Today In Data

Today In Data: Going Big, Thinking Small

The marketplace of 2018 and its many opportunities are the favored fodder for optimists in the digital age. But a fast-growing world is a challenging one – particularly with fraudsters always waiting in the wings to make the costs of failure very high for those who fail to upgrade adequately. And as the world gets more connected – which it will – the opportunities for fraudsters to break into those connections only become more numerous. But for all the undeniable risks, the rewards are numerous and perhaps unexpected, as a more connected world is also allowing community-based organizations like credit unions  to connect more closely and credibly with their growing consumer base.

 

Data

$372 million: Estimated property damage (so far) from the Kilauea volcanic eruptions of 2018.

$625.3 million: What PwC was ordered to pay by a judge for failing to detect fraud between a client and a mortgage lender.

$1 trillion: Value of loan balances held by credit unions as of March 2018.

$6.2 trillion: The estimated worth of the global market for connected devices by 2025.

76 percent: Share of millennial consumers who report they are always looking to try new and different forms of banking, saving, payment and currency.

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PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

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