Independent Banker - November 2023 - 31
Next: How data can build new customer relationships
tips to help community banks line
up the right solutions for their bank.
Four payment security tips
1. Use technology to stop
fraud before it starts. Payments
risk mitigation solutions come in
different forms-machine learning
for anomaly detection, generative AI
for insights into behavioral shifts-
but by employing them, community
banks move from a responsive
posture to a preventive one.
" Everything in the tech space is
making sure you have the latest
update to your system, " Noggle says.
" There's software that is bought
to analyze transactions to spot
anomalies. So, making sure you're
being proactive in using the latest
protection available is important. "
2. Invoke solutions that
authenticate. " There's an adage
that's been around for a long time
in this space: 'If you solve for
authentication, everything else is
just accounting,' " says Herren. He
points out that if a community bank
knows the person is who they claim
to be, it can be confident in allowing
the payment to flow.
" There are opportunities for
financial institutions to leverage
better data, to be paying attention to
behavior, to be looking at devicebased
biometrics, typing patterns,
the way the device is held, " he
adds. " There is a litany of options
that should prevent true thirdparty
access. "
3. Employ careful evaluation
of customers and partners.
Know Your Customer (KYC) is a
standard risk mitigation principle,
but when it comes to cybersecurity,
it means going the extra mile
to ensure that customers and
partners invest in their own cyber
protections. For instance, when
a community bank is engaging
" Fraudsters are always looking
for vulnerabilities, so for
community banks, being part
of an organization like ICBA
that lets you know about
these threats immediately
enables you to make sure your
stakeholders do as well. "
-LANCE NOGGLE, ICBA
in relationships where it provides
banking as a service or fintech
payment enablement, due diligence
and ongoing risk evaluation becomes
even more important.
Lori Shao, CEO and founder
of digital provider Finli, advises
proceeding with caution when
onboarding new customers and
partners. " Leverage the organizations
that help you filter financial
technology solutions, like ICBA and
other groups, and lean on each other
for reference checks, " she says.
4. Educate your bank staff,
customers and partners. Part of
the battle against payments fraud
falls in ensuring targeted parties
know when they are being defrauded.
In fact, the World Economic Forum
reports that 95% of cybersecurity
issues can be traced back to human
error. Keeping tabs on the latest
http://www.independentbanker.org
Independent Banker - November 2023
Table of Contents for the Digital Edition of Independent Banker - November 2023
Contents
Independent Banker - November 2023 - Intro
Independent Banker - November 2023 - Cover1
Independent Banker - November 2023 - Cover2
Independent Banker - November 2023 - Contents
Independent Banker - November 2023 - 2
Independent Banker - November 2023 - 3
Independent Banker - November 2023 - 4
Independent Banker - November 2023 - 5
Independent Banker - November 2023 - 6
Independent Banker - November 2023 - 7
Independent Banker - November 2023 - 8
Independent Banker - November 2023 - 9
Independent Banker - November 2023 - 10
Independent Banker - November 2023 - 11
Independent Banker - November 2023 - 12
Independent Banker - November 2023 - 13
Independent Banker - November 2023 - 14
Independent Banker - November 2023 - 15
Independent Banker - November 2023 - 16
Independent Banker - November 2023 - 17
Independent Banker - November 2023 - 18
Independent Banker - November 2023 - 19
Independent Banker - November 2023 - 20
Independent Banker - November 2023 - 21
Independent Banker - November 2023 - 22
Independent Banker - November 2023 - 23
Independent Banker - November 2023 - 24
Independent Banker - November 2023 - 25
Independent Banker - November 2023 - 26
Independent Banker - November 2023 - 27
Independent Banker - November 2023 - 28
Independent Banker - November 2023 - 29
Independent Banker - November 2023 - 30
Independent Banker - November 2023 - 31
Independent Banker - November 2023 - 32
Independent Banker - November 2023 - 33
Independent Banker - November 2023 - 34
Independent Banker - November 2023 - 35
Independent Banker - November 2023 - 36
Independent Banker - November 2023 - 37
Independent Banker - November 2023 - 38
Independent Banker - November 2023 - 39
Independent Banker - November 2023 - 40
Independent Banker - November 2023 - 41
Independent Banker - November 2023 - 42
Independent Banker - November 2023 - 43
Independent Banker - November 2023 - 44
Independent Banker - November 2023 - 45
Independent Banker - November 2023 - 46
Independent Banker - November 2023 - 47
Independent Banker - November 2023 - 48
Independent Banker - November 2023 - 49
Independent Banker - November 2023 - 50
Independent Banker - November 2023 - 51
Independent Banker - November 2023 - 52
Independent Banker - November 2023 - 53
Independent Banker - November 2023 - 54
Independent Banker - November 2023 - 55
Independent Banker - November 2023 - 56
Independent Banker - November 2023 - 57
Independent Banker - November 2023 - 58
Independent Banker - November 2023 - 59
Independent Banker - November 2023 - 60
Independent Banker - November 2023 - 61
Independent Banker - November 2023 - 62
Independent Banker - November 2023 - 63
Independent Banker - November 2023 - 64
Independent Banker - November 2023 - 65
Independent Banker - November 2023 - 66
Independent Banker - November 2023 - 67
Independent Banker - November 2023 - 68
Independent Banker - November 2023 - 69
Independent Banker - November 2023 - 70
Independent Banker - November 2023 - 71
Independent Banker - November 2023 - 72
Independent Banker - November 2023 - 73
Independent Banker - November 2023 - 74
Independent Banker - November 2023 - 75
Independent Banker - November 2023 - 76
Independent Banker - November 2023 - 77
Independent Banker - November 2023 - 78
Independent Banker - November 2023 - 79
Independent Banker - November 2023 - 80
Independent Banker - November 2023 - Cover3
Independent Banker - November 2023 - Cover4
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