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News & Commentary
Content posted in October 2005
Mitch Wagner: How Not To Stop Online-Bank Fraud
News  |  10/31/2005
The FFIEC requirement will make online transactions far less convenient for consumers. And it'll be, at best, partially effective.
Fraudsters foiled!
News  |  10/31/2005
Hey, chalk one up for the good guys. A small victory in the fight against credit card fraud is better than none. Of course, this will probably only slow down the crooks, not stop them completely. Any thoughts?
Podcasts for Bankers
News  |  10/31/2005
IBM's banking industry leaders Mark Greene and Rusty Wiley have been on the road talking about their vision for the industry. Now, you can take their viewpoints on the road using your portable digital audio player with their latest podcast. I sense the emergence of a media trend...
Don't Be Evil
News  |  10/27/2005
When banking regulators expressed concern about borrowers getting deeper and deeper into credit card debt, the major card-issuing banks increased their minimum payment requirements from two percent to four percent of outstanding balances. But one bank's making a high-profile move in the other direction.
Banks Told To Step Up Security Against Identity Theft
News  |  10/21/2005
Regulators give them until end of 2006 to add two-step protection
News  |  10/20/2005
What if the worst happens and your customers' data is stolen or goes missing? Take a few tips from the financial services industry, which is fast making an art form out of dealing with security breaches.
Today on the News Show
News  |  10/19/2005
My colleague Chris Murphy reports on the move to two-factor authentication in today's episode of the News Show.
Remote Deposit Capture: Thick or Thin?
News  |  10/18/2005
This week's newsletter has a story on Wachovia's implementation of remote deposit capture (RDC). In it, we revisit the debate over whether RDC is best done using thick-client or a thin-client software. Given the obvious benefits of the software and the competitive need for it, what's your take on the relative merits of the two approaches? Or does it matter? Please leave your comments on this blog entry.
Mergers and Customer Loyalty Initiatives Driving Changes to Card Issuer Sites as Bank of America and Chase Top Credit Card Scorecard
News  |  10/18/2005
The Q3 2005 Credit Card Scorecard, recently released by Watchfire GomezPro, reveals several developments shaping issuer sites, chief among them improved rewards management and efforts to address security concerns.
Feds Order Banks To Strengthen Online Authentication
News  |  10/18/2005
Regulators say the use of single-factor authentication is inadequate for safeguarding against account fraud and identity theft.
All Together Now
News  |  10/18/2005
With the FFIEC's guidance stating that banks should implement two-factor authentication for Internet services that involve sensitive customer information or movement of funds, the status quo in information security in banking has been quickly overturned.
Wachovia Gains Traction in Remote Deposit Capture
News  |  10/18/2005
Whether from local businesses or Latin American banks, electronic check images lead to business benefits.
Phishing Attacks Slip For Second Straight Month
News  |  10/17/2005
The number of phishing attacks spammed to computer users fell for the second straight month, the Anti-Phishing Working says.
Banks Moving to Implement Service-Oriented Architecture
News  |  10/17/2005
Worldwide expansion, process efficiency, greater customer sophistication, emergence of new competition, and increased regulatory demands are forcing banks to improve systems, a survey shows.
Innovative CIOs
News  |  10/14/2005
Just finished the CIO issue. Hope all of you enjoy it.
Translated from the Greenspanese...
News  |  10/12/2005
From Greenspan's speech to the National Italian American Foundation: Conceptual advances in pricing options and other complex financial products, along with improvements in computer and telecommunications technologies, have significantly lowered the costs of, and expanded the opportunities for, hedging risks that were not readily deflected in earlier decades. The new instruments of risk dispersa
Bank Deploys Anti-Money Laundering System
News  |  10/11/2005
Standard Chartered has deployed anti-money laundering software from Norkom Technologies to monitor banking transactions and terrorist watch lists for high-risk transactions.
Identrus Poised to Take New Direction
News  |  10/11/2005
Identrus, the New York-based provider of solutions designed to authenticate all parties in electronic transactions and provider of a global network of identity credentials, has made some significant additions to its executive board.
EBay Agrees To Buy VeriSign Online Payment Service
News  |  10/10/2005
EBay has agreed to buy VeriSign Inc.'s online payment service for $370 million in cash and/or stock.
The Four Most Dangerous Security Myths
News  |  10/10/2005
A lot of "accepted wisdom" is just flat-out wrong. If you've been told that patches always fix a security hole, or that SSL is all you need to be safe, read on.
Katrina and the Titanic
News  |  10/7/2005
When the lookout on the Titanic warned the officers on the bridge that the infamous iceberg was looming ahead, first officer William McMaster Murdoch had the engines stopped and reversed. He then ordered the quartermaster to turn the ship hard to port. Bad move. The iceberg sliced through the first five of 16 transverse compartments of the hull. If the ship had hit the iceberg head on, the ship likely would have limped home, and we would have been spared the sight of Leonardo DiCaprio on the bow
Grid is Good
News  |  10/7/2005
Earlier this week, I attended the Global Grid Forum. From The News Show, here's part one and part two of my interview with the Chairman of GGF, Mark Linesch. I also attended a session concern
FirstMerit Bank Harnesses IBM Storage Virtualization
News  |  10/6/2005
By using IBM's SAN Volume Controller. the bank's host applications can address much-larger storage arrays.
Bank of America Describes Grid Deployment
News  |  10/6/2005
The grid will save Bank of America in the neighborhood of tens of millions of dollars in hardware expenses alone.
Rising Financial Peril
News  |  10/6/2005
Wall Street Journal article about the "rising financial peril" faced by storm victims.
All Hail the Wisdom of the Senate
News  |  10/6/2005
Letter from House Judiciary Committee Chairman James Sensenbrenner (R-Wis.) "The loss of income and additional expenses that these victims incur as a result of a hurricane or other natural disaster are implicitly the kind of special circumstances that Congress envisioned would constitute an exception to the [Bankruptcy] Act's means test reforms." The
The Toughest Job in Banking
News  |  10/5/2005
Here's a New York Times story about Liberty Bank and Trust, which is trying to recover from Katrina, as well as the steady depletion of its assets as customers withdraw their savings.
Stop Making Cents
News  |  10/5/2005
Bank of America Offers Round-Up Savings Account Source:
If you sign up for Bank of America's new service, every time you charge something on a debit card, they'll round up to the nearest dollar and put the loose change in a savings account. Now if they only rounded up to the nearest $100, we would have a fighting chance of increas
Yikes -- Wall Street Under Water?
News  |  10/5/2005
... an 1821 hurricane lifted the tide 13 feet in an hour, with the East and Hudson rivers converging over lower Manhattan as far north as Canal Street.
Hurricane in NYC Could Happen, With Subways and Wall Street Flooding and Millions Evacuating
Between terrorism and storms, I'm not sure whether to buy a bunker or build an ark.
IBM Grid Grows With Two Banks
News  |  10/4/2005
IBM announced new grid-enabled software from SAS and Absoft, and two new customers.
California Enacts Tough Anti-phishing Law
News  |  10/3/2005
California Gov. Arnold Schwarzenegger has signed anti-phishing legislation into law.
It's for you....
News  |  10/3/2005
"I had this woman on the phone telling me that I was not only a deadbeat, but a pimp, too."
- Paul Fairchild, identity theft victim
New York Times, Oct. 1, 2005 For Victims, Repairing ID Theft Can Be Grueling
Yeah, I hear that all the time.

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