The convergence of technologies that created super apps such as Wechat, Grab and Gojek, has also allowed unmanaged third-party apps and user-enabled fintech tools to “scrape” and use personal and machine data without the users’ knowledge.
Without proper visibility, management, and controls, these tools can create unnecessary application load and may be used by cybercriminals to disguise attacks against financial institution (FI) applications.
The increasing adoption of open banking and application programming interfaces (APIs) may inadvertently allow these tools to be exploited by cybercriminals to perpetrate fraud against FIs such as credential stuffing, whereby stolen identities from data breaches are used to either fraudulently log into their applications or create fake new accounts via client-side malwares.
In response to the emerging risk, FIs are leveraging converged platforms that employ a variety of advanced technologies to defend their web and mobile applications and APIs against a broad array of security threats and fraud risks.
In this RadioFinance session, we will discuss how the security efficacy of FIs is bounded by the fragmented organisational and technological approach to fraud, identity, app security and infrastructure security, and how a converged security team and converged security platform may reap benefits from more efficient team collaboration and a more integrated security technology stack, to deliver better customer experience at lower operational cost.
The discussion will focus on the following:
The Asian Banker RadioFinance aims to enhance understanding of the finance industry globally by bringing together thought leaders, industry experts, practitioners and futurists to examine current, critical issues through a discussion facilitated by visual and web-based platforms. Through the use of interactive technology, participants do not have to take time out from their crowded schedules or leave the comfort of their own desks.