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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| Image source: Pixabay.com |
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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| Image source: Pixabay.com |
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.
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