Stopping Cybercrime With Advanced Fraud Prevention

  • Fraud Prevention

There is an alarming number of cybercriminals who are increasing their attacks on financial institutions by gaining control of customer devices. Theyre expanding their tactics by launching their attacks from the compromised devices of customers and employees as well as from criminal devices. They conduct real time credential theft and take over accounts.

Its important to protect your organization against the full range of attacks responsible for the majority of online and cross-channel fraud, including account takeover. The main reason for fraudsters continued success is that highly advanced tactics allow for a wide variety of attacks that are very difficult to detect with traditional fraud prevention technologies. These criminals are aware of the technologies deployed by most institutions and design attacks to surpass them.

A secure fraud prevention plan must be built on key elements, like dynamic KBA, high-risk alerts, and more, to ensuring sustainable prevention in the chaos of the rapidly evolving threat environment. As financial institutions expand their mobile payment capabilities, we expect to see more fraud involving compromised mobile devices. When mobile capabilities become widely adopted, fraudsters will focus attacks directly on mobile devices or incorporate the mobile channel in broader fraud schemes.

Implementing a strong solution for preventing fraud can quickly protect and defend the inevitable threats. Staying ahead of the evolving threat landscape is extremely challenging, especially for financial institutions with limited sources. Fraud prevention tactics are constantly changing and platforms must rapidly adapt while placing minimal burden on a financial institutions system.

Fighting the war on cybercrime will not get easier for financial institutions over time. Fraudsters will most likely continue to use a divide-and-conquer approach with their attacks. Institutions must fight their battles from the front line the customer endpoint. Breaking the first link in the chain will help keep fraud from entering the system. Focusing fraud prevention efforts on the customer endpoint allows the highest likelihood of preventing fraud.

Products like IdentiFlo Management Platform help you to manage your account, authorization, security options and more. Contact us today for a live demo.

[Contributed by EVS Marketing]