By Bruce McClure
In today’s evolving threat landscape banks face considerable pressure to improve security and meet compliance obligations while also controlling costs. This is certainly the case at Planters Bank, an FDIC-insured community bank with 13 locations across Kentucky and Tennessee. With assets totaling more than $1 billion, Planters Bank offers a wide range of consumer and business banking services, but the organization must continually adopt a forward-thinking mindset to deliver innovative yet secure financial services.
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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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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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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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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.
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