Risk Analytics

While we begin 2019 with fresh optimism, we can’t ignore the hard reality that continues to plague the financial industry. Cybercriminals remain focused on account takeover (ATO), new account fraud, and card-not-present fraud. Results of the 2018 Identity Fraud report by Javelin Strategy & Research revealed significant growth in account takeover, with the number of attacks tripling in the past… Read more

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Secure Mobile Application Development

In the increasingly crowded and competitive financial services market, financial institutions (FIs) are prioritizing mobile app development and the mobile user experience in order to maximize customer acquisition and retention. So why does it seem that secure mobile application development isn’t receiving the same amount of attention? Cybercriminals are doubling down on their efforts to attack mobile users by exploiting… Read more

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February 5, 2019 - Charbel Diab
SAMA Cyber Security Framework Compliance

According to Gartner, cybersecurity is one of the top risks facing Middle East and North Africa (MENA) businesses and financial institutions in 2019. As is the case around the world, banks are looking for innovative ways to combat cyber threats such as malware, phishing, and account takeover fraud – while also optimizing the customer experience and strengthening compliance. I recently… Read more

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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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