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How Pokemon Go can help banks improve service

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Pokemon Go. If you haven’t heard of it, go download it. This new game is by far the most widely used augmented reality (AR) based app that existed to date. The growing awareness of AR by the masses is a good sign that we will be seeing more of the technology outside of gaming, including financial services and banking specifically.

As the financial crisis led customers to low levels of trust and engagement with the banking system, technologies like AR, that elevate a strong level of engagement and social interaction, can burst the negative bubble and expose customers to a whole new positive experience. As AR and virtual reality become mainstream, customers will be expecting these technologies in every product. Personal finance might become fun after all.

According to Brett King, CEO of Moven, host of Breaking Banks and author of the book, “Augmented: Life in the Smart Lane,” “Pokémon GO isn’t a banking app, but it does give us a glimpse into how very different the world of banking, investment and financial advice will be in 10 year’s time. The game also illustrates why banking is no longer a place you go, but something you do – on a phone, in AR and as a person lives their life. It also shows that mobile is far from being a mature platform, it still has plenty of surprises left.”

Pokemon Go and cybersecurity risks

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Pokemon Go may be emblematic of new risks and hazards to consumers in the digital age.  In addition to your location data, Pokemon Go collects your email address, IP address, the web page you were using before logging into Pokémon Go, your username, and your location. And if you use your Google account for sign-in, Niantic may have access to your entire Google account, including read/write access to your email and Google docs.

It also may share this information with other parties, including the Pokémon Company that co-developed the game, “third-party service providers,” and “third parties” to conduct “research and analysis, demographic profiling, and other similar purposes.” It also, per the policy, may share any information it collects with law enforcement in response to a legal claim, to protect its own interests, or stop “illegal, unethical, or legally actionable activity.”

Dangers of Pokemon Go and how that can affect insurance

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As Pokemon Go has exploded in popularity, so have related accidents as Charizard-chasers interact with real-world hazards.  The Insurance Information Institute provides a rundown for how gamers and everyday civilians can protect themselves and their property.

Pokémon Go, a mobile app that allows users to hunt virtually for Pokémon in the real great outdoors, has taken the world by storm, amassing more users than Twitter in just a few days. However, like most cultural phenomena, Pokémon Go has also spawned unintended consequences, such as injuries and property damage resulting from distracted users—fortunately, most of these are covered by insurance, according to the Insurance information Institute (I.I.I.).

Using smartphone to steal $2M ATM Cash

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Daily, things happen in this world. Taiwan is trying to figure out how hackers managed to trick a network of bank ATMs into spitting out millions.

Police said several people wearing masks attacked dozens of ATMs operated by Taiwan’s First Bank on Sunday. They spent a few minutes at each of the machines before making off with the equivalent of $2 million stashed in a backpack.

 They didn’t use bank cards but rather appeared to gain control of the machines with a “connected device,” possibly a smartphone, the police said in a statement Thursday. Authorities are now hunting the thieves.