As today’s consumers live on their mobile device, it’s no surprise that there is a growing appetite for banking on the fly. With COVID-19 stay-at-home guidelines only expediting this shift, 2020 saw an extraordinary growth in new mobile banking registrations.
As digital business strategies become less about managing risk and more about embracing it, new technology will be critical to accelerating that transformation. Real-time P2P payments for mobile banking is a perfect example. As financial institutions expand their risk appetite to offer more functionality and new digital services to customers, there is always a hidden side to consider. Where is the middle ground between driving adoption and enrollment and increasing revenue while simultaneously protecting the P&L statement from fraud losses? This is a question on the minds of many fraud, security and risk management leaders today.
Gadi Mazor, COO of BioCatch, provides a refreshing take on how digital behavior, and the right technology, can be used to detect advanced social engineering scams.
The year #2020 marks a landmark year, especially for us in India as we dreamt of becoming a ‘Complete Nation’ or ‘Superpower’ (or whatever one would like to term it), through balanced growth, technology driven economic stability and perceptibly the millennial’s potential. While the global news of COVID-19 has reminded us how vulnerable we are as humans, I have tried to find something optimistic to look forward to on the back end. I see a lot of opportunity, specifically with “The Digital Rush”. The digital adoption growth rate we are seeing in India cannot be compared with any other country globally, completely reimagining the way we operate and moving us out of our comfort zones.
The role of digital services in our lives has never proven more pivotal than it has this year as a result of the global pandemic. From banking and shopping to how we work and learn, the most routine activities we do every day have been completely upended.
Cybercrime is opportunistic, and there is no time like the present for criminals to adapt their tactics, old and new, to defraud online customers. Remote access scams are one of those tactics, and the number of attacks has grown during the COVID-19 pandemic. Cybercriminals are using the unstable environment to their advantage to take over digital accounts. We’ve seen remote access used more frequently by both legitimate users and criminals as more of everyday life shifts online.