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article imageTips to beating fraud this Black Friday

By Tim Sandle     Nov 28, 2019 in Technology
In 2018, almost a quarter of consumers experienced attempts at fraud over the Black Friday weekend, as fraudsters capitalize on seasonal spikes in transaction volume to try and evade fraud detection processes. Mark Crichton provides some tips.
Mark Crichton, Senior Director of Security Product Management, OneSpan, provides Digital Journal readers with five top tips for banks and financial institutions to prevent fraud this shopping season. OneSpan is an anti-fraud and digital identity solutions company.
These tips are:
Communicate with customers
As transaction volumes increase fraudsters will use this to spike to try and scam transactions and call centres. Let customers know your brand will never ask them for their credentials via email, text or chat.
Stick to the processes
Remind your staff that security standards don’t need to slip, even though transaction volumes will be higher, pay attention to those requests that seem a little out of the ordinary and don’t cut any corners. Stick to the processes and procedures defined throughout the entire year.
Protect mobile apps
Your mobile banking apps should be able to protect themselves in untrusted device environments. In order to defend any type of mobile app against sophisticated malware, they should be protected using application shielding technology.
This technology prevents attackers from injecting malicious code into an app and repackaging it for distribution in unofficial marketplaces or websites. It is also context-aware so that if a customer’s mobile device is rooted or allows for side-loaded apps and is potentially infected with malware, the app itself is still protected.
Implement multi-factor authentication and transaction signing solutions
Focus on implementing multi-factor authentication and transaction signing solutions as these can play a significant role in helping prevent transaction fraud.
A recent survey revealed that more than 60 percent of respondents plan to invest in new multi-factor authentication technologies, including those that rely on biometrics and AI/machine learning in an effort to overcome security issues face by financial institutions and their customers.
Tools like voice recognition and behavioural biometrics are becoming more commonly used among banks and FIs to overcome these challenges.
Take advantage of AI and ML
Fraud detection and prevention technologies powered by AI and machine learning are the most capable of stopping fraud because of their ability to analyse large volumes of disparate data in real time.
More about Fraud, Credit, Black friday, purchases
 
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