Financial services are high-value targets for cyber-criminals. End-user credentials, personal and business account data are the information needed to carry out fraud successfully. Phishing, smishing, and similar campaigns won’t stop claiming victims. A bank can experience financial fraud on various channels.
For example, the interaction between online banking, mobile banking, and POS channels is an excellent vehicle fraudsters use to carry out a fraud. The fraudster usually starts from one channel to hit another.
This results in potential reputational damage to a bank’s online payment services.
Financial fraud encompasses all types of fraud affecting the financial world. It arises, for example, from malware and social engineering (phishing) that allow users to be profiled, and from there to perform a targeted attack.
The challenge is protecting the service from fraud and security threats while keeping it easy to manage and transparent to the end-user.
To successfully fight financial fraud, it is essential to have an omnichannel approach to protection. Simultaneously monitoring multiple channels improves the efficiency and effectiveness of the analysis. Here is why banks should stop protecting their channels with vertical solutions and switch to omnichannel and multilayer products.
The XTN Cognitive Security Platform® is a comprehensive Fraud Protection Ecosystem. Our approach is to correlate different layers of analysis to obtain a holistic view to detect fraudulent events.
We allow you to manage all fraud affecting different banking channels from a single console, avoiding separate and vertical management. It is also possible to correlate and analyze actions that the same user carries out on different channels, identifying malicious activities.