When sensitive information is not properly secured, fraudsters have a variety of techniques in their arsenal to access it. Among the most prevalent are spear phishing (i.e. fraudulent email from “known” individual requesting a payment), pharming (i.e. directs users to a bogus, but legitimate looking website, to capture personal information), Trojan horses, (i.e. malicious programs used to hack into computers) and man-in-the-middle (i.e. hacker alters communication between two parties).
Almost all of the attacks are aimed at baiting victims into visiting spoofed websites or downloading malicious software. Hackers can then steal confidential credentials (such as one-time passwords [OTPs] and signature codes) and use this information to take over bank accounts and conduct fraudulent transactions.
The prevalence of cyber-attacks is forcing Financial Service businesses to take a fresh look at more sophisticated, “stack-able” security solutions to ensure a more holistic approach to critical risk scenarios and adaptation to evolving security needs. Specifically addressing how best to:
- Manage and protect high value transactions that require real-time, "stepped up" security capabilities?
- Streamline and simplify the security process for high volume transactions while minimizing manual steps?
- Leverage flexibility that fully enable benefits of integrated hardware, software and risk-based analysis capabilities to drive more secure and user-friendly authentication and transaction signing?