The growing threat of Synthetic ID fraud and how behavioral biometrics enables organizations to stop it before the damage is done
Prior to the COVID-19 pandemic, the financial services industry was experiencing a significant increase in synthetic ID fraud. Per a report published by Aite-Novarica Group, US credit card synthetic identity losses were expected to increase by over 55% from $580M in 2015 to a projected $1.3B in 2020. However, due ... Read More
The rising risk of OTP hijacking & SIM swap attacks and how behavioral biometrics helps thwart these attacks
As we head into 2022, organizations must enhance their digital fraud & authentication strategy, especially around the use of OTP (one-time passcodes). Historically, OTP has been an effective tool to authenticate users based on “something you have” within an MFA (multi-factor authentication) strategy, which also includes “something you know” and ... Read More
Wie Verhaltensbiometrie Social Engineering-Angriffe stoppt
Dies ist der zweite Beitrag einer ganzen Serie zum Thema Fraud. Er schließt inhaltlich an den Beitrag zu Credential Stuffing an. Social Engineering als Betrugsmasche ist allgegenwärtig: Drei Viertel der Finanzfachleute gaben in einer Umfrage von AFP an, dass ihr Unternehmen im Jahr 2020 Ziel von Betrug, häufig auch „Fraud“ ... Read More
How Behavioral Biometrics Thwart Social Engineering Attacks
(Note to readers: This is the second part of a new blog series about how behavioral biometrics detects and stops specific cyber threats. Today’s blog focuses on social engineering.) A few weeks ago, I talked about credential stuffing and the challenge of separating friend from foe. While that can be ... Read More
Credential Stuffing-Attacken mit Verhaltensbiometrie vereiteln
Stellen Sie sich vor, sie schließen einen günstigen Mobilfunkvertrag ab und überlegen bereits, was sie mit dem gesparten Geld alles anfangen können. Doch dann erfahren Sie aus den Nachrichten, dass ihr gerade neu eröffneter Account beim Mobilfunkanbieter gehackt wurde, weil dieser bei der IT-Sicherheit gespart hat. Anstatt Urlaubspläne zu schmieden ... Read More
How Behavioral Biometrics Thwart Credential-Stuffing Attacks
(Note to readers: This is the first part of a new blog series about how behavioral biometrics detects and stops specific cyber threats. Today’s blog focuses on credential stuffing.) When are you really not you? When you’re the victim of a credential-stuffing attack – which is a common occurrence ... Read More
How Behavioral Biometrics Can Help Financial Institutions Satisfy New Federal Authentication Guidance
When the government announces new recommendations to support secure banking user authentication and fraud prevention, we all should pay heed. In this case, the Federal Financial Institutions Examination Council (FFIEC) issued in August a guidance report on effective authentication and access risk management principles and practices for financial institutions. Among ... Read More
Increased Exposure: What Financial Institutions Need to Do – Now – to Avoid Fraud Liability stemming from Social Engineering Scams
It’s going to get much tougher for financial institutions to avoid being declared as liable in the case of electronic fund transfer (EFT) social engineering scams. Specifically, the Consumer Financial Protection Bureau (CFPB) recently released a Frequently Asked Questions “compliance aid” to provide guidance about its positions on the Electronic ... Read More
