Why Cyber-Fraud Teams Are the Next Big Thing in Payments Security
InetCo – Chris Best
The increasing interconnectedness of digital systems and the ingenuity of financial criminals have led to a convergence between payment fraud, cybercrime, and anti-money laundering (AML)
Cybercriminals are exploiting vulnerabilities in digital payment systems, making payment fraud more prevalent and challenging to detect
Sophisticated attacks, such as advanced persistent threats (APTs), involve a combination of social engineering, malware, cyberattacks, identity theft, stolen credentials, and mule accounts
Traditional organizational silos within companies make tackling this convergence a challenge, as fraudsters exploit the gaps between information security, fraud, and risk teams
Leading financial institutions are establishing cyber-fraud fusion teams to bring together cybersecurity, anti-fraud, and AML resources for a more holistic view of the threat landscape
Access to the right data at the right time, along with artificial intelligence and machine learning, are crucial for effective cyber-fraud prevention strategies
Highlights:
Nearly $1 billion has been stolen through APT cyber-fraud attacks, such as those carried out by the Carbanak crime group
In a multi-vector cyber-fraud attack at a large bank in Africa, $19 million was stolen in just three hours using a combination of spear-phishing, malware, and forged credit cards
Traditional security methods and organizational silos within companies make it challenging to tackle the convergence of payment fraud, cybercrime, and AML
Leading financial institutions are establishing cyber-fraud fusion teams to bring together cybersecurity, anti-fraud, and AML resources for a more holistic view of the threat landscape
Access to the right data at the right time is the foundation of efficient convergence programs, and data fusion provides a single source of data to multiple teams
Artificial intelligence and machine learning support financial institutions in their privacy compliance by helping prevent data breaches and flagging suspicious activity with precision
INETCO BullzAI is a real-time, ML-powered software solution designed to address the converged attack vectors of payment fraud, cyberattacks, and money-laundering.
Link: https://www.inetco.com/blog/cyber-fraud-teams-next-big-thing-payments-security