The role of digital services in our lives has never proven more pivotal than it has in recent months. From banking and shopping to how we work and how our children learn, the most routine of activities we do every day has been completely upended.
For financial institutions, in particular, this means putting years of investment in digital transformation to the test. For example, it is estimated that the biggest global banks have saved $15 billion from cloud adoption and cut technology infrastructure costs by 25 percent in recent years. Have those investments also paid off in their ability to offer a high level of service and address the needs of customers that must be served almost primarily through digital channels today? In addition, financial institutions have had to adjust to entirely new ways of working to serve and protect their customers.
For fraudsters, they go where the money is, and in current times, this means the digital world. They are seizing the opportunity to grow their criminal business in a time where the use of digital tools and channels might be at an all-time high. One way in which they are doing this is through account takeover attacks.