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Is Sharing Cybercrime Data Key To Fighting Fraud?

In search of added convenience and simplicity, banking customers are migrating to online and mobile banking interfaces, leaving in-person visits to brick-and-mortar branches behind. While this switch in preference to digital banking is providing new tools and capabilities to consumers, it’s also presenting new opportunities for fraudsters — and they’re not hesitating to take advantage.

In the latest Digital Banking Tracker, PYMNTS examines how customer migration to mobile and digital offerings is creating security related challenges for banks big and small — and how financial institutions (FIs) around the space are working to solve them.

Around The Digital Banking World

Westpac, one of Australia’s “Big Four” FIs, for one, is rolling out new omnichannel banking offerings. The bank recently debuted “Siri for Westpac,” a new feature designed for consumers to link bank accounts to their iPhone or other Apple devices and make payments to payees at any bank. The feature can also be used to perform other digital banking tasks, such as viewing account balances, transferring money or paying bills.

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