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.
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.
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.
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.
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.
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 ...
Identity theft or misappropriation is one of the cybercrimes that has most risen in recent years, causing not only considerable economic losses but also undermining one of the benefits that most major companies have been reaping from the Internet, to be a space for the commercial transactions of the future.
One of the reports monitoring the cybersecurity industry conducted by the Ponemon Institute was published recently. The report includes interviews with several client companies that use Threat Intelligence to discover which components they believe are most important and whether they find them useful or not. The report compares the years 2015, 2016 and 2017.
The relentless headway made by digital transformation in increasingly critical areas is driving the cybersecurity industry to revise the identification process of citizens who use services that expose data as sensitive as their bank accounts.
State of the Art. Evolution. That is the key to define the current situation about online banking fraud. As specialist, we are aware that in the vast majority of case, the cybersecurity discipline acts in a reactive way againts the threats of cybercriminals. A very typical way of acting in the banking sector.
Discover our holistic vision applied to online detection
ABOUT THE COMPANY
buguroo provides a complete solution in the market for combatting online banking or financial services fraud. It identifies the highest number of customer identity theft and manipulation attacks, using Behavioral Biometry and Malware Detection to alert upon detection of any anomalous behavior during the entire customer session, including the opening of new fraudulent accounts.