For blockchain to go mainstream in financial services, identity verification challenges and a host of other issues must be addressed.
Amid an accelerating proliferation of technologies, financial services players confront great complexity in choosing an appropriate tokenization scheme to make payments more secure.
For the purposes of fraud prevention, big insights can be gleaned from the smallest sources of data.
Only a loan origination system combining user authentication and authorization, encryption, destination and output controls and audit trails can assure the integrity of customer information.
When deciding on an approach to tokenization, financial institutions need to choose between network- or issuer-managed directory services, or both.
As bankers grapple with fighting off fraudsters who seek to steal the identities of their customers, they should consider behavioral analytics as a useful weapon in that battle.
Responding to data breaches requires that financial institutions implement a proactive vulnerability management plan and basic security protocols such as network segmentation.
To ward off cyber fraud, banks need to deploy proactive detection systems, give the chief information security officer enterprise-wide authority and improve customer education.