Category: Risk & Fraud

  • Digital banking security

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    Lumin Digital prioritizes security and confidentiality through a dedicated Enterprise Risk Management department led by cybersecurity experts. This team designs and implements comprehensive security measures, reporting directly to the CEO and Board. Our security program includes rigorous governance, independent audits, and transparent policies available on our trust portal. We ensure workforce security through thorough background…

  • Identity Matters: The Importance of Customer Identification Programs in Banks and Credit Unions

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    Discover why implementing a robust customer identification program (CIP) helps your financial institution ensure regulatory compliance and enhance customer trust. Whether you’re a large multinational bank or a local community credit union, all financial institutions have one thing in common: they must have a clear picture of who they are doing business with. Established by laws…

  • Is Your Digital Banking Platform Secure?

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    Your digital banking platform lies at the heart of your financial institution. How do you know if your technology partner is staying ahead in this ever-evolving digital landscape? Thanks to the digital revolution, financial management will never be the same again. As online and mobile banking has become the norm, financial institutions must offer secure…

  • Decoding Deceit: How Behavioral Biometrics is Beating Fraud

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    With social engineering scams dominating fraud tactics today, forward-thinking banks and credit unions are turning to the science of behavioral biometrics to help their customers thwart even the most sordid criminals. In today’s digitally dominated world, cybercrime happens so frequently that experts believe there is a new victim every 22 seconds. And that ratio is…

  • Loan Fraud: How To Detect and Prevent Against the Next Generation of Lending Fraudsters

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    Loan fraud is hitting U.S. banks and credit unions hard, both in terms of cost and operational burden. Not only does every $1 of fraud loss cost US financial services $4, but the need for lenders to detect and prevent fraud inevitably adds friction to the application process that can deter genuine end users. All…

  • The Ins and Outs of Knowledge-Based Authentication for Identity Verification in Banking

    Mobile security

    Consumers lost over $5.8 billion to fraud in 2021, according to the Federal Trade Commission, and the threat is on the rise. Until financial institutions have a secure, reliable method for verifying account access and transactions, hackers remain ready to pounce. For banks and credit unions, securing data with additional layers of authorization is a…

  • Customer Identification Programs 101: A Guide for Banks and Credit Unions

    Mobile security

    The customer identification program (CIP) is an essential part of the daily operations of banks and credit unions. In the U.S., financial institutions are required by the federal government to verify the identity of their customers. Implemented in 2003, CIP is a provision of the USA Patriot Act. It requires banks and credit unions to…

  • Digital Banking Automation: Make the Manual Review Process a Thing of the Past

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    by Marty Aquino For many banks and credit unions, manual reviews are a mixed bag. Sure, they are sometimes entertaining for the reviewers, but as anyone who has ever experienced the process knows, they are often unnecessary. And in this increasingly digital world, traditional, analog manual reviews may not only be inefficient for your banks…

  • How Biometric Authentication Secures the Future of Digital Banking 

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    Digital banking is on the rise. So too is digital fraud. Fortunately, today’s biometric authentication lets banks and credit unions know who’s on the other end of a remote transaction. That could be great protection for the nearly 215 million people whom experts predict will regularly bank online in the U.S. in 2022.   The financial…

  • 5 Types of Banking Fraud Schemes and How To Prevent Them

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    by Marty Aquino Wherever there is money, there will be bad actors trying to take it from your users. According to Business Insider, nearly 800,000 internet crimes were reported to the FBI in 2020, worth a loss of over $4 billion. The banking fraud numbers can be staggering, and they’re likely to keep rising as the world becomes…