It's the age of "open banking," and that means changes for banking institutions and their customers - as well as for the fraudsters. Shaked Vax of IBM Security Trusteer talks about new vulnerabilities and anti-fraud strategies.
Vax, the Identity and Anti-Fraud Solutions Strategist at IBM Security Trusteer, says the modern app era of open banking has completely transformed banking and customers' expectations.
"Users expect banks to develop innovative technology to not only meet their needs, but to provide a more secure banking experience and financial services," Vax says. "Banks are now faced with increased competition from FinTechs, demand for innovation to compete with the FinTechs, and delivering a seamless customer experience as much as possible."
The problem is: just as the open banking era makes business easier for customers, it also enables new opportunities for fraudsters.
In an interview about open banking, Vax discusses:
- What open banking means for institutions, customers and fraudsters;
- New vulnerabilities that arise because of open banking;
- How evolving regulatory mandates also influence cybersecurity response.
Vax is a financial industry subject matter expert specializing in online application security and performance, with specific focus on digital banking fraud, digital identity-theft prevention, consumer information protection, and mobile banking security. With more than 17 years of experience in the security technology industry, Vax has held leadership positions for security product lines at Radware, Checkpoint Technologies and Compulite Industries. Vax received a Cum-laude MBA focused on strategy and entrepreneurship and was a leader for the Bomb Squad with the Israeli Defense Force handling explosive device inspection and explosive ordinance disposal.