Christopher DeAngelis is convinced that Millennials—notoriously loose with their personal information—make it much too easy for fraudsters to separate them from their money.
Given the proliferation of printers in banking – a large institution may have tens of thousands in facilities spread across the country – printer management needs to play a critical role in the ongoing war against hackers.
EMV verification, a global standard for credit and debit payment cards based on chip card technology, makes it difficult for fraudsters to make counterfeit credit cards.
For much of its history, banking was a personal business, with customers interacting directly with their bankers and visiting bank branches when specific needs arose.
In the wake of recent well-publicized data breaches, the financial services industry is looking at tokenization as a means of improving the security around payments.
With fraud prevention, many banks emphasize how their systems leverage “big data” to find patterns of unusual activity by using data analytics to process through millions of transactions and pinpoint fraudulent activity.
Finally, years after the global financial crisis and the new regulations and consumer mistrust it produced, banks are looking at forecasts of increased consumer and commercial lending activity.
The deluge of news stories in recent years regarding stolen personal data and the increasing issue of identity theft highlights a problem that financial institutions cannot afford to ignore.
Credit card data breaches are much in the news these days, with the recent problems at Home Depot following on the heels of the well-publicized debacle at Target earlier this year.