Learn more about Online Bank Fraud

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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We recently took part in a webinar with our partner, NICE Actimize, to discuss how they were incorporating our anti-fraud technology into their online security systems in order to better prevent online banking fraud.
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SIM swapping is an increasingly popular account takeover fraud that has in the past year, claimed high-profile victims including Twitter CEO Jack Dorsey and may have even been the reason behind Barack Obama and Elon Musk tweeting bitcoin scams as recently as mid-July. But it’s more than just public image and reputation that is on the line for victims of this fraud.
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Checking that a user is who they claim to be whilst they are online is the fundamental basis of cybersecurity. We’re all used to being authenticated at some point in our online journeys, whether it’s through a password login, or an OTP sent to our phones when we’re attempting to make a transaction.
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Passwords are on their way out. Many people are already familiar with being authenticated without providing a password, such as through using FaceID on iOS, or by scanning a fingerprint on Android, and organizations are increasingly turning to passwordless authentication; a method of proving an online user’s identity using an alternative factor other than a password for reasons of enhanced ...
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PSD2 is the EU’s Second Payments Services Directive. The regulation focuses heavily on consumer protection, and aims to increase the safety of and scope for innovation amongst payments services.
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Crooks never take a break – they’re always keen to commit crimes, keeping their eyes out for new opportunities and ways to swindle people. And this is exactly what we’ve been seeing over recent weeks, with the COVID-19 health crisis creating a proliferation of online fraud attacks.
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Phishing is one of the oldest types of cyberattacks that can result in online banking fraud, and remains one of the most pernicious: nearly a third of all breaches last year involved phishing, according to a 2019 Verizon Report.
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Every day, people use their laptops and phones for private tasks, such as online banking, and they input confidential or sensitive information, such as login details and passwords. Here is where Remote Access Trojans (RATs) come into play.
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