Anti-fraud solutions are essential for financial institutions, but it is not enough to just protect an organization’s brand and end users; cyberattacks also target internal systems, employees, and sensitive data.
Cybercriminals are nothing if not persistent. A large financial institution with a global presence has been experiencing a series of sophisticated malware injection attacks – despite the steady failure rate, the cybercriminals behind the attack campaign continue to persist.
During my tenure as an IT executive in the banking sector, I experienced firsthand the frustration organizations face when they have been targeted by a phishing attack but are unable to learn much more than that.
The latest edition of Cyxtera’s Faces of Fraud report, conducted with assistance from the Information Security Media Group (ISMG), collected responses from over 150 financial security leaders about fraud attack and protection trends.
Customer A is a creature of habit. He values order and tends to do things in the same way, from the same place, and normally around the same time.
Financial institutions aiming to implement a holistic security strategy must ensure that they focus not only on their external anti-fraud efforts, but also on their internal security.
The fraud security industry is always evolving to keep up with the latest threats and trends. There is, unfortunately, one constant: while the technology is quick to adapt, implementation and adjustment times are notoriously slow.
The cat-and-mouse game between cybercriminals and security analysts never stops. Every so often, the mouse (in this case, represented by some kind of malware) pulls out front at a pace that catches that cat (the security solution) off guard.
It’s no secret that in the anti-fraud world, too many organizations are being victimized by advanced attacks that their antiquated security strategies are unequipped to tackle.
Anti-fraud security is a necessary priority for financial institutions. However, many organizations allow their internal security to fall to the wayside.