Increasingly sophisticated fraud and social engineering attacks are on the rise. Banks are required to future-proof their online and mobile banking against ever evolving attacks like trojans, spear phishing or voice phishing.
Demand for financial services through the mobile channel cannot be ignored, nor indeed very easily stemmed. It is incumbent on providers to deliver, but the scale of the challenge is vast in terms of making the mobile channel, and all that goes through it, secure.
A key element to consider with the mobile channel security is the app environment on which it is pegged. This environment makes it vulnerable and more prone to attack because it is more difficult and complex to protect, compared to a desktop environment. Also, apps can be uploaded without checks, hence laying the device open to harmful apps.
It is imperative that financial organisations do what it takes to arm themselves with the knowledge and the expertise to monitor and protect their channels and their customers’ data and transactions on a continuous basis, while delivering on customer experience at the same time. Financial institutions need to strengthen the security for their users as they are the weakest point.
How can you protect your users against social engineering attacks?
Watch this webinar from Finextra, in association with OneSpan, to hear experts discuss:
- Current fraud threat trends around social engineering and how to combat them
- The vulnerabilities of the mobile channel and how to address fraud threats in the same way as other channels
- What technology and strategy FIs can use to monitor and improve the user experience in this context
- Anna Milne - Editor, Finextra [Moderator]
- Dan McLoughlin - Principal Technical Account Manager, OneSpan
- Vinaya Parvate - Global Head, Fraud Risk Oversight, Institutional Clients Group and Citi Commercial Bank
- Niels Halse - Head of Fraud Prevention and Analytics, Global Fraud Management, Danske Bank