When the bank has a claim for an unauthorized EFT, it costs money. The choices you make will determine how much that will be. If you pay every claim, you may be giving away profits.
Does your customer use a Square? PayPal? Bitcoin? Popmoney? These are exciting new payment mechanisms that our customers embrace. The issue is the impact on your bank.
The guidance from the FFIEC indicates that all banks need to address social networking. You need to care about social media if your bank or your employees have a presence.
In managing vendors for your institution, what are your first, second and third lines of defense? You can delegate authority, but you cannot delegate responsibility. Responsibility and potential liability rest on the financial institution.
NACHA approved Same-Day ACH to be rolled out over the course of the next three years, with phase one going into effect in September 2016, in response to the need for faster electronic payments and settlement.
How do you reduce skimming-related losses? By having properly trained frontline staff members who know what to look for to detect and mitigate skimming fraud losses.
Change an online banking password and stop a cyber attack? Not necessarily. It may be closing the barn door after the horses are out. The operational response to a cyber incident must be swift, decisive, effective.