For banks, advanced algorithms hold the keys to keeping customer data safe—an imperative as high-profile hacks continue to make headlines.
The proliferation of banking channels generates an equal proliferation of authentication methods; can biometrics help reduce the clutter?
Recent distributed denial-of-services attacks on banks have created much disruption, but it’s possible fraud may be involved as well.
Disaggregation of the payments value chain raises potential fraud threats, substantially increasing the need for more cooperation from industry players and regulators to ward off these threats.
With the ever-increasing complexity of payments fraud, banks need a hybrid approach to fraud detection that effectively coordinates and leverages all available technologies.
Educating both bank employees and customers on account takeover scams is the best defense against such fraudulent activity, say BAI Payments Connect panelists.
To deal with intensified fraud attempts, financial institutions need to employ layered detection systems based on real-time customer analytics.
While mobile fraud has been scarce up to this point, the entry of nonbank players complicates fraud prevention for the banks.