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Complete Story
02/19/2020
Fighting Fraudsters At The FI/Customer Journey Starting Line
PYMNTS.com
In the battle against fraudsters, financial institutions (FIs) must start at the beginning – literally.
FIs are increasingly vulnerable as they race to become digital – and omnichannel – in a bid to offer customers as much choice as possible. This opens the door to new avenues of attack by those who wish to steal data, hijack accounts and make off with ill-gotten gains, as Eric Kraus, vice president of risk, fraud and compliance at FIS, told PYMNTS in a recent interview.
Increasingly, fraudsters are striking at the very beginning of customers’ relationships with banks and credit unions (CUs), focusing their efforts on account takeovers and new account fraud.
Kraus said that “looking at the digital transformation of the space, the rise of open banking and all of this API-driven integration, there are additional risk concerns. There are new data privacy concerns, too.”
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