The payments industry has always been fast-moving, with constantly evolving technology, ever-present competition and limited resources. With the added burden of a global pandemic, resulting in increasing cybercrime and fraud and ever-tighter regulatory and political pressures, businesses must achieve resilience while maintaining the near frictionless and trusted digital experiences that customers have come to expect. This white paper examines the three dimensions of digital transformation that businesses must address in light of regulations such as PSD2 - compliance, cybercrime and customer experience - and how to develop future proof business capabilities beyond customer authentication.
Join our webinar to learn more about how cloud-based solutions are shaking up the fraud fight, including:
At the heart of every cyberattack is an element of social engineering. From more common attacks, such as phishing, to more sophisticated attacks, such as authorized push payments and voice scams, cybercriminals have impersonation of our most-trusted institutions down to a science. This e-book explores how behavioral insights provide a significant new opportunity for detecting scams and how financial institutions were able to reduce social engineering fraud without impacting the customer experience.
With constantly evolving technology, ever-present competition and limited resources, the payments industry has always been fast-moving. With the added burden of a global pandemic, resulting in increasing cybercrime and fraud and ever-tighter regulatory and political pressures, businesses must achieve resilience whilst maintaining the near frictionless and trusted digital experiences that customers have come to expect.
Whilst regulations, such as PSD2, try to preserve the integrity of the ecosystem by reducing fraud, regulators always grapple with long regulatory cycles. Fraudsters, unlike legitimate businesses, are not affected by these cycles, and global events, such as a pandemic, are conducive to criminal purposes. As criminals remain several steps ahead of regulations, consumers adopt new technologies, share more and more data, demand safety and expect their trust not to be broken.
A top 5 UK bank experienced a growing increase in social engineering voice scams, also known as Authorised Push Payment (APP) fraud, despite heavy investment in both technology and talent. Making up a large portion of their monthly fraud losses, social engineering voice scams were costing the bank hundreds of thousands of pounds per month and damaging customer confidence and trust.
Zelle payment fraud is one of the fastest growing areas of account takeover (ATO) in the U.S. banking sector. A large U.S. credit union found its members were being targeted by a sophisticated cybercrime gang and saw Zelle fraud spike significantly. Find out how they implemented behavioral biometrics to achieve best-in-class fraud reduction for Zelle payments and improve customer experience for members.
Digital channel adoption is soaring, yet fraud remains a persistent problem that continues to chip away at the bottom line. Developing an effective fraud management strategy remains a challenge as stakeholders across the business often have conflicting priorities of how fraud should be managed at the organizational level. Achieving cross-functional alignment is imperative to improve both customer experience and profitability in digital channels.
Mobile banking saw extraordinary growth last year with a 200% increase in registrations and one in three consumers now reporting the mobile channel as the primary method they use to access their bank account. As financial institutions look to grow revenue and meet customers where they bank, it is no surprise to see cybercriminals doing the same.
With virtually all business getting done in the virtual world, giving new customers a personal experience from the outset can be challenging. How do you make sure you’re beginning on a mutual footing of trust, security, and high customer satisfaction?
Register now to join David Koscheski, Director, US Financial Services Industry, Microsoft and Ayelet Biger-Levin, CISSP, VP Market Strategy at BioCatch for a discussion of the challenges and solutions to creating a welcoming and secure atmosphere to foster healthy new customer relationships. You’ll find out their latest actionable strategies for:
In an age where the use of smart phones has skyrocketed and consumers require convenience more than ever, financial institutions continue to invest in mobile banking. In fact, the Federal Reserve recently predicted that ~96% of US financial institutions will offer mobile banking by 2021. With nearly 2 billion mobile banking users worldwide, organizations see this as a perfect opportunity to improve customer satisfaction and in turn increase acquisition and retention.
Financial institutions are increasingly investing in digital channels to meet customers where they are, offering more functionality, products, and services online than ever before. Going beyond everyday banking functionality, 82% of financial institutions offer the ability to open a checking account online1. While this digital shift introduces a tremendous opportunity for organizations to acquire more customers, cybercriminals threaten new revenue by capitalizing on weaknesses in the account opening process.
Account Takeover attacks are on the rise as cybercriminals continue to develop new methods and tools to take over accounts from afar and automate fraud. Despite the widespread adoption of traditional protection solutions, such as those that rely on two-factor authentication and device ID, fraud continues to occur in fully authenticated sessions. Malware, Remote Access Tool attacks, sophisticated social engineering scams, and other creative account takeover methods have proven to successfully bypass common cybersecurity safeguards, costing financial institutions millions of dollars per year and damaging customer confidence.
Today, business starts in the digital world. Financial institutions continue to prioritize investment in digital channels to grow revenue and acquire new customers. It is where new customers want to start a relationship, and where financial institutions want that relationship to begin.
As mobile devices eclipse computers and laptops as the preferred method for consuming online services, cybercriminals have followed users, porting their modus operandi. While mobile has opened up new ways for users to communicate and connect without being tied to a desk or a power outlet, it has also presented criminals with more opportunities to perpetrate fraud and carry out attacks that bypass traditional detection tools. As a result, companies need to apply new fraud controls to protect mobile users and enable them to carry out banking activities securely. Nevertheless, end user experience cannot be negatively impacted by these security measures: Users want to open and use apps freely, without being required to take additional authentication steps. They also expect to be protected continuously, throughout their entire journey.
Digital banking has become the single most effective channel for financial institutions to drive growth, increase revenue and attract new customers. Yet, it also introduces more risk, and cybercriminals are following the money right into the online account opening process. This white paper explores emerging security risks in the account opening process, current weaknesses in technology and business process that are leaving blind spots, and new approaches to managing fraud that are getting results.
A large bank in Latin America was facing significant fraud losses from account takeover attacks. While the bank had implemented a transaction monitoring solution and fraud controls to minimize risk, the system was only preventing less than half of their fraud.
Digital services continue to present cybercriminals with a lucrative target of opportunity. BioCatch research shows that, since the beginning of the Covid-19 pandemic, fraud attempts have surged globally. Account opening fraud attempts have increased 33 percent and account takeover attacks have spiked 47 percent. As attacks get more sophisticated and pervasive, the solutions required to combat them must provide deeper visibility to better detect malicious behavior in online sessions.
A top UK bank launched a new promotional offering as part of the account opening process that piqued the interest of cybercriminals. To prevent fraudsters from successfully navigating the application journey and cashing out on promotion offerings, the bank implemented BioCatch Account Opening protection. As a result, the bank managed to satisfy both business and risk objectives by automatically declining fraudulent applications and safely acquiring more customers.
Today, business starts in the digital world. Financial institutions continue to prioritize investment in digital channels to grow revenue and acquire new customers. It is where new customers want to start a relationship, and where financial institutions want that relationship to begin. But what happens when new customers are not really customers at all?
BioCatch takes a unique approach to solve the Trojan predicament. Rather than detecting a specific Trojan variant, wouldn’t it be better to detect all types of malicious actors, be it Trojans, bots or other adversaries? And what if we could not only protect against current, known, threats, but also future, unknown modes of operation? And finally, what if this detection can be truly continuous, easy to integrate with and deploy, with tools that provide visibility into the user activity?
New account opening fraud can directly impact the bottom line and threatens new digital business models, especially those that rely on growth through rapid customer acquisition. From credit cards and deposit accounts to a wide range of lending products, cybercriminals spare no effort to turn a profit by exploiting weaknesses in the digital onboarding process. This e-book explores the financial and business impacts of new account opening fraud, the effect on customer experience, and how behavioral biometrics can be used to reduce fraud risk and increase customer acquisition in digital onboarding.
Account takeover fraud remains an ongoing problem for financial institutions, e-commerce merchants, and virtually any organization that offers products or services that can be monetized. Last year, account takeover fraud cost U.S. businesses nearly $7 billion in losses. This e-book provides insights into what is fueling the growth in account takeover attacks, what traditional fraud prevention tools are missing, and new strategies and approaches to fight back.
The BioCatch Case Manager tool empowers fraud operators to investigate high-risk activities and provide genuine and fraud feedback in real-time, reducing the fraud-review operational cost and enhancing accuracy of the risk engine based on confirmed fraud cases. The Case Manager tool helps simplify investigation and drives faster resolution, while providing visibility into the fraud operators activities and workload
Within a remarkably short period of time, COVID-19 has dramatically altered the way in which the global population works, transacts, and interacts. Social distancing, a term that was not in most people’s vocabulary just a few short months ago, is the new norm. Fraud and AML operations functions at financial services firms have not typically consisted of a remote-enabled workforce, nor are most operations centers known for ample space between workers, so the shift to remote workers and the requirements of social distancing have necessitated a rapid adjustment for firms around the globe.
The US banking industry has made a significant leap forward by launching Zelle, a real-time p2p platform for moving money from the user’s bank account to an email/mobile contact. In Q3 2019, Zelle traffic was reported to be 196 million transactions with a volume of $49 billion, and many banks in US are now offering Zelle functionality via their online and mobile banking applications.
Zelle is awesome! The highly innovative P2P scheme allows people to pay in real-time from their bank account to any of their contacts. It’s easy to use, super-fast and extremely convenient.
Digital transformation has introduced exponential opportunity in the financial space. The way we manage our money online (via banking, money transfers and shopping) has changed dramatically. We have moved away from a one-time, occasional transaction with a merchant, requiring several steps to checkout, to a continuous, connected relationship and quick, instant checkout. Digital identity has evolved into an essential part of the modern money lifecycle, bringing into the mix issues of securing personal data, privacy and more. At the same time, data breaches and phishing attacks have created an abundance of stolen credentials, turning identities into the most consequential attack vector in the financial world. During this webinar, Ayelet Biger-Levin, VP, and Gareth Campbell, Head of Threat Analytics, will discuss how BioCatch enables the future of money by providing a secure and frictionless user experience across multiple use cases such as account opening, login and payments.
New account fraud continues to grow at a rapid pace, threatening new digital banking business models and fintech platforms such as Zelle, that are in a customer acquisition race. Convenience, speed and ease of use make digital the preferred channel for consumers, but also open the door for criminals. With 14.7 billion personal records stolen in the last 6 years and the proliferation of synthetic identities making it very difficult to tell the difference between a legitimate applicant and one that will result in loss, new models for identity verification are starting to emerge, with behavioral biometrics as a key component.