Tidbits from Day one of NAFCU's Risk Conference

Written by Anthony Demangone, Powered by NAFCU

Day one is in the books, and it was fantastic. 

 

A fantastic panel of big "risk' thinkers.

Here were some of the things that caught my "ear."

• The volume of data and transactions in our industry blows my mind. Mastercard said they monitor 160 million transactions an hour.
• 60 percent of attacks on data and information come from insiders.
• Cyber criminals are not some kid in their parent's basement. They are big businesses with training departments and budgets. 
• Within five years, expect nearly 75 percent of Americans to be using some sort of biometrics with their smart phones.
• The age on an email account has a high correlation to fraud. The older the email address, the less likely a new account is fraudulent. There are vendors that can measure that age.
• The new thing is coming up with digital profiles of members and customers. Cell phone numbers, emails, travel, and purchase patterns, etc. 
• Data, data, and more data can help manage risk in virtually every corner of your credit union. Collections. Member complaints. M&A. Branch placement. Product development. You name it. Getting savvy with data and good risk management go hand-in-hand.
• The new developments that might affect us around the corner?
  • Peer to peer lending
  • Automation
  • Self-driving cars
  • Biometrics
  • Blockchain
  • FinTech
  • Use of big data

The discussions were fantastic. Forward thinking. It was good, good stuff.

 

Comments

[Denny]

Thanks for sharing