By Donna Parent
recent 60 Minutes interview, Jay Powell, Chair of the Federal Reserve, stated
that cyber risk is the largest threat to the Fed and to financial institutions
throughout the U.S. It’s not difficult to understand why. Today’s digital age,
paired with the ongoing development of new technologies, have provided a
breeding ground for cybercriminals to capitalize upon, across physical and mobile
Discover’s credit card mobile app, as well as
its website, Discover.com, received top marks
in customer satisfaction among U.S. credit card companies, according to the U.S. Credit Card
Mobile App Satisfaction Studyand
the U.S. Online Credit Card Satisfaction Study recently conducted by J.D.
Power. The app received 890 points out of a possible 1,000, outpacing the
industry average by 18 points, and Discover.com
received 885 points out of the possible 1,000, putting if 22 points ahead of
There were four frequently made predictions by
industry experts, financial institutions and technology providers at the
beginning of 2019, according to the recent Digital Banking Trends Progress
Report from D3 Banking Technology.
“Even though we’re only halfway through, 2019
is shaping up to be another wild ride in financial services,” said Mark Vipond,
CEO of D3. “In 2019, banks and credit unions must focus on consolidating and
streamlining their platforms and leveraging modern technology that helps them
better understand their customers’ and members’ needs.”
While only 13 percent of organizations use artificial intelligence and machine learning to detect and deter fraud, another 25 percent plan to adopt such technologies in the next year or two — a nearly 200 percent increase. Fraud examiners revealed this and other anti-fraud tech trends in a cross-industry, global survey by the Association of Certified Fraud Examiners, developed in collaboration with analytics firm SAS.
Organizations across the world face a new risk paradigm: one that encompasses cyber and physical threats. We’ve heard the stories associated with ATM skimming, identity theft, data breaches, scams and phishing. Large financial services organizations are often the victim of hackers looking to steal corporate information and transactional data or funds, and criminals continue to become more sophisticated in their approach.