July 16, 2019
Top Attack Trends in Financial Services
We are going to discuss the world of mobile Financial Services because that’s essentially where much of the world’s business occurs, and where cybercrime is quickly following. We’re also going to take a little bit of time for some customer transaction data, which are things like money transfers, and also includes payment data. So what we’re hoping you will take away is useful information on how to better protect your business from fraud.
ThreatMetrix works collectively with all our customers to address and reduce cybercrime threats, while simultaneously protecting our customers’ online security. We’ve seen a huge uplift in the amount of attacks driven by bots as evidenced by the recent data breaches. People should know we’re living in a cyber crime, cyber fraud environment. Most of you are aware of this, but the general public isn’t.
The Importance of Authentication
Where effectively our login credentials and social security numbers are the types of things that are normally used to authenticate identities in traditional or non-traditional ways. Previous generation of authentication techniques are essentially out in the open, and unfortunately cybercriminals often have better answers to challenge questions and identity questions than we did.
Mobile usage continues to grow, currently accounting for 30 percent of transactions on our network. When we say transactions, what we mean is broadly an event or transaction. A ThreatMetrix login event could be someone authenticating to a bank, making a payment, opening a new bank account, or applying for an online loan.
We’re seeing a renewed focus on Financial Institutions. Financial institutions are being targeted, and that’s largely being driven by bots. Bots are certainly the most pernicious and aggressive attack that we’re seeing across ThreatMetrix entire customer base from retailers to financial institutions, and online lending. It is evident that fraud prevention solutions are not only necessary, they are imperative.