Paul WilsonOctober 21, 2020
Adapting to New Fraud Challenges
The world has changed significantly in these last 7 months. The ways in which people work and conduct daily activities have been affected drastically by the COVID-19 pandemic.
Throughout the process of adapting to a new normal, organizations have sought out tools and more efficient methods for remote work. Various industries have shifted to remote working, even for roles which were previously seen as being too sensitive to perform outside office walls. Some industries have changed temporarily, others have seen this as an opportunity to reimagine operations entirely.
Banking is one industry that has been presented with a particularly unique set of challenges while making the shift to remote work. On top of adapting to a remote workforce, banks must stay ahead of fraud trends that have evolved due to COVID. Fraudsters have taken advantage of the situation, launching various COVID scams related to PPE loans, stimulus checks, phishing campaigns, payment requests, and more. The American Bankers Association names some of the most popular scams.
Considering the continuous changes in customer behavior, daily banking operations, and the threat landscape, one critical area for fraud teams to focus their efforts is around monitoring.
“What COVID-19 has created is effectively a huge monitoring challenge. Banks (and indeed all businesses) need to ensure that remote users are who they say they are, and that their behavior is consistent with what would be expected.” -KPMG
Now more than ever, financial institutions depend on digital platforms to serve their customers. Considering this persistent monitoring challenge, financial institutions need to fully trust in their transaction monitoring systems. The balance between identifying risky behavior and providing a frictionless experience for the member can be difficult, especially during a time when user behavior is inconsistent and targeted attacks are on the rise.
Rule-based transactional systems are no longer effective or reliable. Risk-based analytics and contextual data paint a bigger picture in the transaction monitoring process. This provides more data to help strike the balance between preventing fraud and providing a quality experience for the member.
In-order for fraud teams to be effective they too must have secure access to modern digital platforms and real-time data. This is where Appgate can help.
At Appgate, providing our customers with secure access in a user-friendly environment is a top priority. To better support customers who need to more efficiently monitor transactional data, we recently released our Transaction Monitoring web console.
The environment was designed with our customers’ current challenges in mind. It’s easy to access in a secure environment that provides real-time transactional data. It was important for us to adapt to the needs of our customers by offering a web-based platform which allows remote employees to quickly access what they need, when they need it most.
1. Transaction Monitoring Web Console Data Sheet
2. Learn about or Transaction Monitoring Offerings Here
3. Contact Us for More Information