The financial sector, state and federal authorities as well as consumers are targeted against various types of fraud, identity theft and data security breaches during the pandemic. One of the biggest threats facing banks and consumers is ATO fraud, which it has done grew 72 percent since the pandemic began and major problems await.
Support the tide and secure the banks against the next wave of fraud
Although the increasing adoption of mobile and digital banking channels had already increased, the adoption has been greatly accelerated by the pandemic, with the majority of American adults today using online (73 percent) or mobile (55 percent) banking channels. But at the same time, cyber attacks on banks have also increased 238 percent. With a number of branches closing for good and the larger transition to digital channels likely to be permanent, it is now time for banks to lock down the security of their mobile and digital offerings.
There are five key areas that banks and financial institutions should prioritize in order to secure their new and existing digital channels against fraud.
1. Modernize into a digital first organization
If there is one thing that the pandemic has proven, it is the importance of having a digital first business model. 2020 is the year that many banks accelerated their digital transformation plans to meet consumer needs during the pandemic. Securing customers’ accounts and sensitive data in digital and mobile channels is more important than ever, as threats continue to increase. About 25 percent of the 15 billion consumer information leaked available to hackers on the Dark Web contains bank account information. If customers are not sure that their data is secure, they leave the competition.
Banks should make sure to adopt cloud-based platforms and security solutions for their back-end infrastructure, making them smoother and more flexible. This enables them to not only respond more quickly to changing customer needs but also respond and respond to rapidly changing security threats.
Invent the customer journey again
The next area that banks should evaluate is the customer journey. Often the first experience a customer has with a bank is to open a new account. However, this process is also one that is highly targeted for fraud. In a recent study from Aite Group of anti-money laundering professionals, 65 percent say the use of synthetic identities in new account frauds is a greater threat to banks than traditional identity theft. This is because if banks do not make a fraudulent attempt to open an account, they can face huge losses.
Reinventing the customer journey requires a balance between security and user experience. Customers do not want to be asked for a cumbersome authentication process. But at the same time, they also expect to be protected from cyber security threats. Therefore, banks should implement customizable authentication methods that only prompt customers with additional steps if risk is detected. They should also look at security solutions such as behavioral biometrics, which run behind the scenes and are invisible to the customer, providing strong security that is seamless and comfortable.
Harden the safety of ducts
Becoming a digital first organization involves a reassessment of risk-taking and updating of the organization’s basic approach to security. This is important not only to enable the distribution of financial services digitally, but also to introduce behind-the-scenes technologies such as artificial intelligence (AI) and machine learning (ML) to protect against the development of fraud in these channels.
Banks are tightening security across digital and mobile channels by using intelligent adaptive multifactor authentication. Today’s attackers can easily bypass most traditional two-factor authentication (2FA), so banks need a unified platform to put behind the scenes technologies such as AI, ML and real-time data analysis for identity risk and further protect customers. For example, banks use server-side analytics to monitor customer sessions, devices, and behaviors in addition to 2FA authentication methods to help detect potential attacks.
4. Secure the mobile platform
As banks increasingly switch customers to the mobile channel, they can build a clearer picture of how customers are designed within their organization to consolidate and manage them in a central flow.
Modern mobile security solutions give banks additional controls to secure customer accounts, compared to accessing a bank account via a website. Banks should prioritize securing mobile banking apps on the client side through technologies such as mobile application protection with runtime protection. In this way, banks can keep the mobile app safe even if it is used on a jailbroken or malware-infected phone.
Use AI to analyze patterns that humans cannot
Due to the increasing volume of fraud, AI acts as the eyes that banks need to analyze the patterns that people do not address so quickly. For the most part, hackers use a bot-like method to drive out attacks, which means that attacks are pretty much the same every time for all the organization’s users. AI can detect these attacks faster than humans by recognizing patterns to identify attacks before they spread in an organization’s system.
Pandemic has accelerated the adoption of mobile and digital banking channels. Now it’s time for banks to lock down #security in their mobile and digital offerings. #respectdata
During the COVID-19 era, banks and financial institutions work hard to digitize themselves while providing the strong security and comfort experience that customers want. This requires coordination, collaboration and adherence to new technologies such as biometric authentication and real-time risk analysis powered by AI and ML. By embedding security in their digital services, financial institutions can better protect their customers, defend against increased fraud and cyber security threats, and provide the kind of seamless experience that will keep customers loyal and position the organization for future success.
More Tags We LoveWhite house black market gift card Software for hr and payroll Home Insurance Ratings Uk Car insurance companies low rates Rentals Front doors with glass Rental car insurance france Cheap Insurance Quotes Colorado Plumbing repair kit Queen bed set