While headway has been made in the fight to protect consumers against APP (Authorised Push Payment) fraud, the UK’s Payment Systems Regulator is pursuing plans to make reimbursement mandatory for victims of such scams.
Financial institutions have long been required to build and implement robust, secure processes around core digital transactions such as online payments and financial transfers.
Application and forms abandonment rates are high – up to 66% for certain types of financial products. Banks and FIs often turn to automation to fix this problem, but a fully automated, self-service experience isn’t necessarily optimal for every type of banking activity.
Anubis malware attacks android devices and farms were discovered in December 2020 in which mobile fraud attacks were automated at alarming scale leading to huge financial losses.
Financial services are converging on the mobile channel.
As consumers increasingly engage with their bank remotely, and circumstances such as the pandemic, as well as new digitally-focused strategies continue to play out, there are ongoing questions and serious challenges for banks in defining new models and transitioning to digital offerings.
Aside from the pressure of rapid adaptation and process transformation that financial services firms have managed over the last year, the increase in sophistication and volume of fraud attacks has risen in equal measure.
A tipping point has been reached whereby financial institutions need to solve their digital account opening processes for good.
Trust is the bedrock of financial transactions. Banks need to know who their customers are and customers need to trust their providers as custodians of their data. This is never more manifest than during an onboarding process.
Increasingly sophisticated fraud and social engineering attacks are on the rise. Banks are required to future-proof their online and mobile banking against ever evolving attacks like trojans, spear phishing or voice phishing.
Account Takeover is one of the biggest threats that banks are facing today.
With 3.8 billion data records compromised worldwide in 2018, it is evident that despite implementation of cybersecurity measures, digital channels remain vulnerable.
Watch our latest on-demand webinar, in association with OneSpan, and hear as we discuss the growing challenges that financial organisations are facing in managing and growing the mobile channel, including- crucially- keeping it secure.