Fraud prevention

SMS-based multifactor authentication is now so badly compromised that it has become a major vector for fraud. But there's a potential solution, and it's in every bank customer's pocket.

The scams are becoming increasingly harder to detect, as fraudsters mimic authentic communications from banks.

Listen to Gasan Awad, SVP, Fraud Director, Enterprise Fraud Product Management at PNC Bank, Chris Briggs, Chief Product Officer at Mitek and Jay Leal, CIO at Vantage Bank.

Now more than ever, businesses globally have become increasingly susceptible to financial fraud.

The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency issued a request for information on a range of payments-related fraud trends in order to develop policy solutions to the rising instances of check fraud.

Brian Minick, who is in charge of cybersecurity for the bank, shared important cyber insights at an American Banker conference this week.