As mobile banking use surges worldwide in response to COVID-19 and its associated lock-downs, a corresponding rise in mobile banking fraud continues to increase in prevalence and sophistication.
The December 2020 discovery of an “evil emulator farm” demonstrated that mobile fraudsters can now automate their processes. They can now easily harvest mobile device identifiers, spoof GPS locations, and intercept SMS messages to bypass static multi-factor authentication. Achieving unforeseen levels of scale and speed of operation, these cybercriminals successfully emulate unsuspecting users’ mobile devices and drain millions from online bank accounts in record time.
By modernising their authentication framework (including secure provisioning, secure channel communication, client- and server-side risk analysis, continuous session monitoring with risk assessment and machine learning (ML)), financial institutions can stay one step ahead of attacks.
In this webinar, OneSpan’s mobile fraud experts explore strategies to eliminate the impact of these increasingly sophisticated fraud threats and share ways to protect mobile users by deploying advanced app security to prevent emulation.
- Ralitsa Miteva, Business Solutions Manager, Fraud Detection and Adaptive Authentication at OneSpan
Ralitsa is a fraud detection and prevention solutions manager at OneSpan where she advises financial institutions and other organizations about the evolving fraud landscape and helps them to overcome the new prevention challenges during their digital transformation.
- Greg Hancell, Fraud Manager, Fraud Consulting at OneSpan
Greg is a global fraud consultant that focuses on people, process and tools to enable financial institutions to transform from reactive to proactive to identify financial crime and drive down losses. Greg has a keen interest in the usage of Machine Learning, defense in depth and real-time monitoring solutions.