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It’s Cyber Warfare: How Financial Institutions and Banks can use Authentication to Secure Identites and Transactions

Today, financial institutions offering Internet-based and mobile-banking services face increasing pressure to provide enhanced consumer protection against phishing, sophisticated malware (e.g., man-in-the-browser attacks, ZeuS, SpyEye, Ice IX, ransomware) and other fraudulent activities. With significant advances in criminal threats — both in sophistication and sheer frequency — organizations such as the U.S. Federal Financial Institutions Examination Council (FFIEC), the UK Financial Policy Committee and the UK Treasury have all urged financial institutions to strengthen cyber defenses.

Best practice demands that FIs deploy stronger bank authentication methods, as well as fraud detection techniques, to help stop advanced attacks that target the identities and transactions of internal staff, consumers and business-banking customers. This primer outlines a necessary response to the increased number of identity fraud cases and continued threats from phishing, malware and man-in-the-browser attacks. Security threats will continue to evolve and financial institutions should invest in security platforms that provide the flexibility to implement new approaches and adapt to future challenges.

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