Cyber-criminals continue to evolve with tricks and turns aimed especially at financial transactions. Incidents, like the WannaCry and Petya ransomware scams, also indicated continuous vulnerabilities in worldwide financial online security, costing banks and FIs about USD 360 billion yearly in the last three years, the Global Banking and Finance Review states.
Strong Authentication is known to safeguard against Fraud. Bank customers can utilize two-factor authentication systems, like JETHRO’s jPRIVACY.
Strong Authentication is known to safeguard against Fraud. Bank customers can utilize two-factor authentication systems, like JETHRO’s jPRIVACY. A recent survey indicated that more than 70 percent of banking customers prefer authentication methods that are easy to use, while 45 percent say they prefer strong authentication method for data security. FIs would need to strike a balance between simplicity and security. jPRIVACY is an effective and easy to use two-factor authentication system for your enterprise.
Security In Payment Card
Mastercard recently introduced digital commerce solution suite to protect stored card credentials via advanced authentication that enhances customer experience. The payment multinational is working with its financial partners to convert cards on file into tokens that will ensure simple, seamless and secure online transactions. Tokenization provides a layer of security that enables card credentials to be stored with merchants or retailers without revealing the card account details. Mastercard plans to enable tokenization on all cards by 2020.
Similarly, VISA, multinational payment company revamped its online fraud mitigation strategies that include:-
- Incidence analysis:-VISA, together with its affected merchants and banks, immediately examine the impact of the attack and lessons are learnt.
- Online Tracking:- It tracks the criminal online to identify susceptibility points and measures that will ensure the situation does not happen in the future.
- Collaboration:- The payment multinational also work with law enforcement agencies to ensure threat mitigation.
In an instance, VISA utilized digital fingerprints to locate cyber-criminals at their hideouts. However, an ideal situation would be to intercept fraudulent transactions before they occur.
Two Bank’s Fraud Tackling Strategy
Silicon Valley Bank is using Artificial Intelligence and Machine Learning to swiftly analyse enormous amount of data to detect fraudulent transactions and activities of fraudsters. Customer conduct and profiles are consistently analysed to identify suspicious patterns. Strong firewall is also being used by the bank to safeguard customer and bank records from cyber-criminals.