Cybercrime on the Rise: Financial Institutions Warned to Prepare for Increased Threats
As the banking industry navigates the current stress, it is facing an increased risk of cyber threats. With customers making substantial funds movements and engaging in multiple transactions outside their usual conventions, fraudsters are taking advantage of the situation.
Top 5 Areas to Combat Emerging Threats
Security experts have identified five key areas where financial institutions should take proactive action to combat emerging threats:
1. Combating Cyber-Enabled Fraud Across Money Movement Business Processes
Financially-motivated cybercriminals are leveraging phishing campaigns and malicious domain registrations to impersonate financial institutions and banking consumers.
- Implement robust authentication checks
- Validate customer information
- Monitor transaction accounts for unusual activity
By taking these measures, organizations can mitigate the risk of cyber-enabled fraud.
2. Heightened Monitoring of Insider Activity
Turbulent market conditions have increased the risk of insider threats. Malicious intent or compromised insider access could be used to commit an act of fraud for personal gain or manipulate existing technology and business controls.
- Map user privileges against roles and responsibilities
- Flag large downloads or transfers
- Implement data loss prevention capabilities
By enhancing internal security measures, organizations can reduce the risk of insider threats.
3. Disinformation, Misinformation Campaigns Affecting Customer Trust
Malicious actors may be using digital dis- or mis-information to amplify customer distrust and prey on fear.
- Prioritize customer-facing data governance
- Monitor public information forums
- Create a disinformation recovery plan
By proactively addressing disinformation campaigns, organizations can protect their reputation and maintain customer trust.
4. Customer Online Account Takeovers and Transaction Activity
Cybercriminals use stolen credentials, social security numbers, and personal data to hijack legitimate accounts and execute fraudulent activities.
- Enforce heightened authentication checks during service transactions
- Implement strong password policies
- Monitor transaction accounts for unusual activity
- Secure networks by blocking IP addresses from countries where they do not conduct regular business
By strengthening online account security measures, organizations can prevent customer account takeovers and reduce the risk of fraud.
5. Enhanced Monitoring of Security Performance
As financial institutions navigate the current banking stress, it is essential to review existing security and performance metrics related to critical cyber defense operations.
- Enhance monitoring of security performance
- Detect any deviations from standard operations
- Identify potential outliers or performance degradation
By regularly reviewing security performance metrics, organizations can identify areas for improvement and enhance their overall security posture.