GSMA - Security and Fraud’s Post

In a recent survey of our LinkedIn followers, 40% cited fraud prevention and security as their primary challenge for 2024. 🔒 We understand the importance of peace of mind when it comes to financial transactions; that's why our platform offers a comprehensive suite of security-focused features, including: ✅Real-time reporting, statements, and audit logs for complete visibility  ✅Sophisticated user permissioning and multi-level authorisation for total control ✅Access to platform via strong customer authentication (SCA) To learn more about ibanq and how it could support your business, visit https://hubs.la/Q02vvBTy0 Link to full poll: https://hubs.la/Q02vvHRW0 #fraudprevention #security #payments

The amount of “stale” personally identifiable information (PII) that lives within easily accessible documents opens the door to major data security concerns during tax season. Metomic's brand new report into the State of Data Security in Financial Services found that a whopping 37% of publicly shared files contain PII, highlighting the lack of data management oversight happening across industries, especially for financial services organisations that handle exorbitant amounts of PII. To learn more, check out our press release.  #datasecurity #dlp #financialservices #data

What Drives the Surge in #OnlineBanking and #MobileServices? The surge in online banking and mobile services has propelled the demand for robust fraud management solutions in the #bankingsector. As instances of financial fraud continue to rise, institutions are increasingly prioritizing advanced systems to safeguard their customers' assets and data, driving significant growth in the global #fraudmanagement market. Key Market Players: SAP , BAE Systems, FIS, IBM, Experian, BioCatch., LexisNexis Risk Solutions, ACI Worldwide, SAS, NICE Actimize Want To Know More: https://lnkd.in/d8Fhf76d #AMR #BankingFraud #OnlineBanking #MobileBanking #FraudManagement #FinancialSecurity #Cybersecurity #DigitalFinance #Fintech #RiskManagement #DataProtection #FinancialFraud #TechnologyTrends

Today I'm going to attend to this interesting seminar: "Identity and Data Seminar - Humanising digital identity" https://lnkd.in/d9fcSwY3 #MWC24 #DigitalIdentity

If you are in Banking and Financial Services, you know how costly data breaches can be to your organization. Customers deserve to have their data protected wherever it goes, not just inside your perimeter. Check out how Seclore's Data Security Platform leverages data-centric security for comprehensive protection and tracking of your customer’s sensitive financial information—no extra deployment hassle required. https://lnkd.in/dZETbwAP #EnterpriseSecurity #EnterpriseData #DataCentricSecurity #DataSecurity #BFSI

#Fraud: the great enemy of the banking sector Because this week we attended Revolution Banking, one of the biggest #Banking events in Spain, as a Gold Sponsor, we would like to bring you this consideration. Fraud is one of the most feared enemies (especially regarding financial matters): customers and the institutions themselves want to avoid it at all costs. For this reason, the sector is increasingly implementing more defenses against this type of attack, not only in methods of authentication and access to services but also throughout the entire process. Here are a few of these solutions 👇 https://lnkd.in/dQ2eXpKV

On the back of the #EU Court of Justice VB v. NAP ruling of 14 December 2023 which -among other things- ruled that the occurrence of a #databreach does not imply -per se- that the data #controller has not adopted adequate security measures, the Italian Data Protection Authority fined #Unicredit and #NTTData in connection with a massive #cyberattack that involved thousands of Unicredit customers back in 2018.   The sanctions date back to the 8th of February, but were only made public by the #garanteprivacy on the 7th of March.   The cyberattack was carried out by a sophisticated actor that over several days tried to gain access to Unicredit's #mobilebanking #platform by deploying reverse #bruteforce techniques (in a reverse brute force attack, a malicious actor tries out very easy passwords on a large number of accounts).   NTT Data had been contracted by Unicredit to perform a #vulnerabilityassessment and #penetrationtest and, while carrying out such operations, came across the attack.    It actually turned out that NTT Data instructed a #subcontractor to carry out the VA and PT exercises allegedly without informing Unicredit, and apparently the news of the data breach had travelled too slowly from the subcontractor to Unicredit, via NTT Data.   For its part, Unicredit not only failed to prevent its mobile banking application from returning the customers' names and one of the PIN codes when access to their accounts was attempted with incorrect credentials, but also failed to adopt the appropriate security measures to prevent the brute force attack.   Unicredit was fined 2.8 million Euros.   NTT Data was fined 800K Euros by the #DPA for breaching article 28, para 2, of the GDPR (which requires processors to inform controllers of the appointment of a sub-controller) and article 32, para 2, GDPR for not informing Unicredit of the breach without delay.   Data breaches may not imply, per se, that the data controller has not adopted adequate measures, but this fine issued by the #garanteprivacy shows that DPAs are not shy when it comes to determining whether security measures are up to the task or not, even if it takes over 5 years..and that #dataprocessors are not off the hook when it comes to major data breaches.   This story is not over yet though, as NTT Data has announced that will seek judicial review of the DPA decision.

For today's #fraudfriday, we take a deeper look at CrossCore! What can CrossCore do? Decrease friction and fraud losses.  Mitigate fraud across the member life cycle. Effectively manage fraud and identity solutions through a single point of access.  Make the best fraud risk assessment with a 360-degree view of consumer identity. Empower your Credit Union to stay agile and respond to different fraud vectors.  Watch the video in the provided link, to see more and then reach out and lets get you fully protected! #crosscore #experian #fraud #creditunion

#IncomeTax #Important #Update related to #Bank #Account 🔐 **#New #Security #Feature #Alert!** 🔐 I am excited to share a new feature that enhances the security of your income tax profile! Now, when you add a new bank account to your profile, you'll receive a One-Time Password (OTP) for verification. 📱 #Why is this important? The OTP feature ensures that only authorized users can add or modify bank accounts, protecting you from unauthorized access and potential fraud. Your financial security is our top priority. # How does it work? 1. **Log In**: Access your income tax e-filing portal. 2. **Profile Settings**: Navigate to 'Profile Settings.' 3. **Add Bank Account**: Enter the necessary bank details. 4. **OTP Verification**: Receive an OTP on your registered mobile number and/or email. 5. **Confirm**: Enter the OTP to verify and add the bank account. This simple yet powerful step ensures your financial information remains secure. Always keep your contact details updated to seamlessly receive OTPs. ### Benefits: - **Enhanced Security**: Protects against unauthorized access. - **Convenience**: Quick and easy verification process. Stay secure, stay informed! 💼🔒 #Security #IncomeTax #OTP #FraudPrevention #DigitalSecurity #TaxFiling #FinancialSecurity

Explore Zenpli's impressive achievements and discover our vision for a better world, all while combating identity fraud! Check out this awesome interview and join the conversation! 🚀🚀🚀🚀🚀🚀🚀 #Zenpli 🚀🚀🚀🚀🚀🚀