Attack the hack: How banks can beat modern malware
BAI Bank Strategies
The complex stage where banks operate today resembles a theater where a trio of players vie for the spotlight. Regulations with punitive measures for non-compliance such as PSD2 in Europe drive stronger security. Bank growth initiatives strive to cut friction across digital channels and spur customers into more and higher value transactions.
And finally, there’s the dark force, portrayed by a truly malicious actor: the one who steals bank customer credentials to perpetrate fraud by emptying accounts.
Banks have dealt with all three forces for many years, struggling on despite the billions of dollars invested in anti-fraud technology globally. In fact, banks lost $16.8 billion to cybercriminals in 2017, according to Forbes. Today, fraud has more than doubled from 2016 for key loan products such as car loans, mortgages, student loans and home equity lines of credit.
And one of the most effective methods these cybercriminals use to steal personal data is malware.