By Carolyn Crandall
The days of Jesse James’s train and bank robberies and John Dillinger kicking down doors with his trademark Tommy gun may be long gone, but bank heists are alive and well in the 21st century — albeit with a new flair. Instead of dramatic physical robberies, today’s criminals have shifted the battleground to cybersecurity, infiltrating the networks of financial institutions globally to steal money and personal information. The attacks remain staggering. Back in 2012, individuals and businesses are believed to have lost approximately $78 million during Operation High Roller. Fast forward to today, and the hacking group known as Bandidos Revolution Team is reported to have stolen hundreds of millions of pesos by infiltrating interbank payment systems and hacking into ATMs. Notably, this group is not believed to be connected to another, separate 300-million-peso heist from five banks last year.
Minneapolis, Minn. // www.wolterskluwer.com
Online Applications can empower community banks and credit unions to provide a new digital sales channel to reach new customers and grow loan volume, all without the overhead of additional branches. OLA enables lenders to accept applications without requiring customers to physically enter a branch, and completion of applications online vastly reduces lenders’ manual data entry, cuts overhead and streamlines lending processes.
Atlanta, Ga. // www.vsoftcorp.com
Looking to make core processing for banks and credit unions easier and less time consuming, VSoft Corp. has launched Wings, a flexible and comprehensive core processing system built on advanced browser-based technologies.
Which means, yes, you do need a social media strategy.
By Alaina Webster, Managing Editor
Jackson Winsett, assistant vice president and community affairs officer for the Federal Reserve Bank of Kansas City, views the connection between financial institutions and communities as two-fold.
As mortgage loan origination costs continue to climb, a growing number of mortgage lenders are starting to consider alternatives to the traditional loan origination system deployment, Greenwood Village, Colo.-based mortgage advisory firm STRATMOR Group reports.