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How to Do a Risk Assessment of Your Financial Institution

When you run a financial institution, you need to safeguard your resources and your clients from threats. That often starts with a risk assessment. To help guide you in the right direction, here’s a very brief overview of what needs to happen during a financial institution risk assessment. Make... (more...)

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Fraud Prevention vs. Loss Recovery – Why Humpty Dumpty Can’t Be Put Back Together Again

An ounce of prevention is worth a pound of cure, a stitch in time saves nine, and you can’t put Humpty Dumpty back together again. There are countless sayings about the importance of proactive, preventative measures, and they often underscore how repairing damage is more time consuming and challenging... (more...)

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What Is Spoofing?

Spoofing refers to a range of fraudulent practices where scam artists use email addresses, URLs, or phone numbers that mimic the email addresses, URLs, or phone numbers of a trusted person or business. All of these practices are ultimately designed to get money out of the victim’s bank account... (more...)

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Essential Controls to Minimize ACH Fraud

Thieves attempt to steal close to $100 million in ACH fraud every year, and according to the FBI, the majority of the attempted fraud is on accounts from local community banks and credit unions. In 2017, with the rise in popularity of same-day ACH processing, the threat is even bigger—some analysts... (more...)

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Is Your Bank Encrypting Data?

Data encryption is the use of computer programs to turn plain text into cipher text. In other words, encryption uses mathematical algorithms to turn regular words and numbers into secret codes based on ancient Egyptian scribe. If you own or manage a small financial institution, you may be wondering... (more...)

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What Kind of Threat Does Your Financial Institution Face from Malware?

Recently, the media seems very focused on ransomware, and both businesses and financial institutions need to be aware of those risks, but in most cases, malware presents an even bigger threat than ransomware. There were roughly 1.2 million malware detections last year. That’s two and a half times... (more...)

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Manipulated Data: The New Bank Hack

Banks spend a lot of time and money protecting themselves from data breaches and hacks, but if you run a financial institution, it’s now time to add another threat to the list: data manipulation. Most cyber threats focus on stealing information, but data manipulation is when hackers change financial... (more...)

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What Can Happen to Your Financial Institution When Data Is Breached

In the wake of the widely publicized Equifax data breach, more and more people are starting to think about data security. If you own, manage, or sit on the board of directors of a financial institution, you may be wondering what would happen if your bank experienced a breach. While the effects can vary,... (more...)

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How Your Financial Institution Can Go Paperless

Paperless banking is an area in which online services have shown dramatic improvements in efficiency, cost, and security. Yet many financial institutions have moved slowly into online banking and many customers have kept paper statements even while using online services. Making the Switch Converting... (more...)

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Mobile Signature Management

Managing a financial institution is more challenging than ever with today’s advanced technology. New regulations put in place after the 2008 financial crisis, rapidly evolving technology, and the ever-present threat of cybercrime keep management busy around the clock. Identity theft and bank fraud... (more...)

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