Every week, The Financial Brand shares articles, websites and other links relevant to financial marketers. This week, there were 18 stories from around the web that caught The Financial Brand’s attention. Click on the hotlinked summary to read the full story.
It may look like a calculator, but it isn’t. It’s Visa’s CodeSure, a fraud-fighting technology that generates one-time passcodes for mutual authentication of online transactions. The back of CodeSure cards incorporate an alpha-numeric display, a microprocessor, a 12-button keypad and battery good for three years.
Here’s how it works:
When shopping online or logging in to an online banking service, the cardholder activates the authentication process by pressing the “Verified by Visa” option button on the card’s keypad.
When prompted, the consumer inputs their PIN into the keypad embedded in the card.
A unique one-time-passcode appears on the card’s display, which is then used by the cardholder to authenticate a normal Verified by Visa transaction.
You can get a general sense for how it works in this short overview video:
CodeSure cards can also be used to authenticate online banking sessions.
When a cardholder accesses their online bank, they would be provided a dynamic numeric challenge code (a number) from the bank.
The challenge code would be entered into the Visa CodeSure card by the cardholder, to confirm it is a request from their bank
Only when the challenge code has been entered and correctly verified and approved is the cardholder then prompted to enter their PIN into the card
This subsequently creates a unique one-time passcode for access to the online banking with both parties being mutually reassured.
The same steps would apply if conducting a transaction over the phone using Visa CodeSure. The following 1-minute video illustrates how CodeSure can be used for authentication in a customer service call:
CodeSure technology can be incorporated into any Visa debit, credit, prepaid or commercial card.
Visa initially started developing its CodeSure technology in 2009. Visa, along with partner Emue Technologies, conducted extensive pilot trials with eight European banks and their cardholders. Following pilot programs in the UK, Italy, Israel, Turkey, Switzerland and Germany, Visa now says CodeSure is “fully available for commercial launch,” but it appears that launch will initially be limited to Europe. Presently, it isn’t clear when- or if CodeSure cards will be coming to North America.
Visa has approved use of CodeSure cards for the following purposes:
PIN generated one-time-passcode for Verified by Visa payments at participating merchants globally – without changes to merchant software or cardholders having to register and remember passwords
PIN-generated one-time passcode for online banking access
PIN-generated one-time passcode for telephone banking services
Transaction signing for online banking services, using specific elements such as Account Reference Number or amount of transaction
Access to third-party services such as frequent flyer programs or corporate virtual private networks (VPN) for commercial card users.
Sandra Alzetta, Head of Innovation at Visa Europe, suggested that CodeSure cards could have other, more broad uses. For instance, companies might use them as portable password generators. “The solution goes beyond just online and remote shopping but also allows organizations to use the card in place of other online log-in systems to access, for example, corporate virtual private networks (VPN),” Alzetta said.
“The Visa CodeSure card offers banks a solution to fulfill all of their multi-channel banking requirements,” the company said in a press release. “The use of PIN-generated, one-time passcodes and mutual authentication technology, will provide banks with an attractive solution that enables security and convenience in the same device – a Visa payment card.”
BofA rolled out a similar service dubbed SafePass in 2008.
Thanks to CashCow.in, the #1 financial marketing blog in India, for the lead.
Addison Avenue FCU is targeting those who may have a problem with “bank addiction” in its latest campaign, “Bank Intervention.” The promo, produced by Weber Marketing Group, has an overall tone that is wry and sassy, and its microsite is entertaining — all while successfully managing to push three different product offers.
Hi, I’m Carl and I’m an Addict
The campaign’s website features a series of seven videos about Carl, a bank addict. His mom, dad, brother, girlfriend and Dr. Footh, the moderator, conduct an intervention on Carl’s behalf. There are seven different episodes of mock bank intervention.
Episode 1 – Carl is ambushed by his family and the intervention is under way.
Episode 2 – The intervention isn’t going well. Carl is having bank withdrawals.
Episode 3 – The dark secret behind Carl’s bank addiction is revealed.
Episode 4 – Dr. Footh shares his own struggles with bank addiction.
Episode 5 – Dr. Footh’s Rorschach test puts Carl on the road to recovery.
Episode 6 – Dad shows Carl a video where a banker confesses to dirty tricks.
Episode 7 – Dr. Footh gets Carl to channel his bank rage at a pillow.
Each video is around a minute long. All the episodes can be viewed at BankIntervention.com website, or at Addison Avenue’s YouTube channel.
When you hit the Bank Intervention website, make sure to notice the little details on the “Addison” brand retro-style TV with “Intervene-O-Vision.”
In a parody of a classic anti-drug ad circa 1987, “Who taught you how to use banks,” the dad asks. “I learned it from watching you dad,” the son says.
Three Product Offers
This isn’t another one of those fluffy social media projects disconnected from the bottom line. Addison Avenue’s campaign promotes three different products. There’s a Dividend Rewards Checking account paying 3.51%, 60-month auto loans at 4.49%, and Platinum Visa cards with cash back and 3.99% on balance transfers.
Tweet to Win
Anyone who sends a message using Twitter that contains “#bankintervention” is entered to win a $250 savings account from Addison Avenue. There’s a new winner every two weeks, and the contest is open to everyone. (Note: This Twitter contest strategy is one of many you’ll find in the Online Banking Report’s “Comprehensive Guide to Twitter for Financial Institutions.”)
One of the more amusing entries into Addison Avenue’s Twitter contest.
Key Question: Will any tweet containing the #bankintervention hashtag appear on the Bank Intervention website? Including those that may contain foul language or bash Addison Avenue?
At the Bank Intervention microsite, Addison Avenue also invites people on Twitter to “follow us.”
Bank Addiction Self-Exam
There’s a cute five-question quiz at BankIntervention.com, where all the answers to every question point to one, inevitable diagnosis: You have a problem with banks.
If questions are cheeky, the answers are even cheekier. Take question #2, “If you were to send your bank a monthly statement, what would you say?”
“Thanks for nothing…”
“Why hath thee forsaken me?”
“Kiss my assets goodbye!”
“I’m a lady, and ladies don’t swear.”
“How’s that bailout thing working out?”
A simple 5-question quiz to determine if you have a problem with bank addiction.
Transparency - We have nothing to hide. We post our financials every quarter — right in our branches. Take a look!
Honesty - We are not greedy. We practice safe lending. We have not gotten into trouble for things we shouldn’t have been doing.
Fairness - We won’t be changing rates or pulling back credit lines. Our products are fairly priced from the start — and they’ll stay that way.
Customization - We’re not going to sell you what is right for us. What we will do is try to find a custom solution that works best for you.
Stability - We will work with you through thick and thin. If you ever need help, chances are we can make adjustments
Marketing Support
This is a big campaign for Addison Avenue, who is doing everything from emails, running an aggressive schedule of online ads (shown below), to hiring a street team of Segway riders from GoMobile.
A study by Financial Finesse shows stark differences in the ways men and women feel about money. The firm analyzed more than 3,000 responses to an online financial planning questionnaire, revealing trends regarding spending, saving and investing.
Key Question: Does the apparent confidence men feel in their finances align with their behavior? Or perhaps are women more willing to admit their financial shortcomings?
Note: Sometimes with studies like this, it’s interesting look at the data conversely. 60% of women would say they don’t have a general knowledge of stocks bonds and mutual funds. 76% of women are unsure about how their investments are allocated. Same thing for 60% of men. That sounds like opportunity knocking for financial marketers.
Financial Finesse works with companies who offer financial counseling services to their employees. The firm has over 300 corporate clients who have a combined 500,000+ employees.
“Welcome to Blingola,” an imaginary world where everyone has “all the happiness in the world,” courtesy of their Virgin Money credit cards. With headlines like “The land of milf and honeyz,” you’re probably thinking this campaign is a joke. It isn’t. These ads are fo’real cuz.
(Click to enlarge)
Apparently in South Africa, where these Virgin Money ads are running, “wish fulfillment” means all your pimp-daddy, gangsta-wannabe, holla-balla, schnizzle yo’ dizzle dreams come true. This campaign is sure to offend the puritanical — if not frequently hypocritical — sensibilities of many Americans. But remember: Americans aren’t the target audience. Nor are puritans.
Key Question: Does Virgin cap the size of balance you can earn 9.5% interest on?
The fact that you can both earn interest and borrow money from a single, card-based account is really amazing. It’s a big enough breakthrough that Virgin Money should have probably renamed the product. “Credit card” just isn’t right.
The cards themselves come in three flavors. One is fire red and says, “Just use me.” Another has a crazy line-drawing of gawd-knows-what. A third one has a faux diamond-encrusted “Bling” in gangsta lettering.
“The Visa CodeSure card offers banks a solution to fulfill all of their multi-channel banking requirements,” the company said 
