Most bank fraud involves the use of false or anonymous identities. The growing concern however, lies with cybersecurity, as respondents named virus/malware installation and Distributed Denial of Service (DDoS) attacks as two of the top three fraud-related threats.
New research from San-Francisco-based Neustar finds one such web-based attack, smokescreening, is growing in popularity, causing financial devastation to businesses and long-term harm to their brands. Smokescreening occurs when a DDoS attack distracts the IT team, giving the attacker access to other areas of the network and revealing sensitive banking and customer information.
To protect their brand and clients, Neustar recommends banks take the following four actions:
1. Bolster third-party verification offerings by obtaining key client identifiers (physical address, phone number (especially mobile phone) and email address)
2. Maintain updated client records – Neustar provides authoritative data with updates every 15 minutes to ensure accuracy
3. Invest in an Internet Protocol (IP) service that can cross-reference the user’s physical location with their credit card information to mitigate theft
4. Use precise location data that can pinpoint the user’s city, postal code and designated market area
Read the full Neustar report titled “How Are Banks Fighting the War on Fraud?”
Neustar is a provider of cloud-based information services and data analytics, enabling marketing and IT security professionals to promote and protect their businesses.
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