Aside from the pressure of rapid adaptation and process transformation that financial services firms have managed over the last year, the increase in sophistication and volume of fraud attacks has risen in equal measure.
Fraudsters have raised their own bar, utilising the best in technology and strategy to automate some of their processes, resulting in continual and targeted attacking of the mobile channel, in response to the global digital shift. The scale of attack is becoming larger as well, as the technology becomes cheaper.
The good news is banks can respond with equally if not more sophisticated measures, and are doing so. Strong authentication and risk monitoring are key, and what’s more, consumers are becoming wise to this and actively inviting it.
So it lies with banks to step up and compete in this race, because a race it is and will continue to be- fraudsters will always follow the money and evolve with the latest tools and technology.
Watch this Finextra webinar, in association with OneSpan, to hear industry experts discuss the following points and more:
- In-app fraud- what are the vulnerabilities and why and how it is targeted
- How banks are responding now and what they could do better- real time monitoring, channel-specific protection
- The best approaches using technology, biometrics and behavioural analytics
- Anna Milne - Senior Editor, Finextra [Moderator]
- Samuel Bakken - Senior Product Marketing Manager, OneSpan
- Dr. Hosam Abou El Dahab - IT Demand Management Office Head, ALEXBANK
- Ritesh Jain - Co-Founder, Infynit
- Jonathan Williams - Technical Payments Specialist, Payment Systems Regulator