Dave Excell, the founder of Featurespace, told Karen Webster of PYMNTS that there is a serious problem with the attacks on financial institutions, and it is getting worse. As a result, keeping quiet is not the best course of action.
Since they are more exposed than their bigger counterparts at the present, the smaller FIs are particularly in danger.
He claimed that swindlers always look for the weakest link in the chain. Smaller FIs are typically the weakest links in the financial system since they have less money to invest in technology than bigger FIs.
The bankers are aware of the risks, as might be expected. In fact, according to “The State Of Fraud and Financial Crime In The U.S.” research, a collaboration with Featurespace, 95% of 200 executives at FIs with assets of at least $5 billion said that advancements related to combating financial crimes and anti-money laundering (AML) were on their minds right now.
85% of the same CEOs surveyed said they have second thoughts about employing new technologies to bolster their anti-fraud efforts. The need to prevent fraud and the confidence that the technology being used is the right one and will yield a decent return on investment are at odds with each other.
“This transaction will strengthen our engagement with customers in the home and enables clinicians to better fulfill patient requirements as we carry out our mission to redefine the health care experience,” said CVS Health President and CEO Karen S. Lynch in a news release on September 5. The merger will also make it simpler for us to use a multi-payor approach to grow and develop new product offerings.
In a bitterly contested purchase bid for Signify Health, CVS Health defeated Amazon and UnitedHealthcare, according to the headlines at the time. This conflict demonstrates the large companies’ ongoing foray into the medical services sector.
