From state-backed hackers to call-center cracks, the threats have multiplied in sophistication and number. But smart banks can fight back.
When combating payments fraud, financial institutions need to enlist the help of the customers themselves.
Amid an accelerating proliferation of technologies, financial services players confront great complexity in choosing an appropriate tokenization scheme to make payments more secure.
For the purposes of fraud prevention, big insights can be gleaned from the smallest sources of data.
Only a loan origination system combining user authentication and authorization, encryption, destination and output controls and audit trails can assure the integrity of customer information.
When deciding on an approach to tokenization, financial institutions need to choose between network- or issuer-managed directory services, or both.
As bankers grapple with fighting off fraudsters who seek to steal the identities of their customers, they should consider behavioral analytics as a useful weapon in that battle.
Responding to data breaches requires that financial institutions implement a proactive vulnerability management plan and basic security protocols such as network segmentation.