Learn more about Online Bank Fraud

Cybercrime is still a relatively new phenomenon that justice officials and crime scholars themselves have not yet been able to adapt to. The police are still incapable of effectively persecuting cybercriminals with the same level of operability and effectiveness that they have achieved in the analog world.
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As for many other industries, 2020 was a turbulent year for the world of online banking fraud and behavioral biometrics.
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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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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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Rapid digital transformation over the past 20 years has enabled banks to both get closer to their customers as well as expand their customer base. However, it has also meant extra competition - particularly with challenger banks entering the scene.
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Biometrics has become a bit of a buzzword in the banking industry, yet for the general public, its often associated with science fiction, summoning up a vision of the future. Many people don’t make the link between biometrics and everyday practices in 2020, such as unlocking their phone using a fingerprint or face.
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Criminals no longer need to physically rob a bank to steal money; they can do it online where it is quicker, easier, and they are much more likely to get away with it. And even as anti-fraud technology develops in its attempts to counteract online banking fraud, fraudsters are evolving too, creating a never-ending cycle of attacks.
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Technology is advancing at a rapid pace. This not only favors the development of new products that facilitate users’ lives, but also becomes a new attack vector for attackers, who see fresh opportunities to obtain economic gain.
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Fraud is an immense problem for organizations navigating the digital age. Cybercriminals everywhere are targeting businesses across all sectors, leveraging account takeover, social engineering and user impersonation schemes to gain access to customers' wallets.  
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Financial institutions worldwide suffered numerous cyberattacks in 2018. For instance, cybercriminals targeted seven of the largest European banks in April, including the Royal Bank of Scotland, Santander and Tesco Bank, in April, unleashing an immense distributed denial of service strike that crippled operations and cost the parties involved hundreds of thousands of dollars in mitigation ...
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