The Many Faces of Online Banking Fraud Attacks
Cyber criminals are continually advancing their techniques to defeat modern online banking defenses. This puts financial institutions in the position of defending against an ever-growing set of attacks. Identifying the best fraud prevention strategy requires an understanding of the wide array of schemes and how they work from start to finish.
Craig Priess, Guardian Analytics Founder and Vice President of Products, will describe the newest fraud attack schemes, how they're able to defeat today's defenses, and anomaly detection as a proven solution that financial institutions can use to defend themselves and their account holders.
You will learn:
- The latest advances in malware that are enabling fraudsters to move faster than ever to avoid detection
- How typical controls, such as dual controls, are being defeated
- How anomaly detection can prevent fraud regardless of what scheme the fraudsters are using
- Why the FFIEC included anomaly detection as a minimum requirement of a layered security program
See Also: How the New World of Digital Banking is Transforming Fraud Detection
Cyber criminals are aggressively advancing their techniques for defeating online banking defenses while continuing to use tried and true methods to execute online banking fraud and steal money undetected. This puts financial institutions in the position of defending against an ever-expanding mix of attacks.
Identifying the best strategy for protecting account holders and your institution requires an understanding of the wide array of malware and human-based attacks against online banking and how they work from start to finish.
Craig Priess, Guardian Analytics Founder and Vice President of Products, has analyzed data from hundreds of banks to understand the latest wire, ACH and other payments fraud attacks. Based on his findings as well as recent fraud research, Craig will present:
- The newest malware schemes that are enabling fraudsters to move faster than ever to avoid detection
- Why "low-tech" fraud attacks are still successful
- How typical defenses, such as dual controls, are being routinely defeated
- How malware is directly attacking end user security
- The methods criminals use to get account holders themselves to unknowingly execute fraud
Craig also will discuss how financial institutions can use anomaly detection to stop the widest array of attacks because it detects fraud based on online banking behavior, regardless of the fraud scheme that is in play. It's proven ability to detect fraud that other solutions miss is a big part of why the FFIEC is now requiring anomaly detection as a minimum element of a layered security program.
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