Security firms have evolved their techniques to meet mounting threats on a digital front, as such banks must change too.
At NICE Actimize, a cybersecurity and compliance firm established in 1999, Mary Ann Miller, senior director and fraud executive advisor, told Bank Innovation that within banks, departments have merged to better address threats.
“Banks are starting ‘fusion teams’ where security and fraud teams work together to disrupt attacks,” said Miller. “Mobile and online banking is becoming the norm, it changes the nature of how banks need to think about protecting accounts.”
Miller suggests banks not only change the way digital and fraud teams work, but begin to implement security measures sooner.