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In the first part of our series, we uncovered a multitude of statistics regarding the very real fraud threats that financial institutions, consumers, and merchants face on a daily basis. For part two, we spoke with several fraud experts to gain their perspectives on the most … Continue reading →
In July 2015, the Department of Defense (DoD) passed major changes to the Military Lending Act (MLA) with target compliance dates of October 3, 2016 and October 3, 2017. The 2017 date applies only to credit cards.
The MLA’s overall goal is to prevent predatory lending … Continue reading →
This is the first in a two-part series as we look more deeply at fraud concerns and best practices for managing this ever-changing threat.
Over the past couple of weeks we’ve been discussing fraud mitigation strategies on ZootBlog—everything from EMV chip cards to encryption, tokenization, and … Continue reading →
Use of biometrics is popular in Hollywood movies to create drama and suspense when spies attempt to raid a Swiss bank safe or invade a Russian nuclear plant. Palm print readers and iris scans make for thrilling espionage film scenes, especially when access is gained using … Continue reading →
What happens when fraud protection adds more friction to the payments process or convenience trumps security? EMV has moved the needle the wrong way when it comes to the customer experience. Additionally, mobile device users are more willing to give up personal data that puts them … Continue reading →
If you have ever had the pleasure of hearing Arkadi Kuhlmann speak, you know he is not only entertaining but full of practical insight. In 1996, he introduced consumers to direct, branchless banking as the founder of ING Direct Canada. Four years later he brought it … Continue reading →
It is well known that silos have long prevented banks from achieving the ideal customer experience, because they create a fragmented user experience. An executive from Ally Bank made an interesting observation at a recent industry conference. “The irony is that fintechs are creating mini-silos with … Continue reading →
Innovation has been top of mind for Zoot since the day we opened our doors in 1990. Our philosophy is to apply what we’ve learned in the past to the challenges of the present in a constant evolution. Our clients’ needs truly drive our solutions—and an … Continue reading →
How long should it take to add your spouse to your bank account? A few minutes seems reasonable to me. However, it took one full hour to accomplish this simple task at my local community bank where I have been a customer for more than a … Continue reading →
Over the past several years as banks focused on staying in compliance with myriad new regulations, innovation slowed—nearly to a standstill. In 2015, I predicted it would be the year banks took back banking. That was certainly true for our clients. They forged partnerships with companies … Continue reading →