Data security at most financial institutions tends to be a reactionary exercise based primarily on fear, Mark Berman, principal and founder of Horsetail Technologies, told attendees of the CUNA Payments Roundtable Tuesday.
During her presentation Tuesday at the CUNA Payments Roundtable in New Orleans, Caroline Willard, executive vice president of CO-OP Financial Services, offered a statistic that put the transforming emergence of mobile payments in eye-opening context: Mobile payments increased at a 59% growth rate in 2014.
Richard Crone, CEO of Crone Consulting, who facilitated the CUNA Payments Roundtable in New Orleans Monday and Tuesday, offered participants a simple but daunting piece of advice to meet the challenges presented by the digital payments environment: Bet on yourself.
Tom Davis, senior vice president with Card Services for Credit Unions, Tampa, Fla., provided an overview of the evolving digital payments landscape Monday for credit unions during his presentation at the CUNA Payments Roundtable Monday.
While financial institutions continue to focus on the execution of mobile payments, Ron Shevlin of Cornerstone Advisors urged participants at the CUNA Payments Roundtable to add value to the mobile experience.
Human trafficking, money laundering, trade-based money laundering and terrorist financing all come with their own sets of red flags for financial institutions. In addition, entities such as money services businesses and cash-intensive businesses can be legitimate, but also have potential to be used for illicit activities.