In today’s digital world, effectively managing enterprise risk has become more complex and challenging than ever before. The added level of uncertainty due to the acceleration of online banking over the past few years does not make it any easier. As sobering stats continue to demonstrate, cybercrime is growing exponentially each year, as are the risks to organizations and consumers.
As the world continues to change, cyber criminals and fraudsters adapt and refine their tactics, managing to find ways to exploit new situations and events for their own gain. Meanwhile, regulators frequently revise rules, adding yet another layer of compliance complexity for you to keep pace with.
These are huge challenges banks and credit unions simply can’t ignore and ones that can be difficult to adequately address if utilizing sub-par technology and solutions. Indeed, many institutions are finding their existing approaches and technologies can’t effectively handle the many threats and burdens they face. However, failing to do so has serious consequences – potentially resulting in reputational damage, regulatory fines, losing accountholders, and other risks you can’t afford to take.
Time for Pre-Emptive Measures to Fight Cyber Threats
Today’s consumers expect their assets and information to be available and secure 24/7, trusting your institution to protect and secure their finances against cyberthreats. While closely following the latest news and trends in cybersecurity can help you stay on top of potential threats, it’s important to understand that traditional protection measures often don’t go far enough, as attackers continually use new methods to exploit vulnerabilities and bypass detection. It’s imperative you continue to invest in technology and focus on people and proactive measures to meet this need. One option for banks and credit unions that seek support in these areas, beyond what internal expertise and resources can provide, is to leverage the information security and technology solutions available from Jack Henry™.
Connect with Next-Generation Technologies to Combat Financial Crimes and Fraud
While there’s no specific way to stop financial crimes and fraud threats from happening, you can proactively put process, system, and technology improvements in place to make faster and smarter decisions and better manage risks. By leveraging the financial crimes and fraud solutions from Jack Henry, you can streamline your technology architecture and processes to support a better accountholder experience, improve risk decision-making, and generate greater cost efficiencies.
Put Modern Technologies and People at the Center of Your Strategies
Business-savvy financial institutions like yours can thwart the plans of cybercriminals and fraudsters by utilizing modern technologies and putting people – accountholders and staff – at the center of your risk mitigation strategies. This empowers your organization to overcome risk-related business challenges, more proactively manage risk, and improve accountholders’ experiences.
For more information about Jack Henry’s solutions that reduce risk and fraud, visit jackhenry.com.