Financial Institutions (FI’s) can detect and prevent account takeover attacks using continuous monitoring and adaptive multi-factor authentication. Account takeover (ATO) fraud is one of the top causes of fraud losses for banks and financial institutions. An account takeover occurs when a customer’s bank account is digitally ‘broken into’ and acted on by an attacker. The methods and techniques attackers use to fraudulently obtain access to a customer’s account credentials are continually evolving. These include obtaining data from data breaches, malware, phishing, and other social engineering attacks such as phone scams (read more on common fraud techniques). Account takeover is increasing…
Author: Greg Hancell, Director Product Management - Data Strategy, OneSpan
Author
Greg Hancell, Director Product Management - Data Strategy, OneSpan
Greg Hancell has a comprehensive understanding of fraud and risk management to catch known and emergent fraud. Greg is a global fraud consultant that focuses on people, process and tools to enable Financial Institutions to transform from reactive to proactive to identify financial crime and drive down losses. Greg has a keen interest in the utilisation of machine learning, defense in depth and real time monitoring solutions. In the presentation, he will discuss how applying continuous behavioural monitoring with multi-layered online fraud detection solution can increase trust and reduce fraud.