2 minutes
Protecting members from the surge of modern threats requires more than education.
Sponsored by CUES Supplier member FIS
Providing easy digital access is table stakes among rising numbers of credit union members who need anytime, anywhere access to funds. But along with increased access come new risks as fraudsters shift their focus to digital theft of customer data, financial fraud and social engineering scams. Unfortunately, education only goes so far in protecting members from modern threats.
Attacks at Epidemic Proportions
Numerous password breaches have perpetrated fraud-as-a-service schemes enabling nearly anyone with bad intent to enter the arena. Startling statistics underscore the rapid rise in cyber fraud directed at both members and employees of financial institutions:
- Card-not-present fraud rose by 17% in the first quarter of 2019; 88% of victims made a legitimate online transaction just before subsequent online fraud.
- Phishing attacks, attacks from roque mobile applications and malware are up significantly. For example, impersonations rose 56% between 2017 and 2018. Attacks from rogue mobile applications increased by 300% in the first quarter of 2019.
- Earlier this year, credit unions were targeted by a massive malware-laced phishing campaign from fraudsters posing as Bank Secrecy Act officers at other credit unions encouraging BSA officers to open an attached PDF with a link to a malicious site.
The fallout from cyber fraud for institutions can be devastating and result in loss of data, member trust, reputation and revenue as well as incurring compliance violations.
The Urgency to Reverse the Tide
Reversing the rising tide of digital fraud requires early warnings of threats during the attack planning stage, visibility into digital channels where attackers congregate and intelligence on threats to make informed decisions.
The good news is that such managed services such as the Digital Risk Protection Platform recently launched by FIS in partnership with ZeroFOX will monitor activity across digital channels to identify risk, protect the institution and its members, and remediate threats. When your credit union is ready to evaluate these types of managed services, look for:
- A secure web-browser based monitoring platform for a wide range of digital channels
- Complete digital visibility and protection
- Digital visibility into threats outside of the institution’s firewall
- An option to customize the list of assets under protection
- Automated email alerts when a risk to a protected asset is presented either on social or digital channels
- 24/7 access
- Remediation to remove threats
Eric Kraus is VP/general manager of fraud, risk and compliance at CUES Supplier member FIS, Jacksonville, Florida.
