Independent Banker - February 2019 - 39
Next: Celebrating an advocacy victory
that are outside of a customer's normal
activity, " he says.
Douglas Manditch, chairman and
CEO of $995 million-asset Empire
National Bank in New York, points
out that community banks like his
still need to rely largely on what is
being off ered by their core processor
or card services provider. " But that
changes all the time, " he says. " We all
want to shut down fraud as quickly as
possible, and that seems to be getting
better and better. "
Jordan Blake, vice president of
products for BehavioSec, says retail
banks have increasingly relied on
artifi cial intelligence to detect and
prevent fraud. " The technologies
allow for the automated discovery
of patterns across large volumes of
transactions, which give banks the
power to effi ciently determine which
transactions are likely to be fraudulent
while reducing false positives, "
he says.
Community banks should look for
machine learning-driven off erings
that go beyond cumbersome one-time
authentication measures like passwords
and tokens, Blake says. Indeed,
Manditch is among the community
bankers who are hoping to " catch
fraud before it happens. "
In addition to fraud, community
banks are looking to improve their
" false positive " record, Cook says.
" There is strength in numbers, "
says Ian Holmes, senior manager of
enterprise fraud solutions at SAS.
" Combining data across like fi nancial
institutions can provide a strong consortium
of data, which helps them to
become more predictive in identifying
fraud across the group. It can also
help them spot threat trends across
multiple peer institutions that may
have gone unnoticed in isolation. "
Karen Epper Hoffman is a writer in
Washington state.
i
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Independent Banker - February 2019
Table of Contents for the Digital Edition of Independent Banker - February 2019
Table of Contents
Independent Banker - February 2019 - Cover1
Independent Banker - February 2019 - Cover2
Independent Banker - February 2019 - Table of Contents
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Independent Banker - February 2019 - Cover3
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