Financial institutions across the globe generally remain one of the industry segments most trusted by corporate clientele. The banking industry’s reputation as trustworthy is an asset that has been earned through one of the foundational pillars of the industry: risk management. Maintaining that trust is a key success factor that involves multiple dimensions. One core element is the belief that banks will guard information and financial assets. While banks have to stay on top of the inherent industry risks as a matter of survival, there is also a heightened level of awareness and concern about fraud across the general industrial landscape in this age of digital transformation, with various nefarious entities conducting relentless testing and probing of both cyber and operational weaknesses 24x365.
In a new research report, Fighting Payments Fraud: No Rest for the Weary, Mercator Advisory Group provides up-to-date insights and data on key trends in data breaches and fraud threats and attacks as well as techniques for their prevention and mitigation. Payments fraud is one major symptom of the broader issue of cybercrime, but it can be controlled or minimized somewhat independently through planning, investing in monitoring and detection, and vigilance — in effect a relentless offensive and defensive counter to the myriad, ever-present, and growing chart of global threats.
“One does not have to look back very far to uncover some example of a major data breach since breaches occur so often (for example, the recently disclosed global hotel chain incident) leaving potentially mountains of personally identifiable information (PII) exposed to the bad guys,” commented Steve Murphy, Director of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service, author of the report. “Payments fraud is a direct symptom of this broader criminal cyber threat, since once a data breach occurs, fraudsters have opportunity to utilize the information necessary for carrying out various strategies to transfer value and wealth.”
This research report is 19 pages long and contains 7 exhibits.
Companies mentioned in this report include: Accertify, ACI Worldwide, The ai Corporation, Alert Logic, Axoni, BehavioSec, BlockCypher, BlueSnap, Bottomline Technologies, Chain, Cisco, CyberSource, DataRobot, Equifax, Evernym, Experian, Feedzai, FICO, First Data, FIS, Fiserv, Forter, GIACT, IBM, Identity Guard, Kount, LexisNexis, Marriott, Microsoft, MindBridge, NICE Actimize, Ponemon Institute, Punjab National Bank, Ravelin, RSA, Sift Science, Signifyd, Sophos, SWIFT, Symantec, ThreatMetrix, Trend Micro, TSYS, Visa, and Worldpay.