In a world of constant data breaches, where all consumer PII data is exposed, financial institutions are seeking innovative ways to authenticate customers, verify identity and prevent account takeover. This is leading to investment in a world of innovative authentication methods but that also means FIs find themselves...
In the wake of recent massive data breaches, such as the Equifax hack, a flood of stolen data is leading to a whole new wave of account takeover crimes, says Emma Mohan-Satta of Kaspersky Lab. How can organizations refine their defenses?
Security probes into IoT vulnerabilities too often swerve into creepy territory. Take security researchers at Check Point who discovered they could seize control of an internet-connected LG vacuum cleaner's camera, allowing them to turn a roving robotic cleaner into a spy cam.
PSD2 presents opportunities and introduces new requirements for banks. Proactive, early-adopting organizations will be able to meet the new demands rapidly. By creating new alliances and providing innovative services, they will be able to provide value for both themselves and their customers.
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Defending against tomorrow's mobile attacks is a moving target; but new technologies and strategies, including behavioral biometrics and machine-learning-based analytics, are allowing financial institutions to reduce their fraud losses while enhancing their customer experience.
Based on the latest results of ISMG's...
Before the Internet, customers who wanted to perform a bank transaction had only one option - a visit to their local branch for a face-to-face transaction. Now, in the "mobile age," customers expect that their bank provide secure and easy access to the full suite of banking services via their mobile device. The...
Summit Credit Union of Wisconsin is seeking class-action status for a lawsuit against credit bureau Equifax. The credit union contends it will have to bear the fraud costs resulting from Equifax exposing a massive amount of U.S. consumer data in one of the worst data breaches ever seen.
Traditional approaches to managing cyber risk typically include use risk assessment questionnaires and audits. The results of these are often interpreted with cyber threat matrices to provide a rough, qualitative snapshot of risk. Such strategies are time consuming, expensive, and it is unclear how effective they are....
Mergers and acquisitions (M&A) are commonplace in the business world. Unfortunately, so is cyber crime. According to a recent study, 78% of respondents said that cybersecurity is not analyzed or quantified in depth as part of their M&A due diligence process. If you are evaluating a new M&A, why would you neglect...
Before the Internet, customers who wanted to perform a bank transaction had only one option - a visit to their local branch for a face-to-face transaction. Now, in the "mobile age," customers expect that their bank provide secure and easy access to the full suite of banking services via their mobile device. The...
We all know how fragile our digital identities are, and any business offering digital accounts knows about the risks of account takeover attacks. As more and more businesses undertake digital transformation strategies, account takeover becomes an increasingly lucrative attack option for fraudsters. With strategies...
There are many faces of fraud in the insurance market - using stolen identities to obtain a new policy - or just as troubling, an account takeover to make a false claim or change payee information to receive claim funds. And when fraud hits, it hurts everyone in the pool.
At the same time, the insurance industry...
Angler phishing targets customers of financial services firms more often than any other industry. When a customer tries to connect to with you, the attacker responds through a lookalike social media account and tries to obtain your customer's account credentials. This can lead to real monetary losses, a damaged brand,...
Security teams commonly lament that reducing fraud in the enterprise would be a whole lot more effective if only the products could understand the business better. This is especially true with websites, the primary interface of the business with customers, partners and employees.
Account takeover, automated...
Today's FIs face a breadth of consumer demands, competitive threats and security and fraud risks. Acquiring and retaining consumers in a fiercely competitive marketplace flooded with waves of non-traditional players requires a consumer-centric digital strategy. The key enabler for an effective digital strategy is...
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