New payment methods (NPMs) are fueling a rush of cyber-attacks across the world, so collaboration between law enforcement and financial institutions is critical to protecting consumers’ money. Ellen Joyner discusses the latest research from Javelin Strategy & Research and Juniper Research, and provides best practices for arming your organization while protecting your customer relationships.
The always-connected generation expects secure, on-the-go banking. But cybercriminals are also children of the digital age. Your cybersecurity must keep you out in front because they are always inventing new tricks to exploit the weaknesses in these new technologies.
A SAR is the vital link to the criminal. Before filing a SAR, you should be digging for all possible information associated with that suspicious transaction. That means the roles of investigator and compliance officer need to change.
Digging into your big data to find and stop potential cybercriminals requires real-time, event-driven behavior analytics and the ability to link new threat alerts to existing suspicious cases
Producing high volumes of low-value alerts can impact investigation effectiveness and regulatory report quality. High performance scenario tuning helps investigation staff be more efficient – improving compliance and reducing the risk of inaccurate or late regulatory reports.
Big data can be a bad thing – if you can’t see the knowledge locked inside. That is particularly important when you are trying to see possible relationships and linkages. Cyber security is an area where data visualization technology would help uncover those linkages in a way that everyone can understand, even those without a statistics degree.
According to Gartner, in 2013 e-commerce and financial services companies will continue to be hit with distributed denial of service attacks and criminal social engineering ploys. Sadly, our electronic and digital channels are not as secure as they need to be to combat these cyber criminals while offering the new generation products and services a mobile audience demands.
Ellen Joyner says there are three ways banks can use analytics to identity and stop fraud while improving the customer experience. See if one of these will remove your roadblock.
In today’s world of cybersecurity threats, fraudsters use social media to gather personal information and target vulnerable places within your organization. The criminals have no boundaries when securing illicit funds and then funneling them through financial institutions disguised as legitimate financial transactions and eventually sending wires to offshore accounts.
Organized fraudsters love the big data battle because – for many organizations – siloed data and too much data make finding fraud as difficult as finding the same needle in a new haystack. Ellen Joyner says firms can bring big data and organized fraudsters down to size with a layered analytics approach combined with high-performance computing.