In the near future, financial institutions will have new opportunities for service in emerging payments. How they define their roles, however, will depend greatly on steps they take now to put a stake in the ground.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Payments are moving away from tangible currency to so-called new economies, where value relies more on reputation than currency. Venues such as Facebook facilitate e-commerce via new economies. But as with any change in the payments scheme, industry experts expect these new economies to be accompanied by new risks.
"You need to understand how you are currently using social media in your organization, and how you intend to use it, before you can define policies around social media," says Erika Del Giudice of Crowe Horwath.
A new social-media-management tool provided by the ICBA aims to help community banks monitor social media communications, streamlining posts and comments that appear about banks on and through a number of channels.
A new, free guide on Facebook security, though geared for users, details the practices chief information security officers and other organizational security practitioners should share with their staffs to assure not only safe Internet hygiene when workers access Facebook from work, but for use with other social media...
As social media continues to evolve and new threats continue to emerge, organizations must constantly re-evaluate their policies and conduct risk assessments, says Andrew Kennedy, who heads up social media policy for BITS.