From state-backed hackers to call-center cracks, the threats have multiplied in sophistication and number. But smart banks can fight back.
The financial services industry should help design cybersecurity standards to help protect the nation’s digital infrastructure.
Financial institutions need a systematic and flexible program for assessing, implementing and maintaining secure and sustainable access controls.
Rather than constantly playing catch-up with cybercriminals and patching vulnerabilities as they arise, financial institutions need to think ahead to the next generation of cyber defenses.
Customer education and multi-layered defenses can help, but preventing online fraud also requires a secure personal browser.
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.