How UK financial institutions can implement identity-based security to win the war against online attacks.
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.
With significant advances in criminal threats — both in sophistication and sheer frequency — organisations such as the U.S. Federal Financial Institutions Examination Council (FFIEC), the UK Financial Policy Committee and the UK Treasury have all urged financial institutions to strengthen cyber defences.
Best practice demands that FIs deploy stronger authentication methods, as well as fraud detection techniques, to help stop advanced attacks that target the identities and transactions of internal staff, consumers and business-banking customers.