Week In Review: What Closed Chase Bank Site?; BofA Tests Mobile PaymentsHere's what you'll find in our review of some of BankInfoSecurity.com's most compelling content of the past week:
- What closed the Chase bank site? JPMorgan Chase Bank's website went down this week, preventing customers from being able to access their online banking accounts. The outage, suffered by the nation's second-largest bank, exposes a weakness many large U.S. financial institutions suffer from - outdated infrastructures that are built on legacy systems. While innovations might be evident to users on the front-end, back-end systems are often remain archaic;
- One of the world's mobile banking pioneers has announced plans to enter the mobile payments arena, using chip-based technology that turns the mobile phone into a virtual wallet. Bank of America says it plans to begin testing the mobile payments service in the New York's metropolitan area, to gauge consumer preferences and potential security risks; and
- Though the industry has seen a lull in the last two weeks, bank and credit unions failures are not expected to slow. In fact, one industry expert suggests 2010 could see 400 more bank closings between now and Dec. 31. Managing Editor Linda McGlasson offers her two cents on the subject.
Please listen to this roundup, and check out all of the week's news and views on BankInfoSecurity.com.