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Thai Banks Struggle to Keep Pace with Sophisticated Fraudsters

BANGKOK - In a bid to reduce the risks of fraud and reputational damage, Thai banks are investing heavily in fraud detection tools and strategies. However, with the increasing complexity of cyber attacks and sophisticated fraud techniques, the challenge for these institutions is to balance security with customer convenience.

The Growing Threat of Cyber Attacks

According to industry experts, banks in Thailand are facing a dramatic increase in complex cyber attacks, with fraudsters continually challenging the security measures put in place by financial institutions (FIs) to protect sensitive customer data. Despite the efforts of FIs to prevent about 60% of all attempted fraud, losses from mobile banking fraud have increased rapidly, growing by 92% in 2019 alone.

A Two-Pronged Approach: Detection and Prevention

To stay ahead of fraudsters, Thai banks are adopting a two-pronged approach: fraud detection and prevention. While slightly different technologies and strategies are used, detection and prevention tools are deployed hand-in-hand to identify attempts by fraudsters to access accounts and prevent them from doing so.

Four Steps to Prevent Fraud in Banking

Gemalto IdCloud risk management services are being used by banks in Thailand to provide identity affirmation and risk-based authentication (RBA). The service harnesses the power of four layers of intelligence, each analyzing user and environment activities from different perspectives to identify high risks before any harm is done.

Four Steps to Prevent Fraud

• Device Intelligence: identifies recurring devices accurately, detects high-risk networks and locations, and spots device anomalies that indicate fraudulent activity.
• Behavioural Biometrics: looks at inherent user behaviour and analyzes how someone types, moves their mouse or holds their device to create an individual profile.
• Behavioural Analytics: analyzes user habits at individual and population levels to detect unusual behaviour.
• Trust Consortium: evaluates billions of events to help banks know who to trust, even if they are new to them.

Enhanced Onboarding with Risk Management

By adding identity affirmation, Thai banks can strengthen their identity proofing process security. This applies risk management technologies to analyze the environment and user behavior to detect suspicious activities. Although the main aim is to prevent ID fraud during digital onboarding, identity affirmation can also lower total cost of ownership by avoiding additional checks and abandoning high-risk enrolments at an early stage.

Comply with the Latest Security Regulations

Gemalto IdCloud’s risk management services are designed to meet the new security requirements of regulations such as PSD2 and FFIEC. It offers real-time monitoring of the authentication and transaction process risk, as required by PSD2’s regulatory technical standards (RTSs).