Changes in the financial regulatory environment always bring upheaval, but recent initiatives by United States Senators to reduce P2P transaction fraud could add significant challenges for smaller banks, credit unions, and other financial institutions (FI).
In today’s world, the most successful companies work data-driven. The data science and machine learning (ML) advancements over the past ten years are truly remarkable. With breakthroughs in complex statistics and deep learning, companies have more tools and data today than ever – and the best know how to utilize this to their advantage.
Economic downturns and an increase in fraud go hand in hand. It happened during the great recession in the 1920s, in 2008, and during the COVID crisis starting in 2020. You don’t have to be clairvoyant to predict if it will happen again in the next few years, during another recession.
Credit unions and Digital Banking, Identity Theft, Synthetic Identity Fraud, Credit Washing, Transaction Fraud, Data Breaches
The pandemic has catalyzed the digitization process like nothing we’ve seen before. With 10 years worth of digitalization happening in the first 6 months of 2019, financial institutions who haven’t invested in their digital strategy are now facing severe challenges on the following fronts: