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The Intersection of Banking and Identity Theft Restoration

By Donna Parent

In a 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 devices.

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Discover’s Credit Card Mobile App, Website Rank Highest in Customer Satisfaction

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 industry average.

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2019 So Far: Where Are We at with Digital Growth?

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.”

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AI Use in Fraud Detection to Triple by 2021

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.

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Video Banking Offers Extension of Financial Services to New Locations

A number of financial institutions are turning to video banking technology to extend their services finds London-based RBR’s Teller Automation and Branch Technology 2019 report. This trend is particularly strong in rural areas, the research found.

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