Financial Institutions (FIs) must make it easy for customers - old and new - to sign up for their services. But the proliferation of new channels, the ready availability of stolen identities and the advanced capabilities of attackers raise new areas of risk. What can FIs do to defend themselves?
Discover the global rise of Application Fraud in Banking, the causes and the counter measures.
Internal and external threats in the banking and payments industry are increasing – and increasingly sophisticated. The volume and velocity of attacks, coupled with increasingly sophisticated tactics, expose any weakness in systems and infrastructure.
In parallel, the rise in cyber-enabled identity theft has led to a surge in supply of identities for sale on the black market. This represents a major threat to FIs during the application phase of the customer lifecycle, as well as ongoing management of customer accounts.
At the same time, FIs must adopt new methods of interaction with customers old and new. These new channels mean new and greater opportunities for fraudsters to exploit weaknesses in your operations. It’s become vital to keep ahead of new and evolving fraud signatures and regulations - point solutions alone are not enough.
In a highly agile environment, FIs that can enhance the customer experience will be the winners. Staying on top of fraud is key, but not at the expense of a compromised customer experience.
In this webinar, industry expert Julie Conroy, Research Director for Aite Group's Retail Banking practice, looks at the impact of today’s challenges on banking executives and the different approaches banks are taking to mitigate risk.
Julie Conroy: Research Director, Aite Group
Carl Ottman: Product Line Manager, BAE Systems