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Articles by Karen Postma
AI revolution in financial services brings new opportunities and risk
In the dynamic realm of financial services, the integration of artificial intelligence (AI) has emerged as a transformative force, promising unparalleled opportunities. While not new, the breadth of AI as a potential game changer for applications spans asset management, corporate banking, wealth management, retail banking, risk management, legal, compliance, and more. But the promise of unparalleled opportunities in AI also pose serious cybersecurity challenges.
Credit unions meet with Fed staff on interchange proposal concerns
America’s Credit Unions’ Madison Rose, Mountain America Credit Union President/CEO Sterling Nielsen, and financial services organizations met with staff from the Federal Reserve Thursday to discuss the Fed’s debit card interchange proposal. America’s Credit Unions strongly opposes the proposal, and has pushed back on it with a multipronged approach that includes meetings with the Fed.
Decoding the future: Embracing data intelligence for credit unions in the digital age
Credit unions and financial cooperatives find themselves at a pivotal moment in history, where the convergence of technology and finance demands not just adaptation but a bold reimagining of their operational strategies. The era of Data Intelligence, heralded by the evolution of fintech, presents an unparalleled opportunity for these institutions to not only survive but thrive in a rapidly changing landscape.
Decoding the future: Embracing decision intelligence for credit unions in the digital age
Credit unions and financial cooperatives find themselves at a pivotal moment in history, where the convergence of technology and finance demands not just adaptation but a bold reimagining of their operational strategies. The era of Decision Intelligence, heralded by the evolution of fintech, presents an unparalleled opportunity for these institutions to not only survive but thrive in a rapidly changing landscape.
Successfully fighting social engineering attacks requires changing behaviors AND knowing what is running within your applications (AT ALL TIMES)
In a recent article noted Cybersecurity consultant Roger Grimes made clear that “Social Engineering Is the Number One Cybersecurity Problem by Far.” Along with sharing evidence that social engineering attacks are overwhelmingly the origin of security breaches, Mr. Grimes argued for the absolute need to educate everyone in your organization about the problem, the attackers’ methods, and the ways to recognize them.
Washington, banks & AI: Here’s how to get ready for more scrutiny
Across the financial services business, AI-powered solutions have taken center stage as the future of both internal and client-facing systems. But cutting-edge products and solutions often draw regulatory scrutiny. Headlines regarding new guidance or enforcement priorities seem almost as common as the headlines purporting revolutionary innovations.
Understanding the Cyber Incident Reporting for Critical Infrastructure Act
on March 27, 2024, the Cybersecurity and Infrastructure Security Agency (CISA) announced their proposed rules for the Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA).* The CIRCIA legislation is aimed at enhancing the cybersecurity of critical infrastructure sectors and improving incident reporting to relevant government agencies.
THINK 24 Speaker Spotlight: Peter Sheahan
A leader in business growth and innovation, Peter Sheahan will take the main stage at THINK 24 to share his insights with credit union leaders. As a celebrated speaker and author, Peter brings a wealth of knowledge and experience to help navigate the evolving credit union landscape. Peter is an innovative business thinker with firsthand experience in scaling a global company and guiding the world’s leading brands through pivotal transformations.
Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle
Crypto startup Ripple is the latest major player to jump into the $150 billion stablecoin market with the launch of a digital currency pegged to the U.S. dollar. The stablecoin will always be backed 1-to-1 by an equivalent sum of assets — U.S. dollar deposits, U.S. government bonds and cash equivalents — that the company holds in reserve, according to Ripple. The crypto firm said its reserves would be accounted for in publicly available monthly attestation reports.
US layoffs reach 14-month high amid government, tech cutbacks
U.S. layoff announcements rose 7% in March to the highest since January 2023, led by technology and government-sector job eliminations, though cuts announced year to date are down 5% from a year ago amid a still-strong job market, a report out on Thursday showed. Job cut announcements increased to 90,309 in March from 84,638 in February, outplacement firm Challenger, Gray & Christmas said. On a yearly basis, the level increased slightly by 0.7% from the 89,703 cuts announced in March 2023.
2024 CDRLF grant applications to open May 1
The NCUA will open the first round of 2024 Community Development Revolving Loan Fund (CDRLF) grants to low-income-designated credit unions May 1, according to a press release from the agency Wednesday. The agency noted minority depository institution credit unions are not eligible for funding in this year’s grant round if they do not have the low-income designation. Low-income-designated credit unions can apply between May 1 and July 1.
AI: A new fraud frontier
While fraudsters and their schemes are far from new, the fraud market reached an unprecedented milestone in 2023. According to data from the Federal Trade Commission (FTC), 2.6 million fraud reports were filed, with consumers losing more than $10 billion to fraud last year alone. An increase of 14% over 2022, this is the first time fraud losses have reached the double-digit, billion-dollar benchmark.
3 Questions with PSCU/Co-op Solution's Karen Postma
CUInsight Publisher & CEO Lauren Culp is joined by Karen Postma, Managing Vice President at PSCU/Co-op Solutions for a quick interview with just 3 questions about cybersecurity and AI… Three questions: (0:31) In today’s digital-enabled world, the rise of artificial intelligence (AI) has become a powerful tool. However, this same technology is also being used by cybercriminals for malicious purposes.
The First Baptist Church preparing Christmas Dinner for the community
Christmas Day is the high point of the Christmas season, and the First Baptist Church of Benton, KY wants to make sure everyone has the opportunity to enjoy celebrating Christmas, the birth of Jesus, with a meaningful time of gathering together and a delicious meal. You and your family are invited to share a FREE Christmas dinner of turkey, ham, mashed potatoes with gravy, sweet potatoes, green beans, dressing, cranberries, and scrumptious homemade desserts.
Evaluating your fraud toolkit
Every year, the start of a new year reinvigorates consumers around the world to set resolutions to get organized, implement healthy habits and establish ways to enhance their lives. While businesses do not necessarily make New Year’s resolutions, the beginning of the year is an optimal time to reevaluate your offerings, as well as take inventory of your organization’s toolkits to make sure they are current.
Is this failed EMV transaction legit or no? - CUInsight
For financial institutions (FIs), fallback transactions can be double-edged swords. Allowing fallback transactions means increasing the risk of fraud, while blocking them means legitimate transactions cannot go through. Fallback transactions occur when consumers insert EMV chip cards at chip-enabled terminals but cannot complete the transactions as chip transactions. Instead, the transactions go through as magnetic stripe swipes.
Fraud prevention tips to fall back on - CUInsight
Real or not real? For credit unions facing fallback transactions, correctly answering this question could mean the difference between allowing legitimate or fraudulent transactions through. Fallback transactions occur when a consumer inserts a chip card at a chip-enabled terminal but is unable to complete the transaction as a chip transaction. Instead, the transaction is completed as a magnetic stripe swipe.
Well-leveraged data makes an impact on consumer experiences - CUInsight
Imagine walking into a credit union, being greeted by name and then being asked how you like your new rewards card – all before you’ve even said, “Hello.” In the digital age, consumers have begun to expect hyper-personalized experiences like these. The key to delivering these experiences lies with data. Already, several industries are leveraging data for customized experiences. SevenRooms, a hospitality intranet service, helps restaurants understand who their consumers are and what they like.
Consumers fill their plates with self-service banking options - CUInsight
Instant gratification is a must in today’s “need it now” society. Consumers continuously seek out new, different ways to get what they want when they want it. That mentality even influences consumers’ banking behaviors. A recent survey from Mercator Advisory Group found consumer preference for self-service banking options is on the rise. Of the 3,000 U.S. adults surveyed, 57 percent said they preferred to deposit higher-value checks through a teller rather than a mobile remote deposit.
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