U.S. based banks reported a 12 percent increase in elder abuse from 2017 to 2018, a number thought to be...
Bank of America’s Cathy Bessant says the bank’s talent is just as important as the technology they implement; the bank plans to spend more than $600mn on cybersecurity alone and says to TearSheet, “Sometime’s theres a misunderstanding that cyber defense is somehow all technology, and it’s not,” she said. “It’s judgment and how to assess a threat and think about mitigation every single day.”; technology is not only making the bank more efficient but it has also forced the bank to retrain employees for new technology skills, making the bank stronger overall; the bank is making a big push into AI and currently has more than 80 patents related to the new technology. Source.
The Equifax breach has started to really change and shape the conversation around privacy since they are involved in so...
Typically when someone files for unemployment benefits there is a one to two week waiting period to verify the claim;...
Banks have started to implement behavioral biometrics more and more as it is seamless for customers and helps to better detect fraud; behavioral biometrics firms like BioCatch has provided banks with the type of security they like, customers cannot see if but it also is harder for criminals to spoof; BioCatch reviews more than 5 billion transactions per month and has about 60 million users in their system; another reason banks love this type of security is the privacy regulations are not as strict, the data is not personally identifiable and is based on type of actions. Source.
With the onset of Covid, banks and fintech companies have seen their call volumes go from thousands a day to...
Writing a piece for Crowdfund Insider BankMobile’s Co-Founder, President and Chief Strategy Officer Luvleen Sidhu talks through the current banking makeover; new technologies like artificial intelligence and blockchain are becoming more prevalent; competition in the digital banking space is beginning to increase as banks look to close branches and move more focus online; banks are currently upgrading their cybersecurity defenses in the wake of the recent Equifax breach; these changes and more are happening now as banks better understand their customers and look to become more efficient. Source.
More than $445bn was lost to cyber crime last year, a 30 percent increase from three years earlier; banks have...
Video conferencing service Zoom has seen a dramatic rise in users with more than 300 million users now using the...
Banks have historically been the guardians of customer information, but that has started to change with open banking; opening up information to third parties via customers has led banks to think more and more about security breaches; Now it’s not just about building a wall and not letting anyone in,” said Ram Bose, global retail banking consulting leader at Genpact, to TearSheet. “It’s about building a filter or strainer that lets some things in or out and not other things.”; the UK has regulations that mandate the sharing of info but the US has only set out standards and banks have been doing one off deals; new technologies like AI and machine learning can help to better secure agreements when banks are working with 20 or more potential partners; it is early days but banks can help to set up the standards they use by working together with fintechs and regulators. Source.