October is cybersecurity awareness month — a prime time for banks and credit unions to re-think how they are managing their card fraud detection strategies. Then again, companies should be doing this the other 11 months of the year, too.
Financial institution leaders need to be constantly thinking about how to evolve their card fraud detection management and update their cybersecurity measures - or risk making their organizations increasingly vulnerable. Today, fraud management is more than just reacting to industry alerts. Being reactive, instead of proactive, about cybersecurity, will leave an organization always playing catchup.