Online Banking Fraud Prevention Tips in Timor
The exponential rise in cybercrimes has left online banking vulnerable to fraud, making it essential for retail and corporate customers to balance innovation with safety.
What is Online Banking Fraud?
Online banking fraud occurs when a criminal accesses and transfers funds from an individual’s online bank account. It refers to any illicit activity that involves manipulating online transactions or personal data without the user’s consent.
Types of Online Banking Fraud
There are two main types of online banking fraud: Account Takeover (ATO) and Automatic Transfer System (ATS).
ATO Attacks
ATO attacks involve malware that targets banks and financial institutions to steal personal data or cryptocurrency assets. Advanced malware like TeaBot, BRATA, and Gozi have been discovered, with capabilities to perform ATO at scale. These attacks often bypass traditional fraud detection mechanisms and can be difficult to detect.
ATS Attacks
ATS attacks are more challenging to detect as they involve automated activities that bypass fraud detection systems. Malware that performs ATS targets a large number of victims for small amounts, making it easier for anti-fraud systems to miss potential fraud.
New Mobile ATS Attacks
Recent discoveries have revealed new mobile ATS attacks that can bypass behavioral biometrics. SharkBot, an advanced Android Trojan, has been targeting banks globally, highlighting the need for advanced detection mechanisms and threat intelligence insights.
Preventing Online Banking Fraud
To prevent online banking fraud, it is essential to integrate multiple advanced detection mechanisms with the right processes, mindset, and tools. Continuous monitoring, complete visibility, and response automation are key ingredients in preventing today’s and tomorrow’s advanced attacks.
At Cleafy, our solution continuously analyzes online activities across all digital channels, combining multiple detection technologies with threat intelligence data. This enables fraud management teams to automate responses based on actual threat patterns rather than generic risk scores.
Staying Ahead of Online Banking Fraud
Fighting online fraud is more challenging than ever before, with fraud schemes evolving rapidly and becoming less predictable. To stay ahead of the game, it is crucial to have access to advanced threat intelligence insights tailored to a specific business and industry.
In Timor, where the need for secure online banking transactions is particularly pressing, Cleafy’s solution offers a comprehensive approach to preventing online banking fraud. By integrating multiple detection technologies with threat intelligence data, our solution provides continuous monitoring, complete visibility, and response automation, enabling financial institutions to stay ahead of advanced attacks.