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Making data breaches less of a burden for banks

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As banks, credit unions and other businesses rely more on customer data, that data rises in value and becomes more of a theft target.

Jim Van Dyke, SVP for innovation at Sontiq and a leading voice on data breaches, discusses how financial institutions can best protect their customers.

A few takeaways from our conversation:

  • While banks and credit unions are not typically a source of breaches, they tend to feel the financial impact most strongly.
  • Banks and credit unions should think about identity protection as part of the customer’s overall financial wellness.
  • Financial services providers can put artificial intelligence to work to better gauge fraud risk for individual customers.

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Terry Badger is the managing editor at BAI.