Opinions

False IDs are complex and difficult to spot. A combination of biometrics and other advanced security tecnology is needed.

Issuers and other organizations accept a nominal level of money laundering. Machine learning and artificial intelligence can improve that.

Mobile apps still account for only about one percent of transactions. There are a few ways to increase adoption, such as targeting payment types that are already tough to make with cash.

Unlike other “suspicious activity report” categories, a new proposal to add a “cyberevent” category would require institutions to detect and report digital mischief whether directed at a customer’s account or the bank itself.

There are several steps necessary to contain, assess and report an incident that should precede further action.

Traditional banks’ budgets for growth and transformation have been virtually nonexistent since the financial crisis. In the new political and economic climate, traditional banks will gain the resources they need to innovate.

Check imaging reduces the need to handle paper, reduces clearing time and paves the way for mobile deposit and remote capture. However, this new functionality also means financial institutions take on greater risk from electronic acceptance, images in the cloud, and significantly reduced float times.

With the reversal of Obama-era rules requiring user consent for data collection, it is more important than ever for U.S. banks and fintechs to demonstrate a robust and consistent approach to data privacy.

New mobile wallets and digital payment innovators are threatening banks' traditional relationships with consumers, forcing banking to respond.

The threats are evolving, but CUs' prevention efforts aren't evolving at the same pace.