Although the recent Equifax breach that reportedly compromised 143 million accounts has sent consumers scrambling to protect their assets, financial institutions and corporations are likely to feel the impending effects of this attack as well.
It is predicted there will be a surge in social engineering and BEC scams, as the hackers now have a wealth of information needed to impersonate individuals and corporate entities in a variety of contexts. However, the right strategic approach and technology solutions can effectively mitigate the fraud risk.
In this webinar, guest speaker Andras Cser, VP, Principal Analyst in Security & Risk from Forrester Research, will provide an expert industry perspective and discuss what financial institutions and corporations can do to protect themselves. You will gain insight into how organizations are raising their defenses, understand the best practices to minimize fraud loss, and learn how advanced analytics solutions can help minimize the risk.
25. “
SOURCE: Dell SecureWorks
On the Black Market a Social Security
Number is ~ $30, a Visa or MasterCard
Credentials is $4, a Bank Account
Number is ~ $300, a Full Identity
(Healthcare data/documents is $1200-
$1300)…
Pre Equifax
This year ecommerce sales globally will reach EUR $1.6 trillion. In ecommerce and also in banking, the mobile channel is quickly becoming the customer’s preferred channel. The mobile channel offers many opportunities for your business and your customers — and unfortunately for fraudsters too.
Go beyond understanding fraud protection and the customer experience in your offline and online channels. Give your customers the freedom they need to do anything in any channel, without taking on more risk.
Gain valuable insight and deeper understanding of the complex world of mobile fraud management, effective mobile fraud strategies in practice, and tips for evaluating your mobile fraud strategy.
Mobile banking; step-up authentication are current use cases
Biometric single-sign on will remove a ton of employee/customer login friction in the future.
Embedded sensors in IoT devices—smart homes, connected cars--as well as using SSO on your mobile device
Pleaase purchase this particular image from: http://www.istockphoto.com/photo/standing-out-from-the-crowd-gm469148870-61363802?st=fa1e165
Here are just a few of the schemes that cyber criminals have developed to complete fraudulent wire transfers. These are followed by an explanation of how behavior-based anomaly detection solutions have been proven to detect early attack indicators before any money is transferred.
1) Online Wire Request – The most common wire scheme starts with compromising an online account. The fraudster then disables security alerts or enters a new phone number or email address for confirmation, bypassing customer notifications. The fraudster then simply submits a wire request through the compromised online account.
2) Online Live Chat – A fraudster compromises an online banking account, gathers (or changes) personal information, and then engages in a live chat session with the call center to have the agent complete the wire request for him. The agent believes the fraudster is legitimate because he has successfully logged into online banking.
You mentioned online fraud. I’m not a bank but we do have an online portal for our users. How could GA help in this instance?
Andras – you said don’t rely on rules, but the reality is that banks have been using rules for years with some success. How can you capture all of that historical knowledge with machine learning only?
What is peer-to-peer fraud? (question for Andras)