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In 1983, I completed a computer security test for a Top Tier U.S. bank. Their idea not mine, because the CEO was alert enough and worried about early signs of computer crime in banking. I never considered myself a computer security expert then, and certainly not now. But the bank chose me as a guy who knew banking IT from A to Z, and could develop an objective test without strings attached (in contractor parlance "strings attached" means staying on the job forever). My test had a beginning, a process, and an end. It included 39 ways to rob a bank with a computer. I played the role of the robber, and several employees of the bank played the role of several employees of the bank. The bank failed only three of the tests, and they admitted defeat after the dress rehearsal. "Give us a chance to fix them," they said. When opening night arrived at the CEO theater, the employees of the bank joined me. No prima donnas attended. The CEO listened attentively to my presentation. At the end of the third act, he asked his employees one question. Tell me how you plugged the three voids. They did, and the emphasis was on past tense. Done deal. The applause for the employees was loud and enthusiastic, for there were other worried executives in the theater who didn't have the power to do anything about computer security, except worry about it. I need to say this - That's why exceptional CEOs are worth every penny of the millions of dollars they are paid. They make good things happen during good times and bad. Fast forward to 2017. Now there are thousands of ways to wrongfully disrupt a bank, and literally millions of modern-day Wilie Suttons with tech skills far superior to those of keepers of the "vaults." Block a hacker today, he'll/she'll invent a new scheme tomorrow. Reality: There isn't a bank in the world that will plug up all the seams and holes of a system. In fact, bankers brag about how they provide easy access to their customers' money and data, any time, anywhere and without the latest access technology. "Easy" is one of those words that influenced the 2008 financial crisis. "You own a home or want to buy a home, we'll mortgage it for more than it's worth. Sign here." That's why banking is a regulated industry, because bankers need to be watched - all the time. Lessons from past disasters don't seem to be a good educational tool for protection against next disasters. What we know now is that the Bank Examiners, Bank Customers, Bank CEOs, The Congress, and Bank Stockholders will love any bank for trying to keep the bad guys out. Do something even if it isn't everything! Following is a list of solutions that may provide a good start towards doing something. And remember, you should be able to run a bank a lot better than a President or Congressman. So before deregulation gets on a roll, your actions to adopt safe solutions will be a lot better than yelling, "Show me the evidence, Donny!" COMPLIANCE, SECURITY, FRAUD CONTROL & RISK MANAGEMENT ACI Worldwide Payments Risk Management Baker Hill Exception Advisor Baker Hill Profit Risk Advisor Compliance Systems, Inc. Simplicity Continuity D+H eSearch - Know Your Customer D+H IncomeVerify D+H Cavion Security Solutions D+H Compushare Risk Director D+H Compushare Compliance Consulting D+H Enterprise Fraud Management D+H Compushare Managed Network Security Entersekt Online Banking Security Entersekt Mobile Banking Security Entersekt Transaction Security Entersekt Transakt First Data Network & Security Solutions FIS Secured FIS Compromise Manager FIS ID Protection Service FIS Debit Report FIS Verification & Authentication FIS Risk Case Manager FIS QualiFile FIS Account Ownership FIS Address Analysis FIS DepositShield FIS Employee Fraud Detection FIS FraudFinder FIS FraudLink KIte Detection FIS On-Us Deposit Fraud FIS AML Compliance FIS OFAC/Watch List Filtering FIS Compliance Databank FIS Compliance Analyzer Fiserv Financial Crime Risk Management for Cards Fiserv Financial Crime Risk Management Fiserv Onboard Advisor Fiserv FraudNet Fiserv - Financial Crime Risk Management Fiserv - Financial Control Solutions Fiserv - Financial Accounting, Budgeting & Planning solutions (Prologue) Fiserv - Onboard Advisor Fiserv - Activity Exception Management Hyland Software - OnBase Jack Henry Yellow Hammer Fraud Detective Jack Henry Yellow Hammer Bank Secrecy Act compliance and risk mitigation Jack Henry Yellow Hammer EFT Fraud Detective Jack Henry Yellow Hammer ACH Origination Jack Henry Yellow Hammer Wire Origination Jack Henry Centurion Business Continuity Planning Jack Henry Centurion Disaster Recovery Jack Henry Centurion Data Replication Service Jack Henry Centurion Co-Location Redundant Hardware Backup Jack Henry Centurion jVault Power Backup Jack Henry Centurion Enterprise-Level Recovery for Microsoft Windows servers Jack Henry Centurion jhArchive remote electronic backup Jack Henry Centurion Emergency Notification Misys FusionRisk Misys FinCloud NYMBUS ProfitStars - Regulatory Reporting ProfitStars - Call Report Pro ProfitStars - Branch Deposit Reporting Pro ProfitStars - Fed File Pro ProfitStars - Annual Disclosure Statement Online ProfitStars Gladiator CoreDEFENSE Managed Security Services ProfitStars Gladiator Enterprise Security Monitoring ProfitStars Gladiator NetTeller Enterprise Security Monitoring ProfitStars Advanced Malware Protection ProfitStars Gladiator eShield ProfitStars AlertCenter Temenos Insight Risk Intelligence Temenos AML Screen Temenos AML Profile Temenos BankerVMS Temenos BankRISK Temenos TriComply Vantiv Fraud Detection System Vantiv EMV, Tokenization and Point-To-Point Encryption Wolters Kluwer Financial Systems (30 products) The products and services listed above were extracted from "Automation in Banking - 2016," which was published on December 12, 2016. Because of the dynamics in product development, I am reporting that this list may have changed in the past four months.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Nick Green Director at Purple Patch Broking Ltd
22 August
Oleg Stefanet Chief Risk Officer at payabl.
20 August
Venkatesh P Co-Founder and Director at Maveric Systems
19 August
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