Learn about top fraud trends in the financial industry
Speaking at Money20/20 Europe, one of the biggest fintech events in the world, is always a privilege. This is an opportunity to reflect together and discuss the most pressing fraud trends in the financial sector and together find the best solutions to counter them
Money20/20 Europe 2022 was unlike any other. There were over 4,000 attendees from banking, fintech, payments and financial institutions and included some of the most influential senior executives and risk analysts leading anti-money laundering strategies ( AML), product management, threat intelligence, etc., sharing their ideas and experiences.
Financial companies are a prime target for attackers
The “wealthy” financial sector is naturally at the top of the bad actors’ attack radar. Our research shows that during the first quarter of 2022, financial companies suffered 2.5 times more attacks than in the previous two years. With the increasing adoption of digital payment methods, new credit options such as Buy now, pay later (BNPL)ease of opening new lines of credit, NFTexplosion in the number of cryptocemergency platformsetc., the attack vectors only increase.
The financial sector offers immense potential for monetization and intelligent robots make it easier – and cheaper – than ever for attackers to escalate attacks. A standard 97% of attacks against fintechs during the first quarter of this year were driven by bots. Even with a tiny success rate, attackers can walk away with big profits.
Consumer financial accounts are prime targets for account takeover attacks because these compromised accounts can be used for money laundering, money mining, loan seeking, and a host of other financial frauds. Not only do attackers infringe on consumers Account Securitythey also assemble synthetic identities to create a legit appearance fake new accounts deceive companies. Even if the fraud attempt is detected, attackers can get away with it as fraud and security teams find themselves chasing a non-existent consumer.
Sit back and take note of the synthetic fraud
The growing challenge of synthetic fraud is something I spoke about at Money20/20 Europe during a panel discussion titled “Synthetic Fraud Movements and What It Means for Consumers and Businesses”. Interest around the topic was overwhelming with great turnout during the session and the conversations that continued afterwards. I am grateful for the opportunity to share my thoughts and insights with my fellow panelists on the future of the metaverse, virtual reality, augmented reality, and security proposition in the advanced digital realm.
Strengthen inclusiveness in leadership
Another highlight of the event was the Rise Up Group Session ‘Women in STEM….The New Sexy’. It’s an open secret that organizations with more women in leadership positions can add exponential value to the overall success of the organization. I am happy that Money20/20 gives the importance it deserves to both gender equality and equal opportunities for women colligues to succeed.
I am proud of our own commitment to promoting gender equality and diversity within our company. The RiseUp session was a reiteration of this commitment, as we discussed ways to encourage more women to move up the corporate ladder.
Smarter detection solution
It was heartening to see participants searching for information about our smarter detection solution which can provide them with the necessary visibility on the evolution of attack tactics for a frauprevention while keeping the user experience intact. They realize that the opponent is highly motivated and well equipped with the latest tools. And that traditional defense mechanisms can no longer provide the level of security they need in the face of increasingly complex and targeted attacks.
The Arkose Labs team managing our stand was also extremely busy. The team memberVisitors interacted with visitors and showed them how our Arkose Detect and Arkose Protect solutions provide smarter and more transparent detection, which ultimately forms the basis of a more robust and advertising solution.active security posture.
Thank you for an interactive event
I’m pretty sure that, like me, Money20/20 Europe attendees came away wiser with in-depth insights into the challenges digital fraud poses to the financial industry and the best practices we can adopt to combat it. . onslaufight. My sincere thanks to the organizers, fellow panelists, attendees, and Arkose Labs team members for putting together an interactive and engaging event. Thanks!
*** This is a syndicated blog from the Security Bloggers Network of Arkose Laboratories written by Patrice Boffa. Read the original post at: https://www.arkoselabs.com/blog/uncovering-top-fraud-trends-finance-sector/