Capturing the Blog Buzz about Prosper

By Jim Bruene Posted on
Categories: Prosper, Public Relations

Prosper_blogger_listings If you’ve got it, flaunt it. Or so the saying goes.

In an online financial services first, newly launched person-to-person loan marketplace Prosper (Netbanker Archives) includes an "In the Blogs" section in its online Media Room. The link, positioned between the traditional "In the News" and "Press Releases" sections, allows users to easily read about the company in pre-selected online blogs (click on inset for a closeup).

This provides much more material to view than the three news articles and single press release the 3-week-old company has posted. The company has control over the content; so don’t expect to see links to any ProsperSucks blogs down the road. 

For Prosper, the blog links provide several benefits:

  • Several are authored by Prosper group leaders, so they contain ongoing encouragement for the lending exchange
  • The newness of their business model provides good fodder for inclusion in wide variety of blogs
  • They are too new to have much negative talk in the blogs

Action items
Most financial institutions receive little press play, there just isn’t that much newsworthy in the daily battle to sell and service deposit and loan accounts. However, if you are well received in your community, you may be receiving good feedback from local bloggers. Linking to these posts could be a valuable addition to your "About Us" section.

–JB

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Making Online Retail Error Messages Standout

By Jim Bruene Posted on
Categories: Website Usability & Design

Dell_error_msgOnline retailers, including financial institutions, routinely find that 50% to 90% of shopping carts or in the case of banks, product signup forms, are abandoned.

Many of the reasons are out of your control: the customer changed their mind, didn’t like the price/terms, or the boss just walked in.

One important variable you do control is the feedback provided when the user makes an input mistake. The best practice is to show errors in red along with detailed instructions on how to fix each missing or incorrect field.

But sometimes, with small fonts and multiple error messages, even these messages get lost, forcing the customer to abandon the application out of frustration.

Contrast that to Dell’s approach. If you type the wrong password, a large red warning sign is returned right in the password-input screen (see inset). This is one error message you absolutely cannot miss.

—JB

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Supreme Court Ruling Just Another Factor in Interchange Suits

By Jim Bruene Posted on
Categories: Legal

A unanimous U.S. Supreme Court ruling this week that the parties to joint ventures aren’t engaging in price fixing as long as the joint venture itself is competing in the open market is unlikely to derail the many class action lawsuits over interchange being fought in Federal court.

Continue reading “Supreme Court Ruling Just Another Factor in Interchange Suits” →

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Federal Reserve Bank Introduces FedLine Direct

By Jim Bruene Posted on
Categories: ACH

The Federal Reserve Banks are launching FedLine Direct, an Internet-based replacement for their current computer interface channel geared for institutions with high transaction volumes.

FedLine Direct gives such firms automated Fed payments services. The Fed is testing a pilot program now with unnamed banks, and expects a rollout later this year, initially with FedACH Services, Fedwire Funds Service and Fedwire Securities Service.  Check and Accounting services will come at a later, unannounced date. Most customers are expected to switch over in 2007 and 2008.

Continue reading “Federal Reserve Bank Introduces FedLine Direct” →

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Keylogging Fraud Hits the Front Page

By Jim Bruene Posted on
Categories: Security & Privacy

Nyt_iconDespite the old saying that there's no such thing as bad publicity, online banking credibility took a hit today courtesy of The New York Times, page one. In the second-most-emailed article of the day, the story chronicles the threat from keyloggers around the globe. In the fourth paragraph, the article tells of a Brazilian scheme, dismantled two weeks ago, that netted $4.7 million from 200 accounts at six banks. A separate keylogging incident in France is also said to have netted $1.1 million.

Action items
While there isn't a whole lot you can do about keylogging, you should take these steps to help keep the problem in perspective:

  1. Remind customer service staff that customer accounts are protected by numerous technology safeguards, policies limiting consumer liability, and internal controls that make withdrawing money online quite difficult.
  2. Encourage customers to use triggered alerts so they know within minutes when a large withdrawal occurs.
  3. Educate customers on the benefits of safe computing, including links to resources, downloads, and so forth.
  4. Mitigate customer concern with plain-language guarantees that eliminate any customer liability for fraud perpetrated against their accounts. For a great example, see E*Trade's Compete Protection Guarantee (NB Jan 18).

For more information, read recent security articles from NetBanker or Online Banking Report (# 96/97).

—JB

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News from the Online Fraud Cyberwar

By Jim Bruene Posted on
Categories: Debit Cards, Identity Theft, PandaLabs, Pay By Touch, Payment Cards, Security & Privacy, Wal-Mart

The same week that Pay By Touch settled outstanding government claims against CardSystems, news of a new computer breach that could be at least as damaging emerged from California, while keylogging made the front page of the New York Times.

Continue reading “News from the Online Fraud Cyberwar” →

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