The financial industry is undergoing a paradigm shift with an influx of ever-evolving technology, demographics, and regulatory dynamics. Electronic payments have always been the prime target for hackers with data breaches causing huge losses for organizations.
Fraud Risk in a Digitally Connected Payment World
Financial Institutions (FIs) are grappling with ever-expanding fraud landscape including payment fraud, data breaches, ATM skimming and highly targeted phishing schemes. As per a recent study, cumulative loss from payment fraud is expected to cost businesses approximately $6 Billion in 2018.
Ongoing surge in payment fraud and innovations have turned organizations into a fertile ground for threats. Fraudsters on the prowl are upgrading their sophistication level, rendering numerous fraud detection systems ineffective for monitoring threats. The rise of digital currency information security has never been more important.
Will FIs Obtain Regulatory Relief?
A considerable increase was observed in number and complexity of regulatory compliance. Globally, credit unions have been facing a wave of lawsuits alleging that their websites are inaccessible to the Americans with Disabilities Act. Approximately 30 new ADA suits were filed against credit unions in December 2017 that spells the intensity of fraud.
Experience a New Outlook for your FI at CUNA GAC 2018
CUNA Governmental Affairs Conference (GAC) 2018 is expected to witness an impressive footfall with over 5000 industry leaders participating in the conference. Washington DC will once again take the center stage from February 25th to March 1st, 2018, helping FIs navigate the rapidly transforming regulatory landscape. The event will advocate a stronger future for the credit union movement incorporating regulatory relief, expansion of credit union powers, tax status and data security.
QPS at CUNA GAC: Restrict Fraud and Increase Your Turnover
QPS will etch its presence at the GAC event, addressing the roadblocks that sprung up around payment innovations and regulations. Introducing businesses to an integrated suite of fraud detection and prevention solutions, QPS will bring them huge benefits and improved consumer experience. Machine learning coupled with human eye intervention has proven to be a powerful weapon to combat ACH and wire transfer fraud.