With every new data breach revealed or costly identity-theft case reported, consumer confidence in the security of online banking erodes. This loss of confidence in online services can have a direct impact on the ability of financial institutions to reduce costs and increase efficiency through the online-banking channel.
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.
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. Following is an overview of security options - with emphasis on strong authentication, fraud detection and general layered security - that can help protect against cyber attacks now and over the long term.