Learn more about Online Bank Fraud

In 1940, the leader of the Hungarian Workers' Party, Mátvás Rákosi, devised a strategy to eliminate the other parties with the intention of creating a communist regime in that country. This strategy consisted of accusing certain rival politicians, who were their competition, of being fascist sympathizers. 
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This year a series of difficult challenges have been faced across the globe. And in terms of online fraud, levels have been grave and unprecedented, as fraudsters sought to exploit the increased use of digital channels such as online shopping as well as the fear and uncertainty everyday life has been shrouded in due to the pandemic.
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Banking customer loyalty is formed and maintained when financial institutions can guarantee cardholders two things – the highest level of security for their finances and a continued, frictionless customer experience. 
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Apart from the huge health and economic crisis that the COVID-19 pandemic is causing, this situation is deeply affecting the global panorama of cyber threats. This is evidenced by a report carried out by Interpol in which they surveyed 48 member countries and 4 private partners of said institution in relation to the consequences that this pandemic is having on cybercrime.
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How do you trust a customer you’ve never met? This is an issue banks contend with every day, as they try to detect and prevent fraud. 
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If just a few years ago the figures related to the presence of cyber fraud in companies were somewhere around 15-20%, numbers that were starting to represent a worrisome problem, today the figures have risen to 49% of companies that are affected internationally, according to data from the PWC audit.
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Behavioral biometrics is having its time in the sun. The financial sector has paid much attention to this innovative technology in 2020, particularly around its application to detect online fraud.
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Smishing is on the rise. In June of this year, Bank of Ireland customers were targeted by a string of smishing attacks. In August, the national center for cybersecurity in Brussels warned of a ‘tsunami’ of smishing attempts about to hit the country.
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Traditional online banking fraud prevention strategies focus on mitigating losses by targeting individual cases of fraud – for example by preventing a bad actor from creating a new account with stolen credentials.
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A few years down the line, when someone thinks of a bank robbery, they won't imagine a couple of guys entering a bank with guns. Shouting the famous line "This is a robbery, everybody get on the ground!" will no longer come to mind.
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