Security Primary Focus Of FinTech Conference

Seventy financial technology companies descended on the New York Hilton Midtown for FinovateFall 2014.
Drew Grossman

It was almost all about security at FinovateFall in New York City this week. FinovateFall is the East Coast autumn showcase of The Finovate Group, a banking technology research firm based in Seattle. Seventy companies demoed new products on the Finovate stage for seven minutes each. Nearly 1,500 attended the two-day event.

With data breaches and cyber security in the news the past 10 months, the idea of security in all forms is top of mind for many credit union executives, credit union members, and credit union journalists. The presenters at Finovate recognized the concern. About a third of presenters mentioned security in their presentation and many focused solely on security fixes and improvements (most weren’t related to protecting data breaches a la Target/Home Depot, but about security in general).

CreditUnions.com was in the building and watching presentations through a credit union lens. Here are four companies/ideas to watch.

1) Veteran Finovate presenter Toopher revealed its expanded mobile authentication suite for web and mobile applications. The technology uses location and behavior to automate authentication, meaning, members aren’t required to enter user names and passwords. Toopher automatically authenticates in locations identified as safe, for example at home or in the office. Toopher Halo, an addition to the company’s previous offerings, offers seamless deauthentication when a user leaves the defined area. The feature is based on geofencing technology.

2)Hoyas Labs is launching its Identity Assertion Platform mobile app in October. The app leverages a user’s smartphone to acquire biometrics and replace log-in information. The front-facing camera on your phone recognizes you and allows access (it can tell the difference between you and a picture or video of you). The app can be used to log into your credit union mobile banking application as well as websites like Facebook and Gmail.

3)My Virtual StrongBox is an online safe deposit box. It’s like DropBox, but synced to your financial institution and with an added secure element. Documents including wills, tax documents, loan packages, and mortgage documents, can be stored securely online and accessed anytime from anywhere. Update: My Virtual StrongBox is put out by DigitalMailer and is already in use at about a dozen financial institutions.

4) Block the data breach with Chicago-based data company Rippleshot. The cloud-based technology uses a big data approach to detect breaches. According to Ripplshot, the company detects breaches often before merchants and card issuers. Rippleshot analyzes millions of card transactions per day, establishing trends, and using them to identify fraudulent spending and pinpoint the time and location of breaches. Rippleshot can stop more than half of the fraudulent spend from compromised cards, saving money for issuers and brand reputation for merchants, the company says.

September 25, 2014

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