Shield and LeapXpert Survey Report Highlights WhatsApp and Messaging Channels Remain Biggest Threat to Bank Risk Management Despite Massive Fines
TEL AVIV, Israel and NEW YORK, July 12, 2023 /PRNewswire/ -- Shield, solving communication compliance for financial institutions, and LeapXpert, the responsible business communication pioneer, partnered to release findings today that show only half of financial institutions (51%) are monitoring employee communications over WhatsApp. Even fewer institutions capture SMS, iMessage, LINE, WeChat, Telegram, and Signal, despite heavy fines issued by US regulators for failing to limit employees using messaging apps on their mobile devices.
- Last September, an SEC probe found that from 2018 to 2021, employees at several leading banks frequently used off-channel communications to conduct business.
- In the last 18 months, $2 billion worth of fines have been levied at more than a dozen financial firms.
- LeapXpert offers compliant, governed and secure communications on messaging and voice channels, while Shield offers multi-layered AI surveillance to manage and mitigate communications compliance risks."
- As regulatory scrutiny intensifies, companies understand the need for decisive action and solutions that help minimize risk by ensuring messaging compliance."