The COVID-19 pandemic has fundamentally changed the digital banking landscape around the world. This has resulted in a sharp increase in the use of online platforms with financial institutions (FIs) being pushed to accelerate their digital transformation, embrace open banking and create new ecosystems, while combatting evolving cyber-security threats.
At the same time, 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 fraudsters to perpetrate scams against FIs such as credential stuffing, log into their applications or create fake new accounts via client-side malwares.
This RadioFinance session will discuss the different scenarios about the rise of the digital fraud in the financial services industry. It will also explore how FIs are leveraging converged platforms that employ a variety of advanced technologies to defend their platforms and APIs against a broad array of security threats and fraud risks in order to deliver better customer experience.
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.