Ah the holidays! Is there ever a better time of the year? Nothing beats time with family, a small break from work, and eating until you pop! It’s hard to imagine that anything could spoil those warm holiday feelings. But just in time for the season of increased spending, thousands of cases of credit card identity theft are reported during the holidays.
After completing some much procrastinated shopping last year, I went online to pay a credit card bill. I knew I had spent some money, but WHOA! I didn’t think I had spent that much! With shaking hands and blurred vision, I dug deeper to discover that my credit card information had been stolen! An unknown person had hacked into my information and purchased airline tickets for what I can only assume was a trip around the world. Frantically, I dialed the number for customer service and quickly reported the incident. Thankfully the fraud investigation team was able to quickly determine that I had in fact been hacked.
With this holiday season already upon us, I have been dutifully checking my accounts. Flashbacks to last year’s events and the implementation of the EMV chip have me contemplating, “What are financial institutions planning in 2016 that will help prevent such issues?” Obviously, the EMV chip is a much needed step in the right direction. With criminals creating new ways to “hack the system” on a seemingly daily basis added to the amount of institutions that have fallen behind on the EMV implementation deadline, it seems a daunting task.
Are banks truly going to take the time to invest the necessary funds into technology in 2016 that will safe guard our information? In 2015 we saw a much needed focus on compliance, analytics, and digital banking. Will the same hold true for the coming year? Will we be able to rest assured that each purchase is protected and the data we generate not breached?
As former CEO of Barclay Antony Jenkins stated “…there shouldn’t be a technology strategy. There should only be a strategy with technology at its core.” For all of those decision makers out there completing planning budgets and making decisions on where you and your team will be focusing your strategy in 2016, I implore you to invest in technology and information security.