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]
