Risk

Close collaboration between leading payment innovators and regulators could help regulators better understand the direction the industry is headed, says Arkose Labs' Vanita Pandey.

Citigroup’s $900 million payment blunder in a normally low-profile part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

Barb Godin, the deputy chief risk officer and chief credit officer at the Birmingham, Ala., bank, is stepping down after a 45-year career in banking.

Consumers are right to worry about data mismanagement. But there are ways to benefit from analytics while respecting privacy, says Cape Privacy's Ché Wijesinghe.

The bank has recouped part of the payment, which it blamed on a clerical error, but some of the lenders say they were owed the money in connection with an ongoing dispute.

Devon Bryan, who held similar jobs at KPMG and the Federal Reserve System, succeeds Brian DiPietro, who had been information security chief since 2016.

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

The industry will have to grapple with pressure on net interest margins, interchange income and credit quality, said CUNA Mutual's Steve Rick during a virtual conference.

The rapid move online boosts false positives, false negatives and actual fraud, says Adara's Nguyen Nguyen.

The complexity of the migration is an opportunity to examine other elements of the payment experience, says TNS' Brian DuCharme.

The rapid move online boosts false positives, false negatives and actual fraud, says Adara's Nguyen Nguyen.

Many banks buy modeling tools from vendors to help detect new areas of risk, fraud and profitability without realizing their existing systems are capable of doing the same.

A good security strategy is a lot like a healthy lifestyle for small businesses, says Sysnet's Sandra Higgins.

Video games provide a rare escape to locked-down consumers, and many modern games are so sophisticated that they support their own digital storefronts — with the potential for real-world losses if fraudsters find a way in.

One of the few clear implications from the initial two months of the lockdown with the changes to consumer behavior and the uncertainty ahead is the imperative for organizations to regain clarity on credit risk by obtaining a more complete picture of consumer creditworthiness, says LexisNexis Risk Solutions' Ankush Tewari.

An industry coalition wants to ensure borrowers who took out certain types of loans to fund their education aren’t locked out of access to historically low mortgage rates.

It’s likely that our dependence on digital channels will have become the norm, which means that security protocols like EMV 3-D Secure should also become part of the new status quo, says Entersekt's Simon Armstrong.

Scams have ranged from false, pseudo-scientific charities raising money for “cures” or “medical research," to fraudsters preying on individuals who want to donate to medical and emergency staff in hospitals or care facilities, says The ai Corporation's James Crawshaw.

EventBot is a particularly frightening development since it hides in an altered version of an app that seems legitimate and steals unprotected information in banking, wallet, payment and cryptocurrency mobile apps, says Appdome's Tom Tovar.