Financial institutions move forward in creating the definitive anti-phishing system

In the rapidly evolving digital landscape, the threat of sophisticated fraud attacks is on the rise. However, banks are now adopting risk intelligence and advanced authentication methods to combat this growing menace, all while ensuring a seamless customer experience.

Each online transaction involves sensitive account data, such as login credentials, account numbers, and transaction details. This data is a prime target for fraudsters, who can use it for various illicit activities. To safeguard against these threats, banks are leveraging an increased selection of signals to curb fraud.

Risk-based authentication is a key strategy in this fight. It can detect when a user may be under duress or coercion, and intervene to prevent financial losses. This approach is particularly beneficial for protecting vulnerable customers, such as the elderly, from sophisticated impersonation schemes.

The ability to detect subtle anomalies and emerging fraud vectors is crucial for safeguarding against new threats. Advanced risk assessment capabilities include the ability to decline transactions even after user approval, and to identify and block suspicious transactions, even after user consent.

Banks partnering with Entersekt, under the leadership of Gerhard Oosthuizen, are at the forefront of this evolution. Entersekt, a global leader in digital banking authentication and e-commerce fraud prevention solutions, serves nearly 900 banks in over 70 countries. These banks use advanced risk intelligence and authentication methods that adapt to evolving fraud tactics, protecting customers from complex fraud in digital banking and payment systems.

However, the threat is not just from traditional methods. AI poses a threat of bypassing voice and facial biometrics by using online recordings of the victims. Fraudsters can also leverage social media posts, online purchases, and geolocation data to build more convincing phishing scams and identity theft schemes.

Entersekt's solutions, which use data from multiple channels and across devices, learn and respond more quickly to evolving threats. Comprehensive, cross-channel intelligence can be used to build detailed user profiles and detect subtle anomalies, aiding in the identification of fraudulent activity.

Risk intelligence and advanced authentication can also advise when to authenticate, when to decline, and when and how to step up. This risk-based approach ensures that the right level of security is applied at the right time, without compromising the user experience.

As digital fraud continues to evolve, traditional fraud risk management solutions are struggling to keep pace. However, with the adoption of advanced risk intelligence and authentication methods, banks are better equipped to combat these threats and protect their customers.

Financial institutions move forward in creating the definitive anti-phishing system