Welcome back to the next installment in our ongoing series on National Cybersecurity Awareness Month (recognized every October). In previous articles, we covered: Cybersecurity habits to incorporate in your life right away. Cybersecurity careers worth exploring today and tomorrow. In this post, we’ll discuss one of the biggest threats affecting mobile banking — Trojan malware that cybercriminals use to steal financial data.
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Topics:
Financial Institutions,
Mobile Payments,
PCI Compliance and Fraud Prevention,
Awareness,
Consumer Education
ATMs have been a go-to convenience for consumers and business owners for decades. Found all over the world on the main streets of cities, in shopping centers, gas stations, and restaurants, ATMs have been the life-saver for getting quick cash, as well as avoiding standing in line at the bank just to do a quick deposit. As such a relied-on device, it’s hard to even imagine that recent predictions estimate that the ATM is set for extinction in less than 25 years.
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Topics:
Due.com Partner Posts,
Financial Institutions,
Payment Technology,
Payment Trends
We’ve written extensively about the sharing economy and how consumers increasingly prefer renting items instead of buying them outright. Uber is a prime example. A close cousin of the sharing economy is the “experience economy” — a growing trend that also de-emphasizes “ownership.” Instead, the focus is on experiences. Just think about all the holiday gifts you’ve received over the years — from ugly sweaters to socks to hot new gadgets. Even the best “physical” presents in the world lose their luster over time.
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Topics:
Financial Institutions,
Small Business Tips
Banks safeguard our collective wealth, and they provide a range of services and products that all of us need. However, these roles are not exclusive to banks. For example, credit unions provide many of the same services.
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Topics:
Financial Institutions
According to Hollywood, bad things happen when society hands over decision-making power to machines. From the Terminator to the Matrix to I, Robot, the big screen is filled with dystopian tales about artificial intelligence (AI) wiping out the human race. In truth, we’re already surrounded by AI. To wit: Satellites can position themselves without human intervention. Traffic lights rely on sophisticated, real-time algorithms to keep us safe. Self-driving cars can navigate crowded roads with fewer accidents.
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Topics:
Financial Institutions,
Payment Technology,
Payment Trends
If you’re like most people, you’ve probably never heard of a blockchain. Yet, this relatively new technology could radically change how we interact and do business. First, a little context. Trust is an essential component of modern life. When conducting business with unknown parties, for example, you need a way to ensure that money paid results in goods received.
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Topics:
Financial Institutions,
Payment Technology,
Payment Trends
As the name implies, an electronic funds transfer (EFT) describes the process by which parties send and receive money (i.e., “funds”) through electronic channels. Although the term is often used interchangeably with Automated Clearing House (ACH) payments, EFTs encompass a much broader range of payment options, including wire transfers, e-checks and even PayPal.
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Topics:
ACH/eCheck Payments,
Financial Institutions,
Consideration
As a bank or credit union, you have a range of credit card processing providers from which to choose — and on the surface, this is a good thing.
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Topics:
Financial Institutions
It's a familiar ritual known to everyone who has ever needed to withdraw cash from an ATM: Enter (or swipe) your card Enter your PIN Type the dollar amount Withdraw your money Yet as established as this routine is, it could become a thing of the past. Chicago's BMO Harris Bank is introducing a very different type of ATM — one that doesn't require users to swipe or insert their debit cards. Instead, users withdraw the cash they need using smartphone technology.
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Topics:
Financial Institutions,
Mobile Payments,
Payment Technology,
Payment Trends
