11/13/2024

Embracing Proactive Fraud Management with Real-Time Orchestration

Cyber Defense Magazine

With security breaches becoming more frequent, banks need to act swiftly to protect their users. The rapid advancement of technology, including real-time payments and AI, adds complexity to the tasks of security and fraud practitioners. With widespread compromise of passwords, the need for rapid response capabilities is highlighted.

Hackers are continuously evolving their methods and now even targeting password managers and users through sophisticated phishing campaigns. The challenges for security professionals such as Chief Information Security Officers (CISO), Chief Technology Officers (CTO) as well as authentication teams and fraud practitioners are becoming increasingly complex, especially within organizations that operate in siloed environments.

Traditional methods of addressing vulnerabilities are time-consuming, involving multiple stakeholders across authentication teams, application owners, fraud teams, and user experience teams who need to work together to identify, assess, and resolve vulnerabilities. This process often takes weeks or months, leaving users vulnerable and eroding trust in the brand.