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Banks and FIs are under attack from cyber crime. Your customer is a prime target.
The pandemic has supercharged the pace of customers adopting digital banking and finance, and that has attracted huge growth in digital fraud. Customers are targeted by phishing for banking passwords, brand abuse to steal personal information, and scams to drive APP fraud.
A recent Javelin Strategy and Research study estimates there was a 90% increase in account takeover attacks between 2020 and 2021.
Brand Abuse attacks are currently the most dominant attack vector seen by Outseer, rising nearly 300% in 2021 and spiking to over half of all cyberattacks, according to its research. These attacks are designed to mislead users into sharing their credentials and personal information on impersonated or “mock” websites which are then used to facilitate account takeover attacks. Personal information unwittingly shared by users are also used by fraudsters to gain instant credibility when conducting social engineering or APP fraud, one of the fastest growing scams.
UK Finance has partnered with Outseer, an RSA Company, to provide its FraudAction service to help members fight these attacks and protect its customers. FraudAction provides a Best-in-class phishing blocking and takedown service to stop fraudsters stealing credentials and personal information that enable account takeover attacks and APP fraud.
Additionally, FraudAction provides actionable cyber intelligence such as bank card numbers recovered from carding e-shops, alerts on dumped data impacting your customers, and awareness of new and emerging criminal discussions.
Due to the importance of this service for our members, Outseer is offering an exclusive 15% discount to all UK Finance members.
To learn more, please email Lucy King or beyondpartners@outseer.com.
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