Risk

Some megabanks are pushing New York lawmakers to add a legal safe harbor if lenders use the new Secured Overnight Financing Rate. Smaller banks would have little choice but to take that option.

Bots can complete tedious tasks, such as validating customer information against standard databases, more quickly and accurately than people and free up staff for other parts of the payment crime fight, says Genpact's Manish Chopra.

Cybercrime has emerged as one of the biggest potential sources of risk to the financial system over the last 20 years, and cybersecurity is a paramount concern to bankers everywhere. But can the internet be made more secure?

Computers were invented to calculate quickly and efficiently, and the emergence of the internet opened up enticing new possibilities for communication and commerce. But security has long been an afterthought.

The government's approach to cybersecurity has evolved gradually over the last 40 years, and what we have now is a patchwork approach that serves some critical infrastructures better than others.

The advent of advanced quantum computers could upend encryption as we know it, and a race is on to protect cyberspace before one arrives. But no one knows when that will be, and updating the internet will require a new approach.

Introducing Zero Day, a five-part podcast on the structural challenges cybersecurity poses for the financial system and why those problems are getting harder to solve.

Whether presented at the teller line or through digital channels, the best way to prevent fraud is by triangulating items in real-time against a robust fraud database. To strengthen the database, fraud data needs to be contributed in return, says Advance Fraud Solutions' Ted Kirk.

Not everything is in decline. T&E approval processes need to be ready for spikes in invoices for streaming content, tele-meetings and remote technology rather than air travel and hotels, said AppZen's Uri Kogan.

Inside Citigroup's headquarters in Manhattan, executives are trying to solve a problem bedeviling much of Wall Street: How to get employees up elevators.

Smaller institutions should prepare themselves for some of what the competition has experienced, including increased provisions for losses and declining net interest margins.

As phishing and other attacks mount, a personal ID number can act as a second authentication factor, says LogRhythm Labs' James Carder.

While the primary focus for most credit card providers in March was on emphasizing fee forgiveness and payment deferral support, moving forward issuers need to focus on a mix of strategies to retain their cardholders' share of spend, says The Futurist Group's Demitry Estrin.

The heads of two congressional committees are requesting a briefing from the agency after a watchdog recommended improvements in how it prepares for crises.

With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied, says Giact's David Barnhardt.

PINs and passwords are increasingly viewed as insufficient to tackle this new standard, says Fingerprints' Jonas Andersson.

OakNorth helps banks analyze credit, identify pandemic-related risks and forecast borrower issues before they turn into defaults.

Curve has launched a new metal card without personal account numbers, which it hopes will better manage the balance between fraud risk and ease of use.

It’s a time of challenges, but fraud teams who adapt well to them will strengthen their systems, and their understanding of their customers and their business, says Identiq's Urid Arad.

The 2008 package proved some banks were too big to fail. But the rushed $2.2 billion stimulus shows now any company can be bailed out.