Biometric technology, such as fingerprint sensors and voice recognition, has become widely popular in recent years with the boom in mobile applications. Organizations are now trying to make use of this technology and implement it to a wide range of areas. Particularly for the banking industry, biometrics can play a vital role in fraud prevention. With the prevalence of phone and digital banking, banks require innovative ways to authenticate their customer’s identity.

In our recent webinar featuring Netacea’s Head of eCommerce, Tom Platt, we explored the rising threat of loyalty point fraud and how businesses can reap the benefits of loyalty schemes while staying protected from attacks and retaining customer loyalty. Watch the full webinar on demand or catch up on the takeaways here.

Artificial intelligence (AI) and machine learning (ML) systems have become the norm for using client data to provide recommendations to customers. As more people are working from home and conducting business online, it is imperative that fraud detection software is used to protect user information. But these protective systems also utilize ML to automate the process and understand when a potential attack is taking place.

Do you remember a time when you were amped up to buy that new pair of shoes, or any special item online – only to have your credit card or other payment information (which you know is real), declined? All of that time spent browsing, selecting, getting off of your couch to find your credit card, entering payment information wasted? You are not alone!

As our digital world turns toward advances in automated technology to increase efficiency and productivity, cybercriminals are also learning how to execute mass automated cyber-attacks. According to the 2021 AT&T Cybersecurity Insights Report, most people are concerned about the security of various applications and 52% believe that these threats challenge the integrity of networks.

SMS-based phishing attacks are nothing new. They’ve been around in one form or another since the technology became mainstream in the mid-90s, and more so since the introduction of smartphones a decade and a half ago. However, in their latest incarnation, AKA Smishing, such attacks are progressively executed on a scale never seen before. In the last couple of months, Cyberint has seen an increase of SMS phishing attacks targeting the customers of retail companies.

Ofwat, the water services regulator for England and Wales, has revealed that it has received over 20,000 spam and phishing emails so far this year. The Water Services Regulation Authority (better known as Ofwat) which is the government department responsible for regulating the privatised water and sewage industry in England and Wales, said it had received 21,486 malicious emails so far this year – with 5,149 classified as phishing attacks.

Hallowe’en is still months away, but Frankenstein is out trick-or-treating even as you read this, and the operative word here is “trick”. Payment fraud criminals continue playing their games with financial institutions’ (FIs) customers and online merchants.

As guardians of valuable monetary assets and highly sensitive data, financial institutions are the perfect target for cybercriminals. According to IBM, the financial services sector was the number one target of cyberattacks in 2020 among all industries. This means these organizations continue to be challenged and invest heavily in both people and technology to make sure they can withstand attacks of any type.

Protecting your applications from abuse of functionality requires understanding which application features and workflows may be misused as well as the ability to quickly identify potential threats to your services. This visibility is particularly critical in cases where an adversary finds and exploits a vulnerability—such as inadequate authentication controls—to commit fraud.