Cybersecurity protection for bank customers starts with awareness

The probability is high that a bank customer will at some point experience a cybersecurity incident. Above and beyond the financial and operational risk, cybercrime comes with substantial reputational risk for banks, as customers are far less likely to trust institutions whose products and services are frequent targets for breaches or hacks.While banks are ramping up their Read More

By |2020-05-27T18:16:23-05:00March 12th, 2020|Comments Off on Cybersecurity protection for bank customers starts with awareness

Banks need to shift their mindset to fight synthetic ID fraud

Economic growth is making credit more widely available for consumers to purchase cars and homes, as well as to invest in their future. It is also providing fraudsters a broader opportunity to implement innovative schemes, such as synthetic identity fraud.With an eye toward acquiring young borrowers with limited credit histories, yet potential for significant lifetime value to Read More

By |2020-05-27T18:16:24-05:00February 18th, 2020|Comments Off on Banks need to shift their mindset to fight synthetic ID fraud

Winning the ATM security arms race

Innovation not only takes place in product development shops: Criminals innovate, too. And when it comes to security, the arms race never ends. Illicit attempts to access money—whether via online or physical means—have only increased in prevalence.How do financial institutions successfully combat such threats?Today, ATMs resemble mini-branches more than ever before, and this new reality channel-wise means Read More

By |2020-05-27T18:16:26-05:00January 6th, 2020|Comments Off on Winning the ATM security arms race

Why strong security and authentication create more transactions

The new hot ticket in town is identity—and the battle for the customer, and their data, has begun. With the GAFAM tech giants (Google, Apple, Facebook, Amazon and Microsoft) entering the payments space, banks feel the very real threat of disintermediation. Those who fail to innovate will very quickly lose market share to fintech disruptors and challenger Read More

By |2020-05-27T17:58:17-05:00October 3rd, 2018|Comments Off on Why strong security and authentication create more transactions

Needles and PINs: From jackpotting to skimming, why ATMs are more vulnerable than ever

Five decades after they were first unveiled in Swinging London as marvels of secure, cash-dispensing convenience, automatic teller machines are more vulnerable than ever—thanks to a wide array of attacks that include skimming devices, malware, intercepted communications, outright theft of the machines—and a new technique known as “jackpotting.” To thieves who pull this latest type heist, the Read More

By |2020-05-27T17:58:40-05:00January 31st, 2018|Comments Off on Needles and PINs: From jackpotting to skimming, why ATMs are more vulnerable than ever

Strength in weakness: Why every bank needs a vulnerability disclosure program

Even with all the news surrounding epic data hacks—some affecting millions of users on a worldwide scale—the financial industry is missing a major opportunity to bolster the security of its services and keep hackers out of customer accounts and data. And to that end, banks and other financial institutions are slow to adopt an increasingly common best Read More

By |2020-05-27T17:59:36-05:00October 19th, 2017|Comments Off on Strength in weakness: Why every bank needs a vulnerability disclosure program

Forecast for the cloud: Five questions before you weather a security storm

Migrating to a cloud solution isn’t new, revolutionary or innovative. At this point, many enterprises do it for a variety of reasons—enhanced strategy, flexibility, productivity and cost-savings among them. When workloads move from onsite storage from an online cloud, such benefits soon manifest themselves. But if your institution is contemplating the cloud leap, it’s difficult to ignore Read More

By |2020-05-27T17:59:41-05:00July 18th, 2017|Comments Off on Forecast for the cloud: Five questions before you weather a security storm

The takeover bid banks hate: Identity takeover of consumer accounts

A New Jersey couple didn’t think much of the change-of-address card in their mailbox, even though they had no plans to move. And so began the unchecked delivery of bad news. A few weeks later, someone in the Miami area went on a three-hour spending spree with the victims’ debit card, ringing up thousands of dollars in Read More

By |2020-05-27T17:59:42-05:00July 5th, 2017|Comments Off on The takeover bid banks hate: Identity takeover of consumer accounts

The privacy and protection speech: Educating bank customers about voice biometrics

When callers reach a bank contact center, the first question on their minds is often, “OK, which question will they ask first?” Commonly referred to as knowledge-based authentication (KBA), these queries occur at the start of calls and you’ve no doubt heard them yourself: “What is your date of birth?” “What is your mother’s maiden name?” “What Read More

By |2020-05-27T17:59:43-05:00June 20th, 2017|Comments Off on The privacy and protection speech: Educating bank customers about voice biometrics

The battle cry after WannaCry: How to get past ransomware attacks

The WannaCry ransomware that just hit more than 150 nations serves as a sobering reminder of the damage cybercriminals can inflict. Apparently stolen from the National Security Agency, the malicious software shut down government computers from Brazil to Russia, along with hospitals and financial institutions worldwide. It took a 22-year-old British security researcher – puttering around on Read More

By |2020-05-27T17:59:45-05:00May 17th, 2017|Comments Off on The battle cry after WannaCry: How to get past ransomware attacks

The quest to secure payments security

When Darouny Bounsengsa bought her mobile phone at 17, she wasted little time diving into the digital payments world. “I use it primarily for checking my balance at a moment's notice, but I have used it to deposit checks, locate branches and ATMS, and transfer funds between my accounts,” says the 21-year-old theater manager from Clearwater, Fla. Read More

By |2020-05-27T17:59:47-05:00April 4th, 2017|Comments Off on The quest to secure payments security

Private eyes, indeed: Wells Fargo business customers benefit from eyeprint technology

Is the password dead? Perhaps not, if you’re a kid trying to get past the door of a secret clubhouse. But in the adult world of banking, the password is nearing the end of its useful life. Trouble is that high-tech hasn’t quite driven the last nail into the coffin, even at a time when hackers are Read More

By |2020-05-27T17:59:50-05:00February 2nd, 2017|Comments Off on Private eyes, indeed: Wells Fargo business customers benefit from eyeprint technology

Fake folks, real threat: How synthetic fraud fools financial institutions

Parker Conrad’s LinkedIn page shows he has a thriving IT business, a loving family with “two princesses,” an electric car (a Chevy Volt, to be precise) and more than 500 connections. But here’s one thing it doesn’t show: Parker Conrad doesn’t exist. He is a fake persona, created by a Florida cyber security firm to show just Read More

By |2020-05-27T18:00:03-05:00December 2nd, 2016|Comments Off on Fake folks, real threat: How synthetic fraud fools financial institutions

From hacks and attacks to guarding your back: Eight actions security-savvy banks need to take

An employee in the human resources department received an email that looked like it was from the boss and opened the attached word file. Only it wasn’t from the boss. And the attachment was what cybersecurity experts call malware, a virus that in this case gave the sender of the email access to the bank’s automated teller Read More

By |2020-05-27T18:00:04-05:00October 27th, 2016|Comments Off on From hacks and attacks to guarding your back: Eight actions security-savvy banks need to take

Empowering customers to fight card fraud

Card fraud is one of the fastest growing crimes impacting financial institutions. A 2016 LexisNexis report found that issuers directly lose $10.9 billion per year in card fraud, with an average loss of $5.90 per compromised card.With the threat mounting, a bank’s first impulse is often to build additional barriers to mitigate the risks of card fraud. Read More

By |2020-05-27T18:00:07-05:00August 2nd, 2016|Comments Off on Empowering customers to fight card fraud

Why ‘secure digitizers’ are winning in financial services

The financial services industry is in an age of major disruption. Every firm is on a mission to navigate the new digital era, and some are doing far better than others. In fact, a recent global survey of retail banking executives predicted that four out of 10 retail banks will be displaced by digital disruption in the Read More

By |2020-05-27T18:00:08-05:00August 1st, 2016|Comments Off on Why ‘secure digitizers’ are winning in financial services

Making printers part of your security strategy

Given the proliferation of printers in banking – a large institution may have tens of thousands in facilities spread across the country – printer management needs to play a critical role in the ongoing war against hackers.This issue recently came to the forefront in a hack at Bangladesh Bank that resulted in the loss of $81 million. Read More

By |2020-05-27T18:00:08-05:00July 12th, 2016|Comments Off on Making printers part of your security strategy

Three ways to improve customer feedback collection

Business leaders across the board recognize that gathering positive and negative feedback is the most effective means of molding a service around the real wishes and needs of consumers. Esteban Kolsky, the founder of ThinkJar, argues that 67% of customer churn is preventable if a problem is resolved at the first engagement. However, gathering the feedback to Read More

By |2020-05-27T18:00:09-05:00June 22nd, 2016|Comments Off on Three ways to improve customer feedback collection

Leveraging biometric authentication for ATMs

ATMs in the U.S. and other parts of the world have generally validated the identity of bank customers with something the user has (a card) and something the user knows (a PIN). This decades-old approach is increasingly vulnerable to fraud from a variety of methods. Worse, there are a growing set of digital credentials and identities being Read More

By |2020-05-27T18:00:09-05:00June 21st, 2016|Comments Off on Leveraging biometric authentication for ATMs

Fighting card fraud with voice biometrics

EMV verification, a global standard for credit and debit payment cards based on chip card technology, makes it difficult for fraudsters to make counterfeit credit cards. It also provides more security for consumers. Even so, there has been a five-fold increase in fraudulent card applications in the U.S. during the chip migration, according to our data.What is Read More

By |2020-05-27T18:00:09-05:00June 15th, 2016|Comments Off on Fighting card fraud with voice biometrics