Account takeover is one of the biggest concerns of 2014 in
the banking
and payments
industry. Anything from stolen information to money laundering can put a
business at risk and doubt in customers minds. Online payments raise the risks
of fraudsters gaining access to information and compromising accounts. Weve
noticed organized crime around online payments has developed many different tools
to steal information without being detected for periods of time. Some of the
greatest security challenges facing the payments industry have to do with
identity verification and authentication.
To enhance security you must know your customers, their
customers and your employees. Organizations cannot grow at an optimal rate due
to fraudulent attacks and poor fraud prevention
tools. There is a need for collaboration and cooperation with one another
to ensure criminals dont have the upper hand on valuable data. Criminals are
stealing personally identifiable information, credit card information and whatever
else they can get their hands on. There are forums and private marketplaces where
criminals communicate and sell what theyve stolen.
Being able to prevent account takeover requires identity
management and user verification. Too many companies are relying on outdated
and weak identity verification techniques such as CAPTCHA. Payment processors need to be more
proactive and adapt in this new emerging payment marketplace. Understanding
these new environments, risks and figuring out how to adapt to help in the
fraud prevention process. As far as attack detection goes, banking institutions
and payment processors have to keep customers privacy concerns at top of mind
when implementing new security measures. Being proactive can help you stay
prepared for threats and potential attacks.
There is a lot of data out there that you can use to verify
the identities of your customers and look for indicators that somebody is not
who they say they are. Utilizing fraud prevention solutions that come fully
equipped with dynamic
KBA, drivers
license verification and more can help protect your company and your
customers. Remember, mobile payment systems give you the ability to have access
to huge new numbers of the worlds customers and theres definitely competition
in this area. Stay proactive and collaborate with peers in your industry to
keep fraudsters out.
[Contributed by EVS Marketing]
