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As the payments ecosystem becomes faster, smarter and more open, financial institutions must be armed with a predictive, proactive and accurate fraud prevention strategy. At FIS Connect 2018, our experts shared the many risks financial institutions must be prepared to protect against, based on the latest fraud trends, including:
In “Digital Defense, Security and Your Customers” FIS experts and clients discussed the latest fraud trends that have emerged in digital banking and payments. We also explored strategies financial institutions can use to better protect users, including:
- How to address increases in fraudulent new account creations related to notable global data breaches that took place in 2017
- Whether fraud prevention tools like out of band authentication and forced password updates are effective in preventing the latest types of digital fraud
- How financial institutions can establish stronger defenses with robust, multi-layered security solutions that use a combination of technology, processes and standards
Check, credit and debit-related fraud are the greatest drivers of fraud by volume, but incidents of wire fraud have steadily increased since 2013. In the FIS Connect 2018 break out session “Trends in Wire Fraud” we explored how financial institutions can develop a proactive fraud prevention strategy that addresses the most prevalent threats in wire fraud today, including:
- How to protect against business email compromise (BEC), a type of payment fraud that uses a businesses’ legitimate email accounts to conduct unauthorized wire transfers. Incidents of BEC have increased nearly 70% from 2016 to 2017, and often impacts companies with foreign suppliers
- How to manage internal vulnerabilities
- Ways to protect against compromised networks
- Best practices to prevent phishing, hacking and malware attacks
Our experts also explained how financial institutions can build an effective defense against fraud using a combination of internal controls and processes, and customizable rules-based fraud monitoring tools that create layered and proactive fraud prevention that’s far superior than monitoring alone.
Greatest Fraud Threats Financial Institutions Face
In the breakout “Outsmarting the Fraudsters,” FIS experts further explored the most common types of frauds financial institutions face including wire, check and corporate credit card fraud, and ACH-originated credit and debit fraud. The break out provided strategies financial institutions can use to identify vulnerabilities specific to each fraud type, in order to improve fraud management processes.
Fraud is just one of the many topics our FIS experts and clients explored at FIS Connect 2018 as we gathered to share knowledge, make the complex simpler, and become mutually empowered to move the financial industry forward.
Stay tuned for an event recap on RISE in the next few weeks to catch up on all the need-to-know news that came out of our fifth annual Connect event.
Tags: Risk & Compliance