Links Digest for August 10th

August 10, 2010
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  • Bank Director Magazine – The Big Retail Showdown – Make no mistake, the bank branch is neither dead nor dying. For the vast majority of banks and thrifts today, the branch remains the primary channel in their retail distribution network. “Our banking centers are always going to be the core strategy for distribution,” says Bank of America spokesperson Anne Pace

    The branch retains this foundational role because when most consumers open a new checking or savings account, they strongly prefer to do that transaction in person. “The branch remains the single most important source of new accounts—it’s more than all the other channels combined,” says Richard Hartnack, vice chairman at Minneapolis-based U.S. Bancorp and head of consumer banking. The branch is also important to many local businesses that have to make daily cash deposits. “Retailers continue to use the branch on an undiminished level,” adds Hartnack.

  • New Survey Shows "Gen Y" in Financial Trouble by Bank Systems & Technology – A financial storm may be brewing for many of the more than 87 million Americans age 18-34, popularly known as "Gen Y," according to survey results just released by Western Union, a payment services company.

    Gen Y'ers are generally described as creative, independent and tech savvy, while at the same time they are sometimes seen as overly confident and impatient. Many are also in trouble financially, according the survey of 3,000 consumers, which was conducted by Javelin Research.

    Gen Y'ers are generally described as creative, independent and tech savvy, while at the same time they are sometimes seen as overly confident and impatient. Many are also in trouble financially, according the survey of 3,000 consumers, which was conducted by Javelin Research.

  • Cybercriminals turn attention to smartphones | The Australian – The cyber-underground took notice. Download the wrong wallpaper application for your Google Android phone and you could get one that will harvest the phone and voicemail numbers, and data that can be used to disclose your location.

    Mobile security firm Lookout discovered 80 such Android Web apps in late July, which have since been taken down by Google, said John Hering, Lookout's CEO.

    The information was being transmitted to a website based in China. The wallpapers, showing ponies, basketball scenes and other innocuous images, were downloaded more than a million times.

  • First Trojan for Android Phones Goes Wild – Google Android phones must be popular – they've just been targeted with their first Trojan. An SMS Trojan called Trojan-SMS.AndroidOS.FakePlayer.a has already infected a number of mobile devices, according to security firm Kaspersky Lab. Purporting to be a harmless media player application, the Trojan, once installed, actually sends out SMS text messages without the users' knowledge or consent.
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