Finance data from trade association UK Finance shows a near 40% rise in push payment scams in which criminals pretend to be a trusted contact. So, should UK banks step up fraud prevention measures to protect customers from scammers?
Fraud detection platform ThreatFabric, believes that banks should prepare for an expected wave of Hybrid Fraud, by modernizing their classic single-channel fraud detection solutions.
Han Sahin, CEO of ThreatFabric, shares his tips to help banks better understand how new tech integrations can prevent modern fraud:
Understand the modern fraud landscape
The fight against fraud begins with having a strong foundation of multiple fraud indicators, and a single layer of defense is not enough to stop the occurrence of cybercrimes. Today, hundreds of banks are constantly trying to combat the following accelerators of fraud: fast payments, limited know-your-customer flows, data breaches and a rise in hybrid fraud vendors.
Stay in control through visibility
To understand the real impact and prevent losses, a proper solution should be in place to gain visibility on the malware infecting customers’ devices. This fraud solution should provide visibility not only on the known malware, but also to detect unknown malware relying on its malicious behavior. Such an approach allows one to have the full picture of possible risks that can be properly mitigated.
A proactive fraud solution is key to staying one step ahead
Proper on-device detection of malware helps to gain visibility on distribution channels and proactively notify customers about new distribution campaigns to raise their awareness. A solution powered with continuous authentication based on behavioral biometrics is ideal.