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NewsBriefs

Editor's Note: Following are excerpts from news stories recently posted the ATM by using their phones, rather than a plastic card,
under Breaking Industry News on our home page. For links to these and to initiate and complete a transaction, the company said,
other full news stories, please visit www.greensheet.com/breaking- adding that this makes it the first credit union fintech
news.php?flag=previous_breaking_news. provider to offer cardless cash access as a part of ATM
network and terminal driving services.
IBM, Ponemon expose hidden costs of data breaches

New research on data breaches highlights tangible and
intangible impacts on affected organizations. Sponsored
by IBM Security and conducted by Ponemon Institute, the
study cites remedial, attritional and reputational costs and
damages. Wendi Whitmore, global lead for IBM X-Force
Incident Response and Intelligence Services, said "mega
breach" reportage typically covers quantifiable data, such
as number of records stolen and aggregated damages,
while leaving out other issues. As a result, accounting
may be skewed or incomplete, she noted.

Restaurants struggle to close digital divide Letting cardholder fingers do the talking

Growing evidence suggests that evolving guest Apple began the fingerprint authentication trend with
expectations and digital technologies are driving major Touch ID, a fingerprint scanner it introduced as an
transformation in the restaurant industry. With 30 percent iPhone feature in 2013. The convenience and security of
of restaurant revenues expected to come from digital fingerprints as identity authentication tools caught on
sales channels by 2025, the race is on to embed digital fast with phone manufacturers, and most recent models
technology across the entire dining journey, according of smartphones incorporate the next-generation of
to BRP Consulting. However, major gaps exist between technology: fingerprint sensors. Now fingerprint sensors
guest expectations and operator confidence about digital are coming to bankcards.
capabilities offered. Of the 1,225 restaurant guests and 60
restaurant executives surveyed, 74 percent of guests felt Mastercard got the ball rolling in 2017 with a successful test
ease of ordering and payment were extremely important, of fingerprint verification for in-store card purchases at a
but only 45 percent of restaurant operators felt this South African grocery chain. On July 9, 2018, Mastercard
capability was currently performing well. confirmed reporting by business news channel CNBC
that it is in negotiations with several U.K. banks about
Biometrics unlock smart, secure payment options issuing credit and debit cards that incorporate fingerprint
sensors. And SmartMetric Inc. stated in July that it's in
Payments analysts reported widescale adoption of negotiations with several large card issuers interested
biometric technologies and expect the trend to continue. in a mini fingerprint scanner it developed that can be
Analysis by Acuity Market Intelligence predicts mobile programmed into EMV-compliant chip cards.
biometrics will process more than 1 trillion transactions
per year by 2022, driven by a global deployment of Lights out for Snapcash
5.5 billion biometric devices. The recently released
Global Biometrics and Mobility Report: The Convergence Snapcash, a mobile payment scheme that facilitates peer-to-
of Commerce and Privacy additionally noted consumer peer payments within the Snapcash app, will be shuttered
privacy protections are expected to influence the design on Aug. 30, 2018, according to Snapchat representatives.
and development of POS devices. The report projected Rachel Huber, analyst at Javelin Strategy & Research, said
$18 billion in annual biometric transaction revenue by she was unsurprised by the developments. "In our mobile
2022, compared with $474 million in 2017, a nearly 38-fold #P2P scorecard, Snapcash was consistently behind top
increase. apps such as #Venmo and #GooglePay," she stated in a July
23, 2018, tweet. Additionally, British technology editor and
Credit union ATMs to provide cardless cash access science reporter Andrew Griffin noted that Snapcash had
seen an increase in adult content users who presumably
Co-Op Financial Services, a payments and financial were attracted by its anonymity and ease of use.
technology company focused on credit union success,
added cardless ATM transactions to its suite of digital Merchants, Wells Fargo to have their day in court
banking and payment solutions. The objective, Co-Op Merchants who filed a class action lawsuit against Wells
stated, is to meet digital consumer expectations and to
enhance security. The new Cardless Cash Access allows Fargo & Co. will have their day in court. The U.S. Eastern
District Court of New York struck down the defendant's
members to withdraw cash faster and more securely at
motion to dismiss the case on July 25, 2018, finding

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