![]() A recent Javelin Strategy report states that “Identity fraud incidence increased in 2012 for the second consecutive year, affecting 5.26% of US adults. One of the most popular fraud schemes involves stealing credentials (using malware and Phishing) to perform an account takeover (ATO). Let’s take a step back and examine things from the criminal’s point of view. Why are criminals finding the mobile channel so attractive? Even more interesting, the bank experienced fraud that originated from their mobile channel. Among the interesting findings across factors such as device usage, fraud behaviour profiling and account access anomalies, one fact clearly stood out: there is a sharp increase in the use of mobile devices to conduct account takeover fraud. We recently discovered several fraud schemes targeting a large European bank. ![]() This is also where security silos fail – an AV/anti-malware/anti-fraud solution may be aware that credentials are stolen but does not report crucial information to the criminal’s next stop – the login authentication system. Most end users don’t know their credentials were stolen by malware and therefore cannot report the compromise. When it comes to malware, things are not that simple. ![]() The fact that the card was lost is correlated to future use. Let’s consider a real world scenario: if you report a lost credit card, your credit card company knows to immediately suspend (or at least investigate) any card usage. The problem, however, with many of today’s layered security solutions is that they do not correlate information between the various layers (security risks, suspicious events, fraud indicators etc.) and thus fail to see the big picture, writes Etay Maor. Protect your transactions! Protect your login! Protect your mobile channel! Protect your end users! A layered security architecture is now standard for most organisations. Takeover attacks that are launched using credentials stolen fromĬustomers via phishing and malware attacks.Etay Maor is fraud prevention solutions manager at Trusteer This steady increase inĪdoption is putting the mobile channel in the crosshairs of account Person-to-person transfers and mobile remote deposit capabilities, aįigure that has more than doubled since 2011. Of the topĢ5 US financial institutions, about half are offering mobile Is now used by 33% of mobile consumers, up from 24% in 2011. Strong authentication methods such as SMS One-Time Passwords (SMS OTP).Īccording to a recent report by Javelin Research, mobile banking Mobile malware is commonly used to bypass ![]() ItĪlso identifies devices that are vulnerable to compromise by malware and Mobile devices by conclusively identifying criminal access attempts. Trusteer Mobile Risk Engine detects and stops account takeover from Institutions against mobile and PC-to-mobile (cross-channel) attacks. ![]() HAS ANNOUNCED THE TRUSTEER MOBILE RISK ENGINE to protect financial TRUSTEER, THE LEADING PROVIDER OF ENDPOINT CYBERCRIME PREVENTION,
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