'Rising security concern for online and mobile banking' says HID Global
Christy Serrato says that as more banks in the region turn digital, a higher number is under cyber attack
There is rising concern for online and mobile security within banks in the region, according to secure identity solutions expert HID Global.
As one of the most "impactful trends", the digital banking revolution is said to be bringing compelling challenges for the cards and payments industry, and for banks to successfully evolve to next generation banking, they must secure their online and mobile channels to maintain the trust that they have gained with their customers through traditional service channels.
Christy Serrato, solutions marketing financial services, HID Global said: "The online and mobile threat landscape is becoming more targeted and more sophisticated. Cyber criminals utilise sophisticated malware, usually focused on credential theft, to compromise banking accounts through online and mobile transactions."
"Increasingly, hackers are creating malware specifically targeted at banks in the region, which is not surprising, as cyber criminals follow where the money is and capitalise on perceived vulnerabilities. As a result, a higher number of banks are under cyber-attack with rising fraud losses." Serrato continued.
The biggest threat to digital banking is financial cybercrime whereby hackers use web-based malware for targeted attack, in order to take over accounts and hijack transactions and today's layered attacks require a layered security framework.
The authentication methods currently used by banks (such as SMS-based one-time passwords (OTP), OTP tokens, virtual keyboards, PKI, etc.) are recognised to have vulnerabilities.
Serrato said that it is highly recommended that banks follow best practices for layered authentication by adding real-time fraud detection to complement their existing authentication methods. It is considered an effective approach to combat the rising web-based malware attacks that are causing significant security issues for the banking industry in the region.
HID Global is extending its leadership in the Middle East with a new generation of solutions to secure digital banking with the "Five Layers for Online Banking Security."
This layered authentication solution for secure online and mobile banking is designed to: foster frictionless digital banking; address vulnerabilities with existing two-factor authentication solutions; protect against account takeovers seamlessly; and comply with heightened regulatory guidance in response to the rising online threat landscape.