A Brief History of Banking Fraud: Why Financial Firms Need Biometric Profiling

Banks and online fraudsters have been engaged in a 20-year game of cat and mouse, with the odds stacked firmly in favor of the criminals. They have repeatedly found new and innovative ways to gain access to banking networks and customer accounts, with financial firms left playing catch-up.

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This white paper looks at the evolution of fraud including the increasingly sophisticated tricks fraudsters have employed in order to make money. It also looks at the security measures banks have introduced to defend and against these attacks, and where these have fallen short.

Readers will also learn how banks can get on the front foot in the fight against fraud thanks to next generation behavioral biometrics, which lets them identify and authenticate each and every online customer – both good and bad – with pinpoint accuracy.

 

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