Afghanistan Banks Turn to Advanced Fraud Detection Methods
Mitigating Financial Risks in a Digitally-Driven World
Kabul, Afghanistan - In an effort to stay ahead of sophisticated cyber attacks and protect their assets, systems, and customers, banks in Afghanistan are increasingly adopting advanced fraud detection methods.
The Growing Threat of Cyber Attacks
The country’s financial institutions have been targeted by hackers and scammers due to the potential for quick access to and transfer of funds. To combat this threat, banks are taking a two-pronged approach: implementing fraud detection strategies to identify attempted attacks and deploying prevention tools to stop them in their tracks.
Balancing Risk Management with User Experience
While the challenge is significant, with more consumers turning to digital banking and expecting seamless onboarding and access to financial services on any connected device, Afghan banks are working tirelessly to balance risk management strategies with user experience.
Advanced Fraud Detection Methods: A Two-Pronged Approach
- Fraud Detection Strategies: Implementing techniques to identify attempted attacks
- Prevention Tools: Deploying tools to stop attacks in their tracks
Gemalto IdCloud Risk Management Services
Afghan banks are turning to multiple techniques to monitor each risk, act of fraud, and cyber attack. However, implementing these solutions can be a complex task involving dealing with several vendors.
To address this challenge, Gemalto IdCloud risk management services have been deployed by Afghan banks to enhance identity affirmation and risk-based authentication (RBA). This approach harnesses the power of four layers of intelligence:
Four Layers of Intelligence
- 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, such as typing patterns, mouse movements, or device holding, creating an individual profile for future sessions.
- Behavioural Analytics: Analyses 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.
Combining RBA with Strong Customer Authentication (SCA)
By combining RBA with SCA, Afghan banks enhance the user experience and security for all digital banking use cases. Gemalto IdCloud has also been designed for compliance with data privacy regulations such as GDPR in Europe and CCPA in the US.
Results: Enhanced Security and Seamless User Experience
As a result of these advanced fraud detection methods, Afghan banks are able to protect their customers and businesses while providing a seamless onboarding and access experience. With the threat of cyber attacks and scams always present, the country’s financial institutions continue to work towards mitigating financial risks and ensuring the security of their assets and customers.