Fraud and security teams are facing an uphill battle as the COVID-19 pandemic continues to spread around the globe, including the need to secure a remote workforce and protect customers from coronavirus security risks and threats as well as everyday financial fraud, while working remotely themselves. The rapid spread of the virus left organizations little time to prepare, and much has been written about the security concerns of the large-scale shift to a work-from-home world.
When choosing an approach to fraud detection, many organizations are struggling with the most effective path to take. According to Gartner’s Predicts 2020: Identity and Access Management1 (Gartner subscription required), “a broad spectrum of capabilities is required to create an effective payment fraud prevention strategy for digital B2C channels, including malware and bot detection, device identification, behavioral analytics and transaction monitoring.”
In our first blog on Money20/20 USA , I reviewed the key messages and challenges presented in Las Vegas and explained key risks to digital identity. These risks that must be solved to enable the future of money are the security challenges surrounding digital transformation and the rise of the synthetic identity problem. My question for today is: What can service providers, vendors and financial institutions do about it? Three key themes were consistent across several sessions I attended.
I’ve attended many security conferences over the course of my career in cybersecurity, but this was my first time at Money20/20 USA. I had to blink a few times when I stepped onto the show’s Expo floor. Did I take the wrong flight and end up at a security conference — or, to be more specific, an Identity conference?