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Titled “Mobile Banking Fraud: Are Your Defenses Up to Date?” Andreas Baumhof’s presentation will focus on mobile banking threats from a user’s point of view. In addition, it will emphasize how a global trust intelligence network can help financial institutions prevent cybercriminals and hackers of all kinds from exploiting mobile’s security, which has shown itself to be anything but robust.
The FS-ISAC & BITS Annual Summit runs from May 4-7, at the Omni Amelia Island Plantation Resort, Amelia Island, Florida. And, Baumhof will give his presentation on Wednesday, May 7 from 10:15-10:45 a.m. ET.
The 2014 Annual Summit expects to draw close to 500 industry executives and security experts to discuss the latest information on cybersecurity threats, trends and technology as they affect the financial services industry.
The Financial Services Information Sharing and Analysis Center or FS-ISAC is a non-profit association of financial institution members dedicated to protecting the financial services sector from physical and cyberthreats, attacks and other incidents. FS-ISAC carries out its mission by disseminating trusted and timely information.
Cyberthreats come from many quarters, account takeovers to ID theft. And over the course of his career, Andreas Baumhof has dealt with them all. With this accumulated knowledge and experience, Baumhof is able to speak with authority about the growing sophistication of mobile banking fraud and offer real-world examples of how financial institutions can mitigate such threats.
“Financial institutions are primary targets for cybercriminals as their mobile penetration is much higher than the average website,” said Baumhof. “At the same time, mobile comes with its own challenges as traditional two-factor authentication doesn’t work when the transaction originates from a mobile device. Guidelines such as the Federal Financial Institutions Examination Council (FFIEC) requirements apply to all transactions, but in reality different types of transactions – such as mobile – require targeted cybersecurity strategies. At the summit, we’ll demonstrate how to define a holistic strategy that includes mobile as an integral part to prevent account takeover, malware attacks and fraudulent registrations.”
The TrustDefender™ Cybercrime Protection Platform makes ThreatMetrix uniquely positioned to address FFIEC requirements for protecting the integrity of online customer accounts and financial transactions. The platform enables financial institutions to:
• Address FFIEC layered security banking guidelines
• Recognize returning customers using complex device intelligence
• Identify high risk transactions through device and transaction anomalies
• Protect legitimate customers and transactions from targeted malware
• Detect compromised devices that represent a risk to your organization and customers