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BankNews

Authentication/Fraud/Identity Theft

How Verified Is Your Data?

April 19 — A new report from Accenture, New York, finds that many banks have not verified the validity and accuracy of their data. Banks have always held a large volume of confidential data and increasingly adding data from external, unstructured sources, and according to Banking Technology Vision 2018, 94 percent of bankers are confident in the integrity of their data sources, but 11 percent trust the reliability of their data but don’t verify it, 16 percent try to validate their data but aren’t sure of the quality of said validation, and 24 percent who do validate recognize more could be done to ensure quality.

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FICO Releases New AML Function, Updates Other Offerings

April 18 — At its FICO World 2018 conference in Miami Beach, the Silicone Valley-based analytics software firm unveiled several solution upgrades designed to help banks, lenders, fintechs and other institutions fight financial crime.

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Even as Tech Makes it Easier, Consumers Worry Over Finances

April 11 — Results from a new study indicate that less than half of consumers are satisfied with their financial health, and almost one in three consider money management a burden. However, there is evidence that people are open to new ideas and techniques for financial knowledge and well-being.

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One in Five Organizations Has Experienced Payments Data Theft in the Last Year

April 9 — More than 80 percent of organizations that have been impacted by a data breach have introduced a new security framework and 79 percent have reduced employee access to customer data, according to new data, “2018 Global Payments Insight Survey: Bill Pay Services,” from ACI Worldwide and Ovum. The benchmark, comprised of responses from executives at billing organizations such as consumer finance, healthcare and higher education, also revealed that over 70 percent of organizations that experienced theft of payments data intend to increase their investment in payments technology in 2018.

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Digital ‘Spring Cleaning’ Can Improve Security

April 9 — The National Cyber Security Alliance (NCSA) and Better Business Bureau (BBB) have teamed up to remind all consumers not to be digital hoarders and to freshen up their online lives. By conducting a digital spring cleaning and taking care of overdue online maintenance, you will be safer and more secure against losing personal information and becoming a victim of identity theft.

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