There is one word that lives in the vocabulary of every fraud and security operations team: collaboration. All you have to do is read about the takedown of some of the most notorious cybercrime gangs to know success relies on the ability to work well with one another. While this might be an extreme example, the nature of collaboration is no different and no less important for teams on the front lines of fighting fraud every day.
Social engineering has been one of the largest threats to an organization’s cybersecurity for some time. Scammers are becoming more clever and sophisticated in their attack methods, and the global outbreak of coronavirus has shown that these criminals are not afraid to prey on high levels of public fear and the extensive spread of misinformation to develop new campaigns for their financial gain.
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.
As the Coronavirus outbreak spreads globally, users are beginning to change their digital behaviors. BioCatch collects data to protect a large number of online users with behavioral biometrics, and has been observing some interesting trends across many geographies. One emerging trend, not surprisingly, is an increase in the use of Remote Access.
As COVID-19 continues to impact the global community, I would like to update you on the steps BioCatch has taken to ensure business continuity for all our customers around the world during this period of uncertainty. The health and safety of our employees, customers, and partners will always be our top priority. BioCatch has now entered into full disaster recovery mode. I have instructed all employees to work remotely and exercise social distancing. They will leverage technology and conduct internal and external meetings virtually until the situation becomes clearer. As a global company, all of our employees are fully versed in working remotely across multiple time zones. Thus we will maintain the operational standards and the high-quality customer service you have come to expect.
According to Experian's latest Global Identity and Fraud Report, 95% of businesses have “high confidence in their ability to identify and re-recognize their customers at every interaction.” Yet at the same time, 57% of businesses surveyed reported higher losses associated with account opening and account takeover fraud.