In recent years, the global financial sector has experienced a significant surge in new types of fraud and cybercrime. Breaking it down to geographic regions, we see that these dynamics are influenced by a wide array of factors such as the political setting, financial practices, IT structures and the regulatory environment.
Our security walls aren’t as high as we think they are. There are holes, and cybercriminals know how to slip through them, undetected. Application fraud has become a number one problem for companies across all verticals. In 2016, more than 25% of identity theft fraud involved the use of stolen information to open new accounts.
There’s no question about it, the future of banking and payments is mobile. But there’s a major barrier to mobile banking reaching its full potential.
Passwords are our weakest link in the fight against cybercrime. In 2017, 81% of hacking-related data breaches leveraged either stolen, weak or guessable passwords according to Verizon’s Data Breach Investigations Report.
Behavioral biometrics enables the measurement and analysis of patterns in human activities. It’s a breakthrough cybersecurity technology that identifies people by how they do what they do, rather than static phyiscal characteristics, like what they know, or what they have access to. It is the advanced solution for fighting cybercrime in an age when criminals have more access to our personally identifiable information (PII) and more sophisticated hacking methods than ever before.
In 2017, a record-breaking 16.7 million consumers experienced fraud or identity theft. And fraud rates are only continuing to rise, according to the latest Javelin report, 2018 Identity Fraud: Fraud Enters a New Era of Complexity. In particular, account takeover attacks, one of the biggest sources of fraud for businesses, saw exponential upward growth. Last year, instances of account takeover fraud hit a record high, nearly tripling over 12 months.