3 Fraud Methods that Require a Cyber Security Solutions

Money is the force behind generating billions in global revenue and the foundation for building cyber-crime empires. Cybersecurity is constantly being compromised as financial institutions are spending significant resources, working over-time to combat the infinite widespread attacks presented by cyber thieves. Phishing, pharming and credit card redirection are the top cyber fraud methods and why your bank needs a cybersecurity application controls product.

Phishing is an attempt to obtain or ‘fish‘ for sensitive information such as passwords, usernames and credit card information in the form of an email or link supposedly from the financial institution. (Banks will never ask for confidential information such as login, transaction password, unique reference number or one time password).

Pharming occurs when hackers seize and redirect bank’s URL to a fake site that looks like the real thing. The most popular form of this scheme is through DNS cache poisoning where attacks made on the internet naming system allow users to enter important names for websites such as www.co.usa instead of a series of numbers.

Credit card redirection is the new kid on the block and the nemesis of e-commerce sites. Modification of these valuable gems in the underground market by thieves alter the flow of the payment process redirecting all payment details to a domain the attackers manage, enabling the access of credit card details.

The various forms of online banking i.e. laptops, mobile devices are convenient platforms for the consumer but also make them easy targets. While cyber attackers continue to build their empire banks are continually challenged with attempting to keep up with sophisticated techniques at lightening speeds in technology. Banks understand the grave consequences of this never-ending war and protect the consumer by doing the following:

• Laws are now in place notifying customers in the event a breach occurs.
• Banks consume costs associated with reissuing credit cards and new account numbers for compromised accounts.
• Many banks are switching to chip-based payment cards aka Europay, MasterCard and Visa, which uses a smart chip and pin instead of magnetic strip.
• Capitalizing on Smartphone technology banks use push alerts that notify customers of transaction made, helping consumer identify fraud sooner.
• Monitor transactions for unusual spending behavior

To help banks and other highly regulated industries achieve compliance applying a holistic regulation management solution presented by a company such as Pathlock Technologies, a SAP partner reduce operational inefficiencies, streamlining dissimilar processes and reduce cost. Contact us today for more information about our services.