Citibank Launches Citi Mobile Everyday Banking on Your Mobile Phone Made Effortless
New Delhi, Delhi, India, Thursday, March 12, 2009 -- (Business Wire India)
Citibank today announced the launch of Citi Mobile, its mobile banking solution that combines the consumer need for convenient, on-the-go banking with advanced mobile technology that is compatible with popular mobile devices across most GSM operators. Through Citi Mobile, customers can check account balances, send money, issue drafts, pay bills, make credit card payments, register for services like e-Statements, request for a cheque book, stop payments and much more.
Citi Mobile can be quickly downloaded onto a mobile phone, making mobile banking for Citibank customers as fast and effortless as banking online. The requirements for accessing Citi Mobile are a Citibank Banking/Credit Card account, an active Internet PIN, a mobile number that is registered with the bank, and a Java-enabled mobile phone with a GPRS connection.
Customers can SMS MBANK followed by the last 4 digits of their Debit/Credit Card number to 52484. An SMS response will be delivered to the customer’s mobile phone indicating the URL for Citi Mobile. This URL can be used to download Citi Mobile onto the mobile phone. On Citi Mobile, all customer interaction is https secure and encrypted using 128-bit SSL; further, no customer data is stored on the mobile phone, making this one of the most secure access channels.
Announcing the launch of Citi Mobile in India, N. Rajashekaran, Country Business Manager, Global Consumer Group, Citi India, said, “Citibank has always been a forerunner in putting technology to work for our customers. With Citi Mobile, we are happy to address our customers' emerging lifestyle needs and support them in accessing their money in a fast, convenient and secure manner through something they always have with them – their mobile phones. Given the recent growth trends in mobile phone usage in India, we expect this to grow into a significant channel for customer service and contact.”
About Citi:
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
The Retail Gift Card Association is recruiting new members with the aim of building a positive image of closed-loop gift cards, getting members to follow an ethics code, and countering the bad publicity directed at gift cards in recent months by consumer groups and legislators monitoring marooned cards whose sponsor retailers have failed.
The RGCA announced its birth in early December, but waited until Tuesday to outline its growth plans at the Prepaid Card Expo trade show in Orlando. The group has nine members and is looking to grow to about 40 in its first year, according to association spokesperson Carman Wenkoff, president of Value Pay Services LLC, a prepaid card firm owned by franchisees of the Subway sandwich chain. Wenkoff and Tom Boucher, senior program manager of gift cards at consumer-electronics retailer Best Buy Co. Inc., gave a progress report at the conference. Continue Reading at Digital Transactions
March is Fraud Prevention Month in Canada and leading fraud prevention expert, Equifax Canada Inc., is joining lenders and others in raising consumer awareness of the issue.
Figures show that trueidentity theft rose in Canada by over 20% in 2008 compared to 2007.
This rise illustrates the need to intensify efforts to reduce this threat to both consumers and lending institutions.
A good defense to combating identity theft is found in Equifax's fraud database.
"With true identity and fictitious identity frauds continuing to increase, it is crucial that the lending industry maximize the benefits of fraud data sharing", said Carol Gray, President Equifax Canada.
"Fraudsters are clearly becoming more inventive and lenders need to deploy more sophisticated data-sharing solutions than they have traditionally used. Today's solutions need to deliver flexible cross-matching techniques that can be fine-tuned by users to try to stay ahead of the curve."
The good news for consumers and businesses alike is that fraud solutions, such as Equifax's web-based fraud prevention database Citadel, are addressing even the most sophisticated fraud threats.
With Citadel, credit applications are submitted and compared to a national syndicated database containing historic suspicious information.
"The Citadel solution is aimed at stopping fraud dead in its tracks", Gray added.
For decades, Equifax has been in the business of fraud detection and prevention with products and services like Safescan ID, eID, Synthetic File Indicator, Deposit Alert and most recently, Citadel. As Equifax continues to innovate and deliver modern fraud solutions, top priorities include detecting fraud at the first possible opportunity, minimizing the number of legitimate consumers impacted by fraud and improving analytics to help organizations stay nimble when preventing and responding to fraud.
For consumers, Equifax encourages them to remember to be diligent and pay attention to signs that their identity may have been stolen and/or compromised. Some of the signs include:
A financial institution or cell phone company contacts you regarding
application activity in your name;
You start receiving suspicious contacts where the person or alleged
company is seeking more information about you;
A collection agency contacts you about a debt that is unknown to you;
Unknown transactions appear on a statement;
Bills or statements are not arriving in the mail; and
Bills or statements arrive in your name for unknown accounts.
How can you help prevent identity theft?
Disclose personal information discretely and to trusted parties only;
Dispose of information securely;
Monitor your mail closely;
Shield your PIN and keep your card in sight;
Review statements and report discrepancies immediately;
Create strong on-line passwords and change them periodically; and
PARK CITY, UT--(Marketwire - March 12, 2009) - The Society of Payment Security Professionals(SPSP) is pleased to announce that they have now certified more than 200people as Certified Payment-Card Industry Security Managers (CPISMs). Inaddition, the SPSP has certified 50 Certified Payment-Card IndustrySecurity Auditors (CPISA). The enthusiasm with which the new certificationshas been adopted is further proof of the industry's need to identify thoseindividuals that have both security and payment card industry expertise.The rapid adoption of security regulation at the state and federal level,coupled with the dynamic nature of the payment card industry, make thecertifications appealing to a wide range of industry participants.
"We've seen individuals representing almost every business model in theindustry take the CPISM or CPISA courses," said Chris Mark, CPISM/A, CISSP,CIPP and Founder of the Society of Payment Security Professionals. "Thecertifications were designed specifically to create a level playing fieldfor everyone from merchants, to acquiring and issuing banks to QualifiedSecurity Assessors. The materials covered in the course go far beyondsimple compliance with the PCI DSS, to include risk management, state andfederal regulations and other vitally important topics. In addition tooffering education, the courses offer an opportunity for Payment SecurityProfessionals™ to share ideas and experiences. Ultimately, suchdiscourse can only be a positive influence on the security practices of theindustry."
The CPISM and CPISA certifications have been developed with the goal ofenabling the certificate holder to demonstrate proficiency andunderstanding of the Payment-Card Industry, fraud and data theft trends,the relevant regulations that impact the industry, and application of theregulations to various business models that are unique to the industry.The certifications were carefully developed to adhere to educationalpedagogy and instructional design theory. In addition, the certificationexams and the training were vetted by veteran Payment SecurityProfessionals to ensure that the materials were accurate, relevant, andtimely.
According to co-founder Mike Dahn, "As former QSAs, and QSATrainers that currently provide PCI related training worldwide for a majorcard brand, we understand the needs of the industry and the challenges ofsecuring data within the payment card industry. These certifications havebeen designed to allow individuals to more effectively manage risk andcomply with the PCI DSS and other related standards."
The Society is offering a public CPISM and CPISA Training and exam seminarin the San Francisco area in June 2009. For more information, or toregister for the event, please visithttps://www.paymentsecuritypros.com/training-dates/.
About the Society of Payment Security Professionals
The Society of Payment Security Professionals' objective is to provideindividuals and organizations involved in payment security with an onlinecommunity to share information, and access education and certificationopportunities. Society members come from a variety of businesses includingcard brands, merchants, acquirers, ISOs, and more. Though theirorganizations may vary, they all share one purpose: to protect sensitivecustomer data using the most current, viable technologies and processes.The SPSP is managed by The Aegenis Group. For more information about theSociety of Payment Security Professionals, please visitwww.paymentsecuritypros.com.
Contact: Heather Mark Company Name: Society of Payment Security Professionals Telephone Number: 888-616-3330 Fax Number: 435-608-6403 Email Address: Email Contact Web site address: www.paymentsecuritypros.com
Credit-card issuers are cracking down on cardholders, slashing their credit limits and even closing their accounts. As a result, many skittish consumers are turning to prepaid cards.
On the surface, prepaid cards seem like a "safer" way to spend. Backed by major issuers, such as Visa (V: 52.59*, -1.50, -2.77%), MasterCard (MA: 156.08*, -0.99, -0.63%) and Discover (DFS: 5.90*, -0.72, -10.87%), these cards can be used just like regular credit cards -- with the exception that holders can only spend up to the amount they've deposited into their account.
There's no risk of overcharging (and getting hit with an over-the-limit fee) or potential damage to a credit score since the cards don't represent a line of credit. In fact, parents have long turned to prepaid cards as a tool to teach teenagers how to spend responsibly.
But there are drawbacks to this convenient shopping option. Among them: hefty fees that can add up to hundreds of dollars if you're not careful. Here's what you need to know: Fees, fees and more fees
Prepaid cards may not come with the sky high late-payment fees or APRs of traditional credit cards, but they do carry a slew of other charges. “[Prepaid card issuers are] pretty creative with coming up with random fees,” says Curtis Arnold, founder of credit-card information site CardRatings.com. Cardholders can get hit with a fee when they activate their card, call customer support, withdraw money from an ATM, refill their card or order a replacement card.
Anthony Freed, Financial Editor for Information-Security-Resources.com, wrote an exclusive on Visa having put Heartland on "double secret probation" over it's recent breach. It's already been picked up by Seeking Alpha.
Anthony is a researcher, analyst and freelance writer whoworked as a consultant to senior members of product development,secondary, and capital markets from the largest financial institutionsin the country during the height of the credit bubble. Anthony’s workis featured by leading Internet publishers including Reuters, TheChicago Sun-Times, Business Week’s Business Exchange, Seeking Alpha,and ML-Implode.
He also is the official live blogger for the upcoming 2009 Sarbanes-Oxley Conference. For more information visit: ISR
Visa Puts Heartland on Probation Over Breach
By Anthony M. Freed, Information-Security-Resources.com Financial Editor
Heartland Payment Systems (HPY),one of the largest credit card processors in North America, is finallybeing called to the carpet for the apparent lapses in Payment CardIndustry Data Security Standards (PCI DSS) that contributed to the largest data breach of 2008, perhaps even the largest breach ever considering the full extent of the exposure has yet to be determined.
Called to the carpet sort of, anyway; the sanctions and guidance laid out by Visa (V) seem a little lackluster when weighed against the severity and duration of the breach.
Given that Visa is now considered themost likely of several candidates for inclusion in the Dow IndustrialAverage, taking up slack from soon to be sidelined Citigroup (C) and Bank of America, (BAC) it is not surprising that they do not want to call too much attention to the situation:
On January 20th of this year,Heartland Payment Systems (HPS) publicly disclosed a large-scalecompromise involving account data from all card brands. In light ofthis event, Visa has taken the following actions to help protect theVisa system:
CAMS Alerts - Between January 18thand February 4th Visa issued a series of Compromised Account ManagementSystem (CAMS) alerts (US-2009-046-IC) to financial institutions relatedto this compromise event. Providing this information can help financialinstitutions act quickly to minimize fraud on exposed card accounts.
It is worth noting here that Visa and MasterCard (MC) reported anomalies to Heartland in late October, about two and a half months before the CAMS alert was issued.
Data breaches in the financial industry always reignite the debate between those who want full and immediate disclosure, and those who would prefer to subdue the news. A lot seems to depend on your preferred usage of words like “quick” and “help”.
As for the sanctions Visa hasprescribed for Heartland, I believe it’s something akin to when DeanWormer put the Delta House on Double Secret Probation, or at leastthat’s how it reads:
Removal from Visa’s List ofCompliant Service Providers - Visa has removed Heartland from itsonline list of Payment Card Industry Data Security Standard (PCI DSS)compliant service providers. HPS has advised, however, that it isaggressively working on remediation and re-validation of its systems tocomply with PCI DSS standards. The company will be relisted once itrevalidates its PCI DSS compliance using a Qualified Security Assessorand meets other related compliance conditions.
System Participation - HPS is now in a probationary period,during which it is subject to a number of risk conditions includingmore stringent security assessments, monitoring and reporting. Subjectto these conditions, Heartland will continue to serve as a processor inthe Visa system.
So Heartland is off of Visa’s Christmas card list for 2009, but they still get a fruitcake.
A breach of unknown scope and impact toconsumers, participating banks, their shareholders, merchants, theeconomy in general, the source of multiple class action lawsuits anduntold losses for years to come, and the big smack down is thatHeartland has to sit in the back of the bus?
Profits over protocols; some actuarymust have crunched the numbers, the underwriters drew the bottom line,and the executives decided to mush on. Damn the torpedo (holes).
And Heartland may not be the whole story.
There are multiple access points in thedata chain. Heartland may be where the malware disease did its worstdamage, but that does not guarantee that Heartland is also the point ofinfection.
And as far as being PCI DSS compliant, there has been some confusion as to what that exactly means for security assurance.
PCI DSS compliance is only a momentarymeasure. Think of it along the lines of a kitchen inspector who gives arestaurant the highest rating after inspection, that is no guaranteethe cook will wash his hands well next week, or that the mayonnaisewill never get left out.
That is why you will hear a CEO of a breached credit card processor plead “But we were PCI DSS compliant“ and simultaneously you will hear the PCI council (made up of the major payment card brands American Express (AXP), Discover Financial Services (DFS), JCB International, MasterCard Worldwide and Visa) exclaim that “No PCI compliant processor has ever been breached.”
Both of these statements can not be correct.
Also included in Visa’s belatedresponse to the Heartland breach is a fine to be levied against theparticipating banks - most of whom rightly consider themselves to bevictims of the breach as much as their customers are. This must be like when the mean DrillSergeant makes everyone march in the rain because one jerk made agoof. I guess the client banks are supposed to exert peer pressure onHeartland to mend their ways, or something:
Fines - In accordance with VisaOperating Regulations, fines will be assessed to Heartland’s sponsoringbanks. Such fines are part of the program Visa uses to assurecompliance with system rules. Ongoing compliance with PCI DSS helpskeep the system more secure for all participants.
I fail to see the purpose of penalizingbanks that send their processing business to Heartland unless it can beshown that the bank somehow contributed to the breach in a materialmanner, otherwise this is just more fodder for the lawyers in the formof damages to recover through litigation.
Another mystery contained in Visa’sannouncement is the requirement that all fraud related to the Heartlandbreach has to be reported by May 19th. This is ridiculous, as it couldbe a year or two before all fraud cases can be identified and thensubstantiated; requiring this to happen in the next two months isunrealistic, if not unreasonable:
Account Data Compromise Recovery -Visa has determined that this event qualifies for the Account DataCompromise Recovery (ADCR) program. Subject to its terms, this programprovides issuers the ability to recover a portion of their lossesrelated to accounts that are determined to be the subject of a breach,by assessing acquirers for the ADCR financial liability. An acquirer’sADCR financial liability is determined based on a percentage ofmagnetic stripe-read counterfeit fraud and specified operating expenseliability amounts. Issuers will have until May 19th to report fraudlosses related to this event to Visa. Until this reporting windowcloses, specific recovery amounts cannot be determined. Visa willprovide clients with additional information as it becomes available.
Finally we get to that last paragraph,and I can say there is something there that I actually agree with: ThePCI DSS is a decent start. What really needs to be fixed is how PCIDSS is implemented and maintained throughout the data access chain:
This recent compromise underscoresthe importance of all parties maintaining ongoing compliance with thePayment Card Industry Data Security Standard. These standards continueto serve as a robust and critical foundation to protect cardholder dataand, when implemented properly, have proven to be highly effective inpreventing and mitigating the impact of data compromises. Compromiseevents are a reminder of the importance for all parties in the paymentsystem to maintain ongoing vigilance when it comes to protectingcardholder data. Each stakeholder in the Visa system has a criticalrole in our collective fight against the criminals that perpetuate cardfraud.
So in summation, Heartland (and others)may be full of holes, and Visa belatedly recommends business as usualuntil such time as the holes can be found and filled.
On to the next breach.
Anthony is a researcher,analyst and freelance writer who worked as a consultant to seniormembers of product development, secondary, and capital markets from thelargest financial institutions in the country during the height of thecredit bubble. Anthony’s work is featured by leading Internetpublishers including Reuters, The Chicago Sun-Times, Business Week’sBusiness Exchange, Seeking Alpha, and ML-Implode.
The Author gives permission to link, post, distribute,or reference this article for any lawful purpose, provided attributionis made to the author and toInformation-Security-Resources.com
The development of contactless mobile payments has failed to live up to expectations and the technology will account for just a fraction of the value of commerce transacted over cell phones this year, according to data from ABI Research.
The firm says the value of mobile commerce transacted via non-NFC methods - SMS, Internet and applications - will total $1.6 billion in 2009. In contrast contactless mobile commerce will be "minimal".
Dan Shey, practice director, ABI Research, says: "NFC is the 'holy grail' that provides the easiest user experience. Other methods require more work and expertise from the consumer." Continue Reading at Finextra
Editor's Note: Both Ken Mages, HomeATM CEO, and Mitch Cobrin, COO were at the Merchant Risk Council Annual Conference over the past two days. At the conference, a "cautious" Chase Paymentech, announced that they will "pilot" PIN Debit on the Web, first with Acculynk, with others to possibly follow.
The developments at the MRC are definitely raising awareness for the desire to incorporate PIN Debit into the webosphere. That is good. In fact, Mike Strada, manager for debit card product at the Dallas-based processing giant predicted that PIN Debit would become the most widely used payment mechanism on the web by 2012. I've been predicting that the potential for PIN Debit on the web cannot be ignored since early 2006, back when I started the Pay By Touch Blog. (HomeATM has been doing the same since 2000)
I know enough about a PIN Based Application to be dangerous, speaking of which, (dangerous) I received an email from our CEO regarding these recent announcements. I asked if I could post it and he gave me the go ahead, so here it is:
John, I appreciate that your blog is truly YOUR blog. You and I both have issues with the old ATMDirect so those topics are naturally covered frequently.
I don't editorialize nor do I influence the content. Having said this, and having just attended the MRC, I can't help but say that Acculynk does indeed deserve kudos for raising the awareness of PIN for the Internet.
What I would say is that HomeATM does NOT do PIN on the web. We use the web to connect a buyer to a seller and then we do a safer than standard (the track2 data is encrypted also), traditional, unhackable, unbreachable, impregnable where the Internet ismerely the conduit for our encrypted packets (as it is for 99% of all PIN transactions).
I won't belabor the point but if Acculynk (or ANY software only) PIN on the web solution goes live, I promise, just as I promised music and movie executives fifteen years ago that their digital business would die on a PC (and entertainment has, check out Virgin). Not to mention any software solution using a browser for PIN entry likely violates our core patent.
This isn't meant as a threat nor as a contentious point, I just want PIN experts to weigh in on the real issues of "software vs. hardware" POS transactions.
Finally I'll make this last promise or take a lunch bet with anyone...that once software PIN goes live, within a month an FTP site will arise with user's PAN and PIN numbers.
I One-Hundred-Percent (100%) guarantee it.
Thanks,
kgm Chairman/CEO
HomeATM ePayment Solutions
Editor's Note: At $1000 per PIN (see illustration above, click to enlarge) I wouldn't bet lunch against him. Speaking of the illustration above...let me remind you of a direct quote from Acculynk Chairman and CEO, Ashish Bahl... (from Digital Transactions:)
Without going into details, Acculynk’s CEO Ashish Bahl counters that each click is encrypted in ways intended to frustrate hackers.
At the same time, he adds, the resources necessary to predict when to start and stop screen scraping with each click would be cost-prohibitive even for determined fraudsters.
Editor's Note: "Cost prohibitive" is relative to the potential return. (again, see graphic above) Personal Identification Numbers are the "holy grail" for hackers. If you have the PINs then you have the capability to empty bank accounts. So, in my humble opinion, there is simply no such thing as a "cost prohibitive" barrier when it comes to PIN's. Especially, if the hackers are "determined." It's something hackers would want to get their hands on "at all costs."
Smart money is betting that Congress will repeal the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA) this year, or at least soon.
Barney Frank (D-MA), chairman of the House of Representatives Financial Services Committee, plans to bring back legislation to repeal the UIGEA this month. Rep. Frank maintains that online gambling is a fundamental freedom, and that attempts to make it illegal smack of Prohibition in the 1920s and 1930s.
In addition, much of the political momentum for repeal of the act is coming from online poker players who are fighting back.
“There is a dramatic need to have a regulated system that protects American consumers,” Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling Initiative, told Reuters. “Right now, it's the Wild West.” PricewaterhouseCoopers (PwC) estimates that the amount the US could raise from regulating and taxing Internet gambling is about 22% higher than it was in 2007—because US online gambling has grown despite the ban. In fact, comScore Media Metrix found that as of last November, online gambling was the ninth-fastest-growing category online. Making it illegal for businesses to knowingly transfer payments to Internet gambling operations, including payments by credit card, wire transfer or check, the 2006 ban was approved when Republicans still controlled both houses of Congress and President Bush was in the White House—and before the economy collapsed. Continue Reading at eMarketer
SOURCE: IBM IBM Introduces First-of-a-Kind Endpoint Security Offering
New Offering From IBM Strives to Free Clients From Vendor Lock-In, Simplify Security Management, Reduce Costs and Promote Industry Innovation
ARMONK, NY--(Marketwire - March 11, 2009) - Today, IBM (NYSE: IBM) announced a first-of-a-kind endpoint security offering, IBM Proventia Endpoint Secure Control (ESC), that is designed to enable enterprises to escape from the constraints of vendor lock-in and to enhance endpoint security, compliance and operations at a lower cost. This new endpoint security offering is delivered by IBM Internet Security Systems (IBM ISS) leveraging IBM's depth in security experience and technology from BigFix, Inc. for endpoint security management.
The IBM ISS solution delivers endpoint security management designed to address two major problems in the industry today: the escalating cost of security and the growing complexity of endpoint security management. Continue Reading
ST. PAUL, Minn. -- If you donated online to Norm Coleman's 2008 Senate campaign, or his recount efforts, you should call and cancel the credit card you used to make that donation.
That was the simple advice from the Coleman campaign on Wednesday, which hurried to notify donors of an apparent security breach in the computer server where the private information of online contributors is stored.
That breach, which most likely occurred January 28th of this year, became more obvious Wednesday afternoon when lists of those donors and partial credit card numbers popped up on the Internet.
"I can't tell you how it pains us to have to tell people that," Coleman recount attorney Fritz Knaak told KARE, "But obviously that's the whole idea, that kind of infliction of harm on our relationship with contributors and supporters is exactly what's intended by this."
Coleman's campaign manager Cullen Sheehan said the Secret Service is investigating the incursion into the data server, which housed a database 4,700 donors. He said it had been compromised most likely by hackers stealing the information via the Internet.
The stolen information included credit card numbers and purchase security codes, in addition to the names, phone numbers, addresses, e-mail addresses and occupations of the givers.
On the web already
By Wednesday afternoon the list had been posted on a political website known as WikiLeaks, which is run by a nonprofit group with the stated goal of creating a "uncensorable Wikipedia for untraceable mass document leaking and analysis." (Click here to visit the WikiLeaks web page where you can download the list)
The downloadable spreadsheets listed the donors' credit card types, but only 12 of the 16 digits in the credit card number. It wasn't enough by itself to commit fraud, but it was offered as proof that the information is quite possibly in the wrong hands.
The Internet thieves also took a database of 51,000 others identified as supporters, which included even journalists who subscribed to the campaign's electronic newsletters. That list was also posted as a downloadable document on the site.
WikiLeaks did not explain how it came to possess the data, but apparently used the donors' information to tip them off about the breach.
Dozens of Coleman faithful on Tuesday night received e-mails from WikiLeaks informing them,"Your name, address and other details appear on a membership list leaked to us from the Norm Coleman Senate campaign."
Political attack alleged
The document leaking site claims to have a "primary interest is in exposing oppressive regimes" around the world, but the Coleman campaign sees it as a blatant attack on the former Senator's ability to raise money for the current election contest trial in Saint Paul.
"We believe this is a politically motivated attack," Knaak remarked, "We believe it's a basically an assault on the whole political system essentially."
The Senator himself, in a brief statement to reporters after Wednesday's court session, echoed that sentiment.
"I think it will have a very debilitating effect," he told reporters, "I find it to be frightening, I find it to be scary and I'm obviously disappointed."
Coleman said he's confident the Secret Service will solve the case and punish those who are behind it. That agency, part of the U.S. Department of Treasury, was already investigating an attempted invasion of Coleman's servers. Continue Reading at kare11.com
MarketResearch.com has announced the addition of TowerGroup's new report "There Will Be Blood:US Financial Services Trends and IT Spending in 2009 and Beyond," to their collection of Banking & Financial Services market reports. For more information, visit http://www.marketresearch.com/redirect.asp?progid=67618&productid=2063442
TowerGroup estimates overall US financial services technology spending will decline 3.7% between 2008 and 2009 as firms scrap ineffectual projects and delay new investments until 2010.
Cost cutting born of desperation may permanently cripple IT structures, while smarter actions to rationalize IT and discard decaying assets offer better short-term returns and long-term strategic benefits.
TowerGroup expects a growing polarization between leaders and laggards as visionary financial institutions rise to the challenge of calamity and move ahead of their weaker competitors.
Replacement IT spending will rise 20% in 2009 as IT transformation -- either forced or chosen -- tops FSI priority scales and opens doors of opportunity for technology vendors.
Three critical trends will reshape the US financial services industry: regulatory pressure, shifting consumer demographics, and accelerating globalization.
FSIs are challenged from two sides to embrace IT transformation in support of new business models: from customers who will demand it and competitors who will provide it
Report Coverage: Background Banking and Payments Insurance Securities and Investments The IT Spending Ripple Effect Exhibit 1 Exhibit 2 Operational Efficiency Risk Management New Customer Segments Exhibit 3 Banking Securities and Investments Insurance Exhibit 4 Call to Action for FSIs: Survival of the Fittest Shifting Customer Demographics and Imagination Disruptive Globalization Heightened Regulatory Pressure Summary
Source: Citi ![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vrQ82tBpprSKMzZnWUjfDGBVlR7-8EkC9-QkEaMgNrgs4YElaPj-CaySo8M2bPq6NpnrUdE7MRDhZwyUmAODOu9zwSBfF17jwr0iMr6i8xmk2JJLAmD33m5WTlt6tZbi6OaXp6dRl4vY1JoZpaJ2s=s0-d)
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_s3S7XQSPsAjvKKWyLa4Sex_GZpqJih4WBmNPJv8w7_gI65dDAyYT8ahZbb-JJlqPVjP_AKIhSJDu_VuwEQZTlqdH5GjuPTmSJjS-VGEfmo8Sg0hpkOFGVF4CnEG00f79rYOUXab88Awsok23LAMMTt=s0-d)
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_siQky66mIbJb3Ay594jK4RCvhem_9ymvVfENoVKCtDRaa4aXcIZxoiGjWY8ym8li3Dr3kyXYhRX6kAAxw4CLMmwjgekXESq0j25ZgbJLmxEcFyEdQGI7JkTBeHVY582hhGc26Z8dbeXKGqtEnCzy5X=s0-d)
Finextra: Contactless m-commerce fails to take off
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_slZ9vsScUNH914Wb7UpOGkRmtEx1U9tS-ymcpHlbSPWYVjGZ4EpepjpO_8pvFDXt61jQERvToHnKlZElESkyls7TAEv4j-dEk-29uGedEX_Yb77LXCHf1NlDsHhvzHOBY85Ey6hZvtBJzi6rNchvjo=s0-d)
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sPEYkTiebvHbQjYoRRPS4a1i3WzBMteJ8uIpNWVH-hYUdZygqIF1btvAlPuVPgWy9NULncV0S4Yf5Opy6ip4dyfYc8YAoylap2sRVyqTiYtkz-SQTC3E_FtBl8vjvZnAlV4aQolIZIM8N2ROaQ-i5P=s0-d)
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_td9i8KGCBuvfCL9iEhJD9KSFnFxeFAHCIjUcuybcvXDqeQL2tSxgnNSYeS3fy6-bkQNYze_oezTJ_XDlO4kMxTJpnmchi2u7bPOyUNo5UUX7BVdj671VldwQBljSUMs6IDFgOrgVbkEOmO7rN1rxQ=s0-d)
Coleman said he's confident the Secret Service will solve the case and punish those who are behind it. That agency, part of the ![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_ubx1_ai0xv0jfWv_JWL543qcIro8Y0nPXvaSmRKOHcsPj-Ngza8xeKOkD3ygG0LwxqGCE4CmV-VH_w14HL-EEdv3kdyIpUwXePiQDlYFyMLo-hDX7RW4OM_hjxuptF3iGi4FXQvnT76BdRqebOVOgb=s0-d)
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tToCO9Pwt8cVFNnNm-otwiO6x31YD6eAFH1gyxMw4kKR1d3firuMzAqLJ4Qo0XG7esTf5GPO0hN7q6gElPJQzW0l0a6gOpu-OTm8cEl7fqYRK_hXSgb_LuNE2neshnIV8EZEvq3R0Av12dHfN6HL4E=s0-d)
