In reference to the fraud assaults plaguing financial institutions, Dave Excell, creator of Featurespace, said to Karen Webster of PYMNTS: “The problem is significant, and it continues to increase. Therefore, staying silent isn’t actually the answer to the issue.
The smaller FIs are particularly at risk at the moment since they are more exposed than their larger counterparts.
He asserted that con artists always seek out the weakest link in the chain. Because they have fewer resources to invest in technology than larger FIs, smaller FIs are, in general, the weakest links in the financial system.
Unsurprisingly, the bankers are aware of the dangers. In fact, the “The State Of Fraud and Financial Crime In The U.S.” research, a partnership with Featurespace, found that 95% of 200 executives at FIs with assets of at least $5 billion said that developments connected to anti-money laundering (AML) and combating financial crimes were top of mind.
According to 85% of the same CEOs polled, the concept of using new technologies to strengthen their anti-fraud operations gives them pause. There is a disconnect between the desire to combat fraud and the certainty that the technology being used is the appropriate one and will provide a good return on investment.
In a news statement on September 5, CVS Health President and CEO Karen S. Lynch remarked, “This purchase will improve our relationship to consumers in the home and enables clinicians to better meet patient needs as we execute our ambition to transform the health care experience.” The merger will also make it easier for us to expand and create new product offerings using a multi-payor strategy.
According to the news at the time, CVS Health prevailed against Amazon and UnitedHealthcare in a fiercely fought acquisition proposal for Signify Health. This fight highlights the major firms’ ongoing drive into the medical services industry.
