles Sik said the combined customer base of the four banks would expand the national electronic payments solutions service in Malaysia to be one of the most convenient in this part of the world.

UOB senior vice-president and senior head of personal financial services Tay Han Chong said there was now another reason for Malaysians to develop their banking relationships with locally incorporated foreign banks.

MEPS group managing director Mohd Suhail Amar Suresh told StarBiz that the entry of five foreign banks would increase the total number of MEPS ATM outlets to about 11,000 from 10,253 as at November. There are now 16 member banks in the network.

“In addition to convenient access to ATMs nationwide, banks with MEPS have the option of offering funds transfer and mobile prepaid top-ups, as well as interbank cash withdrawals and balance enquiry for domestic and cross-border services.

“These services have enabled member banks to improve and enhance operational efficiency and service delivery by offering multi-channel banking to their customers,” he said.

Suhail added that MEPS had formed partnerships with switching networks in Indonesia, Singapore, Thailand and China for the provision of bilateral financial payment and credit transfer services and is set to expand it further to other regional networks.

Google develops phone with Mobile-Wallet capability

Google recently revealed a new smartphone that includes a chip to let users make mobile payments by "waving" the device over a reader.

Google's CEO, Eric Schmidt, has confirmed this recently while giving a presentation at the Web 2.0 technology conference held in San Francisco. The device is powered by a new version of its Android mobile operating system, called "Gingerbread," which will include a payment processing tool.

"You will be able to take these mobile devices that will be able to do commerce," Schmidt said. "Essentially, bump for everything and eventually replace credit cards. In the industry it is referred to as tap-and-pay."

The handset features a near-field communication, or NFC, chip that allows phones to transmit data over very short distances. The transactions, which are conducted by tapping a phone against a physical sensor such as a payment terminal, are more secure than magnetic strips that are found on credit cards.

Schmidt said that the new device will be launched within the next few weeks, and that the company intended to partner with payment processors rather than try to expand into that sector.

The handset's name and manufacturer were concealed during the presentation, but many speculate that the new phone, dubbed the Nexus S, will be manufactured by Samsung.

The original Nexus One phone was unveiled at the beginning of the year with the intention of transferring power from carriers to users. But Google stopped selling the device due to low sales, especially with the array of Android-powered devices already on the market.

Android recently leapfrogged over the iPhone to become the world's number two smartphone operating system, and will power several tablet computers coming to market early next year.

With a new smartphone model with built-in mobile payment capabilities, Google not only takes another stab at making a game-changing device but extending its reach into other tech sectors.

ANZ outage stops EFTPOS and credit card transactions

ANZ has suffered its second technical outage in as many months as a system glitch knocked out eftpos and credit card transactions across Australia for three hours on Tuesday. The cause of the problem, which left retailers unable to process eftpos and credit card transactions between 11 am and 2 pm is yet to be explained.

The bank's branches and ATMs were unaffected by the outage.

The bank says the black-out was unrelated to the two-hour communications failure that knocked out its Internet, eftpos and ATM networks in June. This followed an earlier failure the previous week when a faulty disc at its Melbourne data centre killed its Internet and call centre facilities for the best part of a day.

PayPal boosts online shopping protection in Asia-Pacific region

PayPal has launched newly enhanced buyer protection policy, in a move to strengthen the growing consumer confidence in e-commerce and online shopping sweeping across Asia-Pacific. The new policy targets to protect the over 785 million internet users who buy goods from over 8 million merchants worldwide, accepting PayPal as a payment method on their site.

Moreover, PayPal's Buyer Protection policy can also support online sales growth of SMEs PayPal merchants in the region. Thus, 84 million active PayPal users from over 190 markets worldwide will be more comfortable purchasing on small, unfamiliar sites.

Any eligible PayPal merchant can thus add the Buyer Protection logo to their website to give consumers more confidence in shopping on their site.

PayPal aims to help making online shopping safer and more secure as its Buyer Protection policy enables buyers who have purchased eligible items via PayPal to get a full refund if they do not receive the items from the seller. That’s fine as when shopping with a new or unfamiliar online retailer, especially on overseas websites, consumers are usually worried about the risks involved, like fraud, security and the goods not being delivered.

PayPal’s Buyer Protection policy is now applicable to all its registered users in Asia Pacific, including Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, and Thailand.

Bank of America to launch online-only bank account

Bank of America is set to make available a new type of cheque account starting early August 2010, according to reports.

The new eBanking account is set to charge a monthly fee of USD 8.95 for account holders wishing to obtain paper statements or else opt for access to tellers for other routine bank statements. For users who chose to access the account via Bank of America’s ATM network, online banking platform or mobile banking service, the USD 8.95 charge does not apply.

Consumers can open the new Bank of America online-only cheque accounts directly online, as well as by visiting a bank branch or over the phone. According to the same source, starting fall 2010, the new type of account is set to replace the bank's CollegeEdge cheque offering.