Learn more about Online Bank Fraud

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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There's no doubt that the technological advances and new forms of communication are leading us into an increasingly digital world. The ways people interact and communicate, the workplace and the very functioning of the economy and markets are all changing.
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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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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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Human beings have got where we are today thanks basically to two essential factors: sociability and communication. Being social animals and working as a team has allowed us to develop far more than we would have as solitary creatures.
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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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Fraudsters are innovative and tireless in their efforts to steal funds and evade detection. They will exploit advances in technology such as Faster Payments and even love to shamelessly use an uncertain and fearful situation such as the current global Covid-19 pandemic to their advantage, employing the coronavirus as a method to swindle innocent people out of their money.
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Online banking fraud is all the rage and everything seems to point to the trend continuing in coming years. It may stop being a trend and become something structural, something that banks will have to deal with from here on out, in the same way that the online shopping format has already established itself as something intrinsic in new and future commerce.
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