How can banks adapt to hybrid fraud?

Han Sahin, CEO of ThreatFabric, shares his tips on helping banks better understand how new tech integrations can prevent modern fraud.

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. 

Share

Featured Articles

Tech & AI LIVE: Key Events that are Vital for Cybersecurity

Connecting the world’s technology and AI leaders, Tech & AI LIVE returns in 2024, find out more on what’s to come in 2024

MWC Barcelona 2024: The Future is Connectivity

Discover the latest in global technology and connectivity at MWC Barcelona 2024, where industry giants converge to discuss 5G, AI and more industry trends

AI-Based Phishing Scams Are On The Rise This Valentine’s Day

Research from Egress Threat Intelligence, Avast, Cequence Security & KnowBe4 outlines how AI is being used in dating app phishing scams on Valentine’s Day

Speaker Lineup Announced for Tech Show London 2024

Technology & AI

Darktrace predicts AI deepfakes and cloud vulnerabilities

Cloud Security

Secure 2024: AI’s impact on cybersecurity with Integrity360

Technology & AI