New Report: Why FIs Are Taking A Behind-The-Scenes Approach To Fighting Fraud
Banks have been facing a concerning rise in account takeover (ATO) attacks targeting their customers, with financial institutions (FIs) losses due to such schemes rising 72 percent from 2018 to 2019.
Fraudsters have only upped their efforts during the pandemic, with phishing attacks alone increasing 667 percent between late February and late March.
The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. Relying on static usernames and passwords to authenticate customers is no longer sufficient, and many FIs are therefore examining how tools like biometrics can offer greater security.
Around The FI Fraud Decisioning World
Cybercriminals have become adept at stealing customers’ usernames and passwords, details that they can then use to log in to victims’ accounts without triggering fraud alarms. A recent report highlighted this problem and advised FIs to adopt harder-to-trick methods like biometric authentication. Customers using mobile devices could scan their fingerprints on their smartphones to verify their identities.