Current Banking Issues: Synthetic Identity Fraud & How it Happens
Many things have changed rapidly with the growth of technology. Many of these changes have been positive, making life more convenient and connecting people more than ever before. Unfortunately, these same developments have also increased the number and types of threats that can put our personal and sensitive information in jeopardy. The financial world is no stranger to these threats, but due to technology’s fast nature, new threats evolve just as current ones are mitigated. The latest is synthetic identity fraud.
As we begin a new year our thoughts often turn to the future. What will the next twelve months bring in the way of problems and opportunities? For bankers, consideration of what the economy and the banking environment will be like in the New Year will be a top priority. Will 2017 be a year of growth and prosperity? What changes will monetary and fiscal police initiate? Will the bank’s profit margin improve from the dismal levels of recent years? Are more restrictive regulations on the horizon?
The business of banking is one based on trust. Clients deposit their funds, perhaps their life savings, their retirement funds, and other financial resources in their banks with the expectation that their money will be held securely, invested wisely, and returned when requested. The industry has a reputation of ethical behavior which is essential to its historical success. When this reputation is tarnished by the actions of a few institutions the entire industry is affected in a negative way and reacts with enhanced vigilance to assure that long-standing ethical standards are enforced.
Managing performance and recognizing key indicators is important across every facet of life. In sports we use statistics, trends and history to tell us what is working, what isn’t, and what may. When driving your car you may feel sluggish acceleration or problems steering; again these are performance indicators that hint at a problem. While your bank may not provide the tangible feedback like a bad fuel pump, or a left handed batter that can only pull the ball, there are a number of insightful ways to manage performance to optimize profitability and success.
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