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.
Here at Cyxtera, we take in pride in our machine learning technology that helps us find and take down the vast majority of phishing websites almost as soon as they go live. But for some stubborn attacks, nothing beats a human touch.
Typically, anti-phishing protection is a hammer that views every malicious site as a similarly-sized nail. It discovers a phishing site, slates it for removal, and eventually removes it from the internet so that users can’t click on or enter their credentials into it.
Over the years, one of the most common things we have heard from community banks and credit unions is that they are not the target of phishing, malware, or email spoofing.
Balancing user experience with strong transaction and login protection is a constant battle for financial institutions – one that can have tangible consequences for both bank and customer.
We have long passed the inflection point on the digital transformation. To be a bank in 2019 is to be a digital bank as well, period.