Solving the Multi-billion Dollar Fraud Prevention Problem

The banking industry is grappling with a multi-billion-dollar fraud prevention problem. At the core of the problem, financial institutions (FIs) continue to increase spending on fraud prevention technology year over year. But rather than seeing a decrease in fraud, it’s the opposite. As fraud goes up, spending goes up with it, and the catch-22 continues in a seemingly never-ending cycle…. Read more

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Security Trends 2019

To help banks and financial institutions (FIs) anticipate and respond to cybersecurity trends in 2019, we’ve brought together some of our top security, technology, and industry experts. Here we share predictions for 2019, along with our thoughts on the technologies of choice critical to building digital trust and customer loyalty. This year, the impact of regulatory change tops our list… Read more

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Multi-Factor Authentication

Every day brings new reports of cyberattacks and data breaches, many of which could have been prevented through multi-factor authentication (MFA). In 2017, financial institutions (FIs) lost $16.8 billion to cybercrime and experienced $5.1 billion in account takeover losses. Will it ever get better? The simple answer is no. Breaches will continue to fuel financial fraud, account takeover, and new… Read more

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Fraud Trends 2019

Cyberattacks on banks and financial institutions (FIs) are growing in volume, complexity, and speed. According to Forbes, cyberattacks target financial services 300 times more often than other industries. “While the typical American business is attacked 4 million times per year, the typical American financial services firm is attacked a staggering 1 billion times per year,” the business magazine reports. That… Read more

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Facial Recognition

Biometric facial recognition is evolving faster than many people realize. It is common knowledge that government buildings, military installations, and retail locations have had security cameras deployed for years. Over the past decade, they have upgraded and integrated cameras with sophisticated facial recognition software to help protect people and assets on-site. What is changing, however, is the rate at which… Read more

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Can FIDO Meet GDPR Compliance Requirements?

The GDPR has been in effect for six months now and as an EU citizen, I’ve noticed the GDPR compliance requirements in action. I’ve been bombarded with emails and consent forms requesting permission to share my personal details, for everything from the online companies I order from, to my children’s schools. Through an EU legislation framework, the GDPR has far-reaching… Read more

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soft token authentication

For years, financial institutions (FIs) have relied on hardware authentication for their internal users and customers, but this is shifting as software authentication, also known as mobile authentication or soft token authentication, is gaining adoption. Whether a standalone app or integrated into the organization’s native mobile app, many FIs agree that a migration to software authentication is both beneficial and necessary… Read more

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UK Financial Crime

The Financial Conduct Authority (FCA) recently ran a survey on UK financial crime to understand the threats faced by the market. As a regulator with nearly 60,000 financial services firms under its purview, the FCA required all UK-based banks — as well as 2,000 financial institutions (FIs) — to complete the survey. In November 2018, the FCA published the results…. Read more

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The fourth quarter is a time when many financial institutions are deep into strategic planning for the coming year. Whether you are on the business or security side of the house, it is the time to re-evaluate how to protect and simplify the customer experience with the right security technologies, increase customer loyalty, and reduce exposure to fraud and data… Read more

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According to Javelin Research, biometric authentication is the most desired authentication method for online and mobile banking. As banks and financial institutions (FIs) increasingly prioritize biometrics, the business and security teams tasked with selecting the right platform will have to evaluate a growing list of requirements – from impact on customer experience, through to time and cost to integrate. Life… Read more

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