Top cyber fraud trends in banking today

Financial institutions worldwide are facing a revolution in data access, artificial intelligence, and numerous disruptions that affect their legacy systems and processes. Then there are cyber fraud trends that hound their health in 2018. Here are some of the things they need to protect their customers, data, and organizations from. 

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Unprecedented rise of mobile Banks will need to tighten their control on e-banking fraud, with mobile internet navigation more widely used today than computer navigation. The usual level of security typically found on mobile devices just doesn’t cut it anymore, needing new security layers such as those against SIM-switching. 

Scam explosion Certain scam attacks also exploit artificial intelligence (AI) technology, going on an industrial scale such as the use of robots to launch attacks. The scope is then much bigger and would entail real-time prevention and vigilance from the banks. 

Attacks via the underlying blockchain technologies of financial systems Nearly all of the large financial organizations worldwide are investing in systems based on blockchain technology, which comprises vulnerabilities and errors in implementation that can enable attackers to earn money and disrupt their regular work. 

ATM malware automation The first of these attacks occurred in 2009, and since then ATM machines have been on the radar of cyber fraudsters. Today this threat could reemerge as ATM malware-as-a-service, where a mini-computer connects automatically to an ATM, installs itself, and collects card data. 

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Richard Blech is the CEO of Secure Channels, a company that comes up with solutions designed to be customizable to its clients’ environment without compromising the level of protection it provides while avoiding additional maintenance and support efforts by support teams. Learn more on this page.

Of credit card transactions and online security

One can never overlook the importance of security when it comes to the internet. Cybercriminals are everywhere waiting for a chance to steal data, cash, and other valuables they can get their grimy hands on. An area that is under constant threat is that of credit card transactions. 

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Over the past few years, people and businesses have ignored the fact that online security is a significant part of transactions involving credit cards. In fact, Verizon Communications reported that 80 percent of global retailers are not up to code with their online security. This is a pressing concern since shoppers have expressed much anxiety toward the possibility of hackers breaching the retailers’ data and stealing information attached to their credit cards. 

Thankfully, technology is being developed to counter cyber theft of credit card info. Some companies have begun upgrading payment processes to allow only Europay Mastercard Visa microchips. The unique encryption generated during each transaction by these cards makes it more difficult for cybercriminals to get through, much less read, information. Although it may not be as convenient as previous credit cards, the security it provides is tighter and harder to crack. In the U.K. alone, using Europay Mastercard Visa has reduced domestic fraud by a third, which is a win by any standards. 

But this isn’t the only technique being used to protect online transactions. It’s fortunate for everyone that as hackers get more and more sophisticated, so does cybersecurity. 

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Secure Channels CEO Richard Blech has data security, technology, and strategic alliances as his primary business focus. Read more about his industry on this blog.