Eyewitness claims of Benghazi killings - ABC Online

TONY EASTLEY: As our correspondent pointed out it's difficult to get information out of Libya but there are reports this morning that some members of an army unit in Benghazi have defected and joined the protest movement.

Libya's permanent representative to the Arab League has reportedly told journalists in Cairo that he's resigning in order to join the protests.

The Reuters newsagency is also saying that a local doctor in Benghazi says that on Sunday alone 50 people were killed in the city, many of them shot dead. The doctor told Reuters that a further 100 people had been seriously wounded.

It's impossible to verify the accounts of unrest in Libya. Here we've revoiced an account of a man who says he's an eyewitness to events in Benghazi.

EYEWITNESS (translated): The youth are surrounded. The stations were all burned and the revolutionary committees except the Fedeel battalion where there are a lot of soldiers. There is a battle there now. The injured and the dead are about 700 or 750 this evening and this is confirmed and now we are taking the wounded to hospital and there is some news that the barracks has fallen in the hands of the revolutionaries. The barracks is on fire. We don't know what's happening inside but there is news that they have fallen.

We are close by and we will soon confirm this. The dead are many. The hospitals need hospitals. If you can broadcast this, please do this as soon as possible. The hospitals need blood especially A-negative, B-negative. We hope you broadcast this because we have no media. We have no one to call, we have no way to broadcast this. The station in Benghazi was burned. I am in the street near the barracks.

REPORTER: What is happening there?

EYEWITNESS (translated): Now I hear gunshots and there is a dark cloud of smoke above it. People here, they just don't want to advance towards it and I am with them because we don't know what's happening inside. Some say the barracks is battling itself because some forces came from Tripoli and some are from Benghazi.

It is said that the soldiers from Benghazi have refused orders to open fire and there was a massacre but this is unconfirmed. We can't enter because we still hear gunshots. A little less now but there is a fire now and we can't go in.

TONY EASTLEY: A report from a man who says he's an eyewitness to the uprising in the Libyan city of Benghazi. The man's account was posted on the Twitter feed February 17 voices.

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Bank of America launches Merrill Edge online brokerage - Birmingham Business Journal

There won’t be talking babies, but Bank of America and Merrill Lynch are ready to play the online brokerage game.

Charlotte, N.C.-based BofA, owner of Merrill Lynch, on Monday officially launched Merrill Edge, an online retail brokerage designed to compete with the likes of E*Trade and its famous talking baby TV commercials. Merrill Edge will offer BofA customers the ability to make equity trades online with little or no fees, while tapping into the expertise of Merrill Lynch’s wealth management business.

BofA called the new offering a “cornerstone” of the company’s strategy as it tries to cross-sell more of its wealth management and banking products.

"We believe Bank of America and Merrill Lynch offer the best combination of value and capabilities in financial services with the ability to serve the full range of customer needs,” Joe Price, president of Consumer and Small Business Banking at BofA, said in a statement.

Merrill Edge integrates three existing offerings, Banc of America Investment Services, Merrill Lynch Direct and Merrill Lynch Financial Advisory Center, into one product that ties into BofA’s online banking platform. Customers will be able to manage their checking, savings and investments accounts online or via mobile devices.

Merrill Edge is designed to let customers invest on their own with access to online resources or to receive guidance from Merrill Lynch brokers and advisers.

BofA says Merrill Edge will target “mass affluent” customers, a term used to describe upper middle-class investors with between $50,000 and $250,000 in investment assets. Wealthier clients will continue to be served by Merrill Lynch Wealth Management and U.S. Trust’s private banking business, BofA says.

“With the launch of Merrill Edge, we have the ability to offer financial advice and solutions to investors at all stages of their financial lives,” said Sallie Krawcheck, president of Global Wealth and Investment Management at BofA.

BofA says it has identified the mass affluent as one of its fastest-growing customer segments. Those individuals are likely to be investing for retirement, children’s education and health care costs, the bank says in a survey. Many of them want access to resources, but also want to self-direct their investing.

“This group wants to feel more in control and have told us that they want to call the shots, but at times need a sounding board,” Dean Athanasia, Mass Affluent executive at BofA says in a statement. “Merrill Edge Advisory Center clients can seek financial advice when and where they need it, and they’ll have the security of knowing they can see and access their banking and investing accounts in one place, online, anytime, any way they want.”

The Merrill Edge offering is fully integrated with BofA’s online banking, ATM network and mobile banking services. And it follows the bank’s recent philosophy shift in rewarding customers that have the deepest relationships with lower fees. Customers with at least $25,000 in certain BofA accounts can make trades with Merrill Edge without paying a fee.

Learn more about Merrill Edge here.

Click here to read BofA’s Merrill Edge Report, a research report on the mass affluent.

BofA is the second-largest bank in New Mexico with more than 14 percent of market share, according to the Federal Deposit Insurance Corp.

Read more: Bank of America’s Moynihan: 2010 “a necessary repair and rebuilding year" | New Mexico Business Weekly

Adam O'Daniel of the Charlotte Business Journal, an affiliated publication, compiled this report.

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eWise payo: New Payments System Makes Online Shopping Safer and Faster - msnbc.com

LONDON, UNITED KINGDOM — Attention buy side analysts, technology, banking, retail and financial editors:

Today sees the launch of eWise payo in the UK, the first and only bank inclusive Online Banking ePayments (OBeP) solution. Launched by the financial service firm eWise, eWise payo presents the safest and fastest online payment solution.

eWise payo enables the consumer to initiate secure and private payments for goods and services or bills online, without having to provide personal financial information to any third parties(1). To use eWise payo, customers are directed straight to their bank's website where they will log in using their existing account credentials. Once in their online banking application, consumers select from any account with available funds and confirm the payment. eWise technology enables the secure payment, leveraging the UK's Faster Payments network, thereby generating a near immediate payment for the merchant.

John France, managing director at eWise payo, commented: "Security remains the key concern for people when purchasing goods and services online. Statistics from the UK Card Association showed that over just 12 months GBP 118.2m was lost to fraudsters for card-not-present fraud in the UK alone(2). And, despite all of the good work that the International Card Schemes have done with respect to PCI, merchant websites are still being hacked and consumer card details are still being compromised.

"eWise payo is the answer to the industry's demand for improved security; the bank demand for innovation; the consumer demand for control and the merchant demand for lower costs."

For the financial industry, eWise payo presents the opportunity for banks to build upon and capture market share. And, for retailers it enables the opportunity for lower transaction costs, and increased sales via reduced shopping cart abandonment.

Consumers throughout Europe and in the US have been paying this way for years. eWise brings experience of implementing OBeP networks, through the successful Secure Vault Payments network in the United States, and as a founding member of the International Council of Payment Network Operators (ICPNO).

Commenting on the launch of eWise payo in the UK, Andrew McClelland, director of operations at IMRG(3), said: "Over half the population of the UK are now shopping online and the e-retail industry continues to grow impressively every year, but fears about cyber crime and fraud can prevent some people from taking advantage of the value and availability that online offers. Removing the need to provide account details to each retailer purchased from will greatly improve consumer convenience and trust, particularly in smaller online businesses."

On February 1st, 2011, eWise payo mobile will be unveiled at Finovate Europe 2011(4). The application brings a safe and fast way to pay face-to-face or online through a mobile device.

eWise is currently in advanced discussions with a number of the high street banks, merchant acquirers, PSPs and merchants. As a result of which, the company has brought forward its initial launch - planned for 2012, and hopes to make an announcement in Q2/Q3 2011. http://payo.com.

Notes to editors

About eWise:

eWise is a payments and online financial management solutions provider with a reputation for providing innovative solutions that make transacting online easier and more secure. eWise offices in UK, US, China and Australia support some of the world's top 50 financial institutions with solutions delivering outstanding, proven ROI for its customers and a better online experience for millions of end-users worldwide. For more information, visit www.ewise.com.

(1) The online retailer or eWise

(2) UK Card Association 2010

(3) Interactive Media in Retail Group - membership community for the UK retail sector

(4) http://finovate.com/europe2011/

© MarketWire 2011

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Online Banking & Windows: A Dangerous Combination - All Business

Every popular technology follows a familiar curve. What starts as an obscure, complicated, niche product inevitably gets cheaper, faster, and easier to use.

Malware is no different. Exploits that once required real chops to pull off are now available as ready-built attack toolkits. The only barrier to unleashing one of these things is the user's willigness to break the law.

And there's no shortage of people prepared to cross that line.

Bank accounts are probably the single most popular target for these attackers. Malware like ZeuS and its cousins can infect a system, capture bank login information, and allow a criminal to drain a victim's account in a matter of minutes. Some ZeuS variants will even disable a user's operating system to knock them offline and buy the thief some extra time.

Here's what you as a small business owner need to know: Federal banking regulations protect consumers against financial losses due to fraud. Business bank accounts do not enjoy the same legal protection. While some banks might reimburse a small business that falls victim to malware or online fraud, the vast majority will not.

Think about that for a moment. A single piece of malware on the wrong PC, at the wrong time, could empty your bank account and destroy your business. And there won't be a thing you can do about it.

Those are the stakes. Now here's the solution: A Linux Live CD.

If you have no idea what I'm talking about, don't worry. We'll get you up to speed right now. Here's how security expert Brian Krebs describes the concept:

These are generally free, Linux-based operating systems that one can download and burn to a CD-Rom or DVD. The beauty of Live CDs is that they can be used to turn a Windows based PC into a provisional Linux computer, as Live CDs allow the user to boot into a Linux operating system without installing anything to the hard drive. Programs on a LiveCD are loaded into system memory, and any changes -- such as browsing history or other activity -- are completely wiped away after the machine is shut down. To return to Windows, simply remove the CD from the drive and reboot. More importantly, malware that is built to steal data from Windows-based systems simply won't load or work when the user is booting from LiveCD.

There's the real benefit of a Live CD: Malware like ZeuS never gets a chance to load, so it never gets a chance to attack your bank account. It's the closest thing to perfect security you're going to get in the real world.

(Using a Mac or a regular desktop Linux system can be a good alternative -- malware like ZeuS very rarely targets these OSes. But neither is as safe as using a Live CD.)

Krebs' tutorial on using a Live CD has been around for a while now, but I think it's more relevant than ever. Back in 2009, account-sniffing malware was a curiosity; today it's a plague. And these instant-malware kits, available to anyone willing to buy them, are going to cause the problem -- and the losses -- to explode over the next 12 months.

Here's the bottom line: Don't access a business bank account using a Windows PC. Just don't do it. Ever.

One mistake could cost your business everything, and that's just too high a price to pay. The time you spend learning how to bank using a Linux Live CD might be the best business investment you'll ever make.

Feeling social? Follow me on Twitter @mckenzie_allbiz.

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Online Banking Vendor Offers Free Trial - Credit Union Times

Jwaala LLC is now offering credit unions the opportunity to deploy its online banking platform without committing to buy it.

The “try-before-you-buy” pilot program is available to credit unions running on the Symitar Episys core processing platform, according to the Austin, Texas, provider of the MoneyTracker Better Online Banking (BOB) platform and personal financial management solution to about 35 credit unions.

The pilot can be deployed in two days and “allows those interested in the platform to pilot a fully functional version of the application within their own environment using the institution’s live transaction data,” the company said.

Jwaala was launched five years ago as a CUSO of Amplify FCU in Austin and has since been taken private. More about the pilot program is available at www.jwaala.com/webcast.

Jwaala LLC is now offering credit unions the opportunity to deploy its online banking platform without committing to buy it.

The “try-before-you-buy” pilot program is available to credit unions running on the Symitar Episys core processing platform, according to the Austin, Texas, provider of the MoneyTracker Better Online Banking (BOB) platform and personal financial management solution to about 35 credit unions.

The pilot can be deployed in two days and “allows those interested in the platform to pilot a fully functional version of the application within their own environment using the institution’s live transaction data,” the company said.

Jwaala was launched five years ago as a CUSO of Amplify FCU in Austin and has since been taken private. More about the pilot program is available at www.jwaala.com/webcast.

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US Consumer Online Banking Solution Review: It's All in the Eyes of the Beholder - PRLog (free press release)

PRLog (Press Release) – Jan 20, 2011 – Boston, MA -- Mercator Advisory Group today released the “US Consumer Online Banking Solution Review: It’s All in the Eyes of the Beholder” research report which reviews the functionality of the leading online banking solutions and identifies the market leading systems.  

The thirteen solutions that were reviewed serve over fifty percent of the banks and credit unions in the US and more than eighty percent of the institutions with over $500 million in assets.  The ten vendors participating include the leading core banking vendors as well as delivery channel and online banking specialty vendors.  

“Online banking adoption continues to grow and someday will challenge the branch for the title of preferred channel” said Bob Landry, Vice President, Mercator Advisory Group’s Banking Group.  “In light of the revenue challenges brought on by debt avoiding consumers and revenue losses due to harsh new financial reform regulations, bankers need to do whatever they can to move more of their sales and service interactions to the low cost online banking channel.  All of the solutions reviewed in this report provide a strong foundation for reliable service and cost reduction.  This report identifies those solutions that stand above the rest by offering an innovative and flexible platform that can support institutions that want to manage their online banking solution as a competitive weapon rather than a low cost delivery channel.”

Highlights of US Consumer “Online Banking Solution Review: It’s All in the Eyes of the Beholder” report includes:

Among the solutions tested, Fiserv’s Corillian Voyager is rated the number one solution based on achieving leading scores in both the functional breadth and capability depth measurement areas.

A newcomer on the scene, Jwaala a four year old startup focused on credit unions, ranked second with an innovative online banking solution built around an easy to use number one ranked PFM suite.

Leveraging their investments in online banking and personal financial management, Intuit Financial Services’ Consumer Solutions was the leading solution for the community bank market.

Personal Financial Management (PFM) solutions are gaining momentum as solution providers’ deliver new functionality with more on the way.

Social Media capabilities are limited among the 13 solutions reviewed with six solutions lacking an offer in this area.

This report is 24 pages long and has 11 exhibits.

Companies mentioned in this report include: Fiserv, FIS Global, Harland Financial Solutions, Intuit Financial Services, Jack Henry & Associates, Jwaala, Online Resources, Open Solutions, Q2, S1 Corporation and Sybase.

Members of Mercator Advisory Group have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.

Please visit us online at www.mercatoradvisorygroup.com.

For more information, please call Mercator Advisory Group's main line: 781-419-1700 or send email to info@mercatoradvisorygroup.com.

About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors.

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Auditors to Coxsackie-Athens CSD: Toughen online banking practices - TMCnet

COXSACKIE, Jan 21, 2011 (Times Union - McClatchy-Tribune Information Services via COMTEX) -- State auditors criticized Coxsackie-Athens Central School District officials for not having more safeguards in place for their online banking.

In a report issued this week, auditors from the office of state Comptroller Thomas DiNapoli said they surveyed district financial records from July 2008 and last April and suggested the district build in more layers of computer security defenses for their daily banking practices and establish a written policy for users.

The district does online banking with four different banks and auditors selected for review 30 electronic transfers totalling nearly $7 million.

They noted that the district should follow federal and state recommendations and set up a dedicated computer just for online banking.

"A dedicated computer that is restricted from e-mail applications and any Internet activity other than online banking is less likely to encounter a banking 'Trojan horse' or other malicious software (malware) that could lead to a compromise of data confidentiality," the report noted.

Other recommendations included establishing procedures with the online banking computer that prohibit putting banking connections into quick links like stored user names, online favorites, or website links.

The audit also said the district should completely close out the online banking connection after each use and erase it from the web browser cache, temporary Internet files, form data, cookies and Internet history.

They also said the computer should then be completely shut down after use.

District officials in a response letter attached to the report said they plan to implement the recommendations.

To see more of the Times Union, or to subscribe to the newspaper, go to http://www.timesunion.com. Copyright (c) 2011, Times Union, Albany, N.Y.

Distributed by McClatchy-Tribune Information Services. For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit www.mctinfoservices.com. [ InfoTech Spotlight's Homepage ]

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