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One of banking’s biggest challenges is to minimize the number of false positives being generated, thereby saving time, money, and avoiding needlessly frustrating customers. As two of the most prominent technology buzzwords around, it’s no secret that artificial intelligence (AI) and machine learning are driving transformation across virtually all industries and disciplines. They are helping businesses streamline internal processes to improve efficiencies, make sense of vast amounts of data to drive intelligent decision making, and create new, innovative services to improve the cus
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In an industry survey by the Aite Group, 89% of financial institution (FI) executives pointed to account takeover fraud (ATO fraud) as the most common cause of losses in the digital channel1.
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The New York State Department of Financial Services (NYDFS) regulates approximately 1,500 financial institutions and banks as well as over 1,400 insurance companies. With New York as the “financial capital of the world,” the vast majority of financial institutions in the U.S. fall under NYDFS regulation. In addition, many international organizations have operations in New York, and therefore also fall under NYDFS regulation.
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Android’s accessibility services make it easier for people to interact with Android apps or devices without the traditional user interface. Unfortunately, attackers can abuse those same helpful features to defraud users and financial institutions (FIs), such as in the case of a PayPal Android Trojan capable of stealing $1,000 from users in a matter of seconds despite the app’s use of two-factor authentication (2FA). Fortunately, a layered approach to authentication and mobile app security can protect your app against these types of attacks.
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The General Data Protection Regulation (GDPR) came into force across the European Union in May 2018 with the aim of increasing privacy and extending data rights for individuals in the EU, but it was never meant to keep us free from all forms of cyber threats. It only requires organizations that touch our personal data to use their best efforts... Read more

The post Expanding the GDPR Requirements to Better Protect PII appeared first on OneSpan Blog | Be bold. Be secure..

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When designing your customer journeys, it’s important to acknowledge the entire customer lifecycle and how you can leverage user and device data to improve future digital interactions – after the applicant has been onboarded as a customer. AI is increasingly being used to capture vast amounts of data (e.g., applicant behavior, integrity of devices, and transactions) to later adapt the... Read more

The post Redefining the Digital Account Opening and Onboarding Customer Journey appeared first on OneSpan Blog | Be bold. Be secure..

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The New York State Department of Financial Services (NYDFS) regulates approximately 1,500 financial institutions and banks as well as over 1,400 insurance companies. With New York as the “financial capital of the world,” the vast majority of financial institutions in the U.S. fall under NYDFS regulation. In addition, many international organizations have operations in New York, and therefore also fall... Read more

The post NYDFS Cybersecurity Requirements for Financial Services Companies: Phase 4 Begins Now appeared first on OneSpan Blog | Be bold. Be secure..

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Android’s accessibility services make it easier for people to interact with Android apps or devices without the traditional user interface. Unfortunately, attackers can abuse those same helpful features to defraud users and financial institutions (FIs), such as in the case of a PayPal Android Trojan capable of stealing $1,000 from users in a matter of seconds despite the app’s use... Read more

The post Protecting Mobile Banking Apps against the Recent PayPal Android Trojan and Android Accessibility Abuse appeared first on OneSpan Blog | Be bold. Be secure..

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While we begin 2019 with fresh optimism, we can’t ignore the hard reality that continues to plague the financial industry. Cybercriminals remain focused on account takeover (ATO), new account fraud, and card-not-present fraud. Results of the 2018 Identity Fraud report by Javelin Strategy & Research revealed significant growth in account takeover, with the number of attacks tripling in the past... Read more

The post Modern Risk Analytics: Why Financial Institutions Need to Strengthen Existing Fraud Detection Solutions appeared first on OneSpan Blog | Be bold. Be secure..

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In the increasingly crowded and competitive financial services market, financial institutions (FIs) are prioritizing mobile app development and the mobile user experience in order to maximize customer acquisition and retention. So why does it seem that secure mobile application development isn’t receiving the same amount of attention? Cybercriminals are doubling down on their efforts to attack mobile users by exploiting... Read more

The post Secure Mobile Application Development: Making the Business Case for App Shielding appeared first on OneSpan Blog | Be bold. Be secure..

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