FIS Modern Banking Platform
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Eric Kraus | Vice President and General Manager of Fraud, Risk and Compliance, FIS
October 10, 2019
Financial service providers invest to improve customers experiences through engagement on social media and digital platforms to promote solutions, extend new services, provide servicing and more. But along with increased digital engagement come new risks as fraudsters shift their attacks to digital theft of customer data, financial fraud and social engineering scams. Unfortunately, education only goes so far in protecting customers, and sometimes employees, from increasingly sophisticated threats
Numerous password breaches have perpetrated fraud-as-a-service schemes enabling nearly anyone with bad intent to enter the arena. Key threats in 2019 include digital fraud, social media scams and phishing attacks.
Startling statistics from RSA underscore the rapid rise in cyber fraud:
The fallout from cyber fraud for institutions can be devastating and result in loss of data, customer trust, reputation and revenue as well as incurring compliance violations. In a study on the psychology of waiting, 61 percent of respondents said they would leave their bank if the financial institution failed to report a fraudulent charge before they did.
Rapid detection of a digital attack or identification of information leaked across social media or the deep and dark web translates to reduced monetary loss exposure and hours saved for both consumers and fraud investigators.
Actions required to reverse the rising tide of digital fraud include:
Few financial service providers have sufficient resources to accomplish these tasks. However, new managed services such as the Digital Risk Protection Platform will monitor activity across digital channels to identify risk, protect an institution and its customers and remediate threats. When your institution is ready to evaluate managed services for digital risk mitigation, look for:
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