banking
Latest
WSJ: Citigroup is testing iris-scanning ATMs from Diebold
The Wall Street Journal reports that Citigroup Inc is testing a pair of newfangled ATM formats from Diebold that will scan customers' eyeballs with smart phones rather than require PINs. The first concept, dubbed "Irving", scans their irises instead of having them type in their personal ID number. Diebold estimates that the cash withdrawal process could be shortened to just 10 seconds with this method. The second concept, known as "Janus", is a double-sided ATM that also does away with the card reader. Instead, it can email or text receipts to the user.
This Netherlands bank lets you use your voice as your password
Online banking is usually an exercise in remembering complicated pin numbers or passwords -- but what if there was an easier way? In the Netherlands, there is: banking customers who use the ING Netherlands app can now long into their bank account, check balances and make transfers using just their voice.
Atom is a new UK bank that'll have no branches, just apps
Banking is a bit of an old boys' club dominated by a few huge, lumbering corporations, but up-start Atom thinks it's time for a new player with a different approach. Atom wants to take mobile banking seriously; so seriously, in fact, that it aims to exist almost solely as a mobile app. The company has just been granted a UK banking licence and plans to launch later this year, first using mobile apps to offer its services before graduating to desktops in due course. Atom will have a 24-hour support team available by phone, email, webchat and social networks, but the idea is you can do everything, even open an account, from within the mobile app.
Emoji passcodes promise more security than numbers
There's little doubt that PIN codes are lousy security measures. They're not only easy to crack (there are just 7,290 non-repeating four-digit combos), but hard to remember at first. Intelligent Environments thinks there's a better way: replace them with emoji. Its Android banking app asks you to pick from 44 familiar messaging icons for your passcode, which both expands the potential combinations (to nearly 3.5 million) and should be easier to recall than either numbers or words. The emoji should also eliminate the temptation to use readily available info -- "penguin police pumpkin lipstick" isn't as easy to deduce as your birthday.
Japanese bankers get exosuits to help move stacks of cash
Japan's Sumitomo Mitsui Banking Corporation announced Friday that it will provide Hybrid Assistive Limb (HAL) exosuits to select senior employees as part of a pilot program aimed at reducing the strain of moving currency. "There have been many cases when a physical burden was placed on senior employees carrying heavy parcels of banknotes and coins. By adopting Cyberdyne's robotic suits, we can help reduce that burden," Tomoyuki Narita, a spokesman at SMBC, told the Wall Street Journal. About 16 percent of Sumitomo's employees (and 25 percent of the nation) are over the age of 65. The HAL is designed to augment its user's strength, reducing the perceived weight of an item by 40 percent so that a 10-pound weight only "feels" like it weighs 6 pounds. Should the pilot program prove effective, Sumitomo could expand it to more branches throughout Japan. [Image credit: Sumitomo Mitsui Banking Corp]
Barclays Pingit will soon let you send money over Twitter
Since the launch of Barclays' Pingit app, it's become almost impossible to dodge paying your share of Friday night's curry. The mobile payment service lets you transfer money to whichever mate picked up the bill, regardless of where you both bank, using just their mobile number. Come March 10th, however, you'll be able to skip entering that 11-digit number and simply use your friend's Twitter handle instead. For individuals and small business to start receiving Twitter payments through Pingit, they simply need to link their @name to their Pingit profile from within the app, and they're good to go. Now get off our back Andy -- you've been chasing us about that beer money for weeks.
RBS and NatWest add Touch ID login to their banking apps
If you manage your personal finances from a smartphone, you'll be familiar with the tiresome verification procedures that banks use to double-check your identity. To make everything a little simpler, RBS and NatWest are introducing Touch ID support to their iOS banking apps tomorrow. So rather than punching in a long-winded passcode, you'll just need a fingerprint to log in to your account. The feature is entirely optional though, so if you're worried that Touch ID isn't quite secure enough to protect your lifelong savings, it can easily be disabled on your iPhone 5S, 6 or 6 Plus. More importantly, the BBC reports that some in-app features will still require additional verification and, similar to contactless credit and debit cards, there will be an upper limit for new payments. So even if a crafty crook copies your fingerprint, most of the app should remain under lock and key.
Subtle malware lets hackers swipe over $300 million from banks
It's no secret that hackers see banks as prime targets, but one band of digital thieves is conducting heists on a truly grand scale. Security researchers at Kaspersky have published details of malware attacks that have stolen at least $300 million from financial institutions in 30 countries. The crooks not only trick bank employees into installing a virus (Carbanak) through spoofed email, but spy on staff in order to mimic their behavior and prevent any telltale signs that money is falling into the wrong hands. Many of the attacks focus on shuffling money to outside accounts, although some will send paper cash to ATMs monitored by criminals.
FBI wants to know if US banks launched revenge hacks against Iran
Your parents might have told you that revenge solves nothing, but it's not clear that American banks have learned the same lesson. Bloomberg sources understand that the FBI is investigating whether or not US financial institutions hired hackers to conduct retaliatory hacks against Iran, crippling the servers that had been used to attack the companies starting in 2012. There isn't any hard evidence banks acted on their anger, although they at least came close. JPMorgan Chase acknowledged that one of its officials proposed an offshore strike that would have knocked the Iranian servers out of commission. The staffer didn't offer a full-fledged plan, however, and nothing appears to have come out of the idea.
Bank of America issues refunds after double-charging Apple Pay users
Went on a spending spree with your Bank of America debit card the moment Apple Pay hit your iPhone? You might be in for a (brief) shock. The bank is now issuing refunds after it charged at least some Apple Pay users twice when they made purchases at retail shops. While it hasn't said what triggered the glitch, the issue doesn't appear to involve Apple's software -- there haven't been widespread reports of problems with other cards, and Apple itself doesn't process transactions. Whatever was the cause, it's not surprising that a major mobile payment service would run into some hiccups just after launch. Let's just hope that things go more smoothly from here on out.
Discover says it's "in discussions with Apple" to bring Discover cards to Apple Pay
Apple Pay is now out in the wild and the early reviews have thus far been positive, with the entire process working as seamlessly as Apple's demo video indicated. As it stands now, Apple Pay currently works with MasterCard, Visa, and American Express credit cards. And conspicuously missing from that lineup is Discover Card. But no need to fret Discover card users. Discover earlier today indicated via Twitter that they're engaged in discussions with Apple to join the Apple Pay mix. @bledsoe812 Hi! We are in discussions with Apple to add Discover cards to Apple Pay in the future. Hoping it will be soon! *Kirsten - Discover (@Discover) October 20, 2014
A simple guide to setting up Apple pay
Monday October 20 is the first day Apple Pay will be available to use at select retailers across the U.S., but will you be ready to bust out your phone and make a purchase? Here's a handy walkthrough for making sure you're ready when you hit the register. Step 1: Own a new iOS device Sorry, but Apple Pay is only available on Apple's newest devices, meaning you'll need to have an iPhone 6 or 6 Plus to use the service in stores. The latest iPhone comes with a Near Field Communication (NFC) antenna, which allows them to communicate with the payment interface in stores. Users with an iPad Air 2 or iPad Mini 3 can use Apple Pay to make purchases online, but they'll be out of luck when they hit their local Walgreens. Hopefully the next generation of iPads will get the NFC upgrade. Of course Apple Pay is more than just NFC, otherwise every iOS user would be able to make payments online. These newer devices feature Apple's Secure Element chip which stores your private financial data and encrypts it for your protection. Older iPads lack this chip which is why you can't currently use the service with them. Step 2: Update iOS to version 8.1 Make sure you're device is updated. Go to Settings --> General --> Software Update to make sure you're using version 8.1. The update also brings back Camera Roll to your device so it's like getting two gifts at once. Step 3: Open up Passbook and set up the right card You'll need Passbook for Apple Pay. If you've never used Passbook, don't fret. The app is still on your phone. You may have previously moved it into a sub-folder marked "productivity" or something along those lines, but it is there. When you open the app it will ask you if you would like to use the card you already have on file for iTunes purchases or if you want to use a new card. Of course there's a hitch. Apple Pay only works with Visa and Mastercard from certain banks, plus American Express, so if the card you have on file isn't with one of those services you'll need to input another card. Currently Apple pay works with cards issued by Bank of America, Capital One, Chase, City, and Wells Fargo. Barclays, Navy Federal Credit Union, PNC, USAA, and US Bank will be added in the near future. When you enter a new card into the system Apple Pay will ask you to take a picture of the card within the app. Apple cross references the card with your bank to make sure it really is your card, but don't worry. When the card is displayed on your device the card number won't show up. The reason Apple doesn't display your card number is simple; Apple doesn't actually store your credit card number. Apple Pay purchases are made using a device specific account number which is stored on your devices Secure Element chip. When you buy something with Apple Pay, Apple sends your bank an encrypted one-time use payment number and security code to make the purchases. Apple won't be able to track what you buy or where you buy it, and cashiers won't see your name or credit card number when you make purchases anymore. Step 4: Go buy something Once you've set up your card you're ready to go. Apple Pay isn't available across the board, but it's available at a number of leading retailers. At launch Bloomingdales, DuaneReade, Macy's, McDonalds, Staples, Subway, Walgreens, and Whole Foods are all accepting payments via the service. To make a payment simply wave your phone in front of the NFC terminal at checkout, swipe your finger over your iOS device's TouchID sensor, and bask in the joy of trying something new. If you're on an iPad shopping is a little more complicated. At the moment you'll need to download each company's Apple app to make purchases with Apple Pay. Given this is the service's launch day the process is remarkably easy. If you make any purchases today using Apple Pay let use know about your experience in the comments below.
JPMorgan: cyberattack stole contact info for 76 million households
Is it just that time of year, or are data breaches just becoming more and more common? No matter: following the report that JPMorgan Chase and a handful of other banks had been hit by hackers comes confirmation from the main financial institution itself. The banking juggernaut says that as many as 76 million households and 7 million small businesses had names, phone numbers, street addresses and email addresses stolen in a cyberattack, according to a regulatory filing spotted by Bloomberg. The nation's largest bank noted that despite these intrusions, however, sensitive information like Social Security and account numbers, login credentials and dates-of-birth were not pilfered. If you have accounts at Chase, now might be time to reset your passwords and contact your local branch, regardless. [Image credit: Getty Images]
Mint on iPhone can now use your fingerprint to keep banking info safe
You're going to see a lot of apps taking advantage of iOS 8's expanded Touch ID support in the near future, but one of the bigger improvements is already here. Mint has updated its iOS app to let you use your fingerprint to sign in rather than rely on a passcode. While it's a simple step, it means that you can quickly check all your finances on an iPhone 5s, 6 or 6 Plus without compromising security -- you can thwart data thieves with a tough-to-crack code that you'll rarely have to enter yourself. There's no doubt that this safeguard will spread to other financial titles in short order, but it's good to see that an app many use daily is already locked down tight.
Sure enough, you can play 'Doom' on an ATM
The quest to play Doom on just about everything won't be over any time soon, it seems. A team of Australians has torn open and modified an ATM to play id Software's classic first-person shooter using some of the bank machine's built-in controls. This isn't the hardest hack in the world -- ATMs like this run Windows XP, after all -- but it still required custom software and logic, including a circuit board that can remap buttons meant for deposits instead of demon slaying. What you see in the video below is just the start, too. The group already has the side buttons working for weapon selection, and it hopes to make the number pad usable. There's also talk of tweaking the game to use the receipt printer; if you wanted, you could have it spit out proof that you finished a tough level. The odds of getting the hardware to recreate this feat are sadly rather slim, but it's good to know that even your local ATM can handle some proper shoot-'em-up action.
Account-stealing bank machine skimmers are now virtually invisible
Bank machine skimmers, which swipe your account as you insert your card, have been getting increasingly harder to spot as the years go by; now, it looks like they're just about undetectable. Researchers at the European ATM Security Team have found skimmers that not only fit neatly into a card slot, but do a good job of hiding any other equipment they need to steal your info. One example (shown below) combined a virtually invisible skimmer with a cleverly hidden spy camera that recorded PIN code entries. Another disguised a system that captured card info through audio, and there are now translucent mini-scanners that even a keen eye might miss.
Barclays brings Pingit phone number payments to Windows Phone
Windows Phone users often have to resign themselves to getting apps months, if not years after their iOS- and Android-toting counterparts. That's especially the case for Barclays' Pingit app, which after more than two years has finally made its way to Microsoft's mobile platform. If you're not familiar, Pingit allows users to send money using only a recipient's phone number regardless of who either bank with. Banking customers have been able to check their balance and pay bills using Barclays' mobile banking app, but with new initiatives like Paym aiming to streamline mobile payments, Pingit could enjoy great momentum as a result. Despite being late to the party, Barclays' new app is still likely to enjoy some early-mover advantage, as only a handful of other banks have dedicated Windows Phone apps.
Banking apps may be getting their own virtual assistants soon
The minds behind Siri's virtual assistant skills are back at it. This time around, SRI International has created Kasisto to boost personalized interactivity inside apps that usually require an actual human to carry out complex activities. Banking and commerce are a prime examples of this sort of task load, and BBVA (the outfit that now owns Simple) has already partnered up. The context-aware tech offers text, touch, and speech with natural language understanding and reasoning built-in, giving interested suitors the ability to pipe in a virtual assistant in a fraction of the time it would take to start from scratch. Plus, they'd be leveraging a tools from the folks who developed Apple's helpful voice. "Our innovative approach to intelligent system design, combined with low-cost deployment, will help banks improve customer service and maximize investment in the mobile channel," notes Kasisto's CEO and co-founder Zor Gorelov. Since the platform was just announced, there's no indication as to when that virtual helping hand will appear in everyday financial apps just yet.
Tax haven Jersey now wants to become 'Bitcoin Island'
There are advantages to being a tiny, self-governing speck in the English Channel, and the ability to create a "welcoming" financial habitat is certainly one of them. But Jersey has ambitions beyond just being a haven for regular cash. Its Treasury Minister, Senator Philip Ozouf, says he wants the island become a pioneer in the use of crypto-currencies too, and he's backed up by a campaign group that's dedicated to creating the world's first "Bitcoin Isle." The initial goal would be to use Bitcoin as local cash substitute, to pay for things like bus tickets and newspapers. But it's clear that Ozouf has his eyes set on a bigger prize: a Bitcoin banking sector that could make use of Jersey's "infrastructure of world-class financial services" and that would eventually become "central to Jersey's future prosperity." (Read: "STASH YER BITCOINS HERE, LADS!")
Square dips into banking with quick cash for small businesses
Square has so far focused on helping businesses take payments; now, it's ready to make payments to get those businesses off the ground. The company has launched Square Capital, a quick financing service that uses card transactions for repayment. Every time someone makes a purchase, a small cut of that sale (on top of the usual card fee) goes toward covering the advance. Square is purposefully keeping things as simple as that. There's no application process, and there's no due date -- if business gets slow, it just takes a bit longer to pay things off.
