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January 07, 2021

Cybersecurity Expert Reacted On Banking Trade Body Calls For Increased Contactless Payment Limit
UK Finance may also increase the opportunity for fraudsters to steal larger sums of money from unsuspecting consumers.

Increasing the contactless payment limit on credit and debit cards does provide a short-term solution to making payments safer and faster under social distancing. However, this proposal from UK Finance may also increase the opportunity for fraudsters to steal larger sums of money from unsuspecting consumers. In order to make transactions simpler and safer, banks should look to payments from mobile devices which can implement biometric technology, such as fingerprints and facial recognition.

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Increasing the contactless payment limit on credit and debit cards does provide a short-term solution to making payments safer and faster under social distancing. However, this proposal from UK Finance may also increase the opportunity for fraudsters to steal larger sums of money from unsuspecting consumers. In order to make transactions simpler and safer, banks should look to payments from mobile devices which can implement biometric technology, such as fingerprints and facial recognition. This would allow organisations to mitigate fraud and secure higher-value transactions in the long-term with user-friendly, socially distant processes.

 

Furthermore, banks should always be mindful that no single authentication method can provide a complete answer to fraud prevention. A layered approach that takes into account contextual data, and make use of new risk-based technologies, powered by AI and ML, and modern identity verification is the best method to spot suspicious activity. This gives them the ability to analyse multiple pieces of cross-channel data from different sources to make real-time security decisions, and prevent fraud.

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December 09, 2020

Cyber Security Predictions 2021: Experts’ Responses
The year the cloud is finally embraced by financial services.
The year the cloud is finally embraced by financial services. In today’s turbulent economic climate, banks are looking to deliver secure online services at the lowest possible cost. And this is where SaaS solutions deliver the innovation needed in the most agile way possible. We will undoubtedly start to see banks make the shift to SaaS to remove overheads and refocus on evolving core services. Yet the financial sector is still behind the curve in its adoption of cloud due to its ongoing fear .....Read More
The year the cloud is finally embraced by financial services. In today’s turbulent economic climate, banks are looking to deliver secure online services at the lowest possible cost. And this is where SaaS solutions deliver the innovation needed in the most agile way possible. We will undoubtedly start to see banks make the shift to SaaS to remove overheads and refocus on evolving core services. Yet the financial sector is still behind the curve in its adoption of cloud due to its ongoing fear over privacy and data control to meet the stringent standards of GDPR and PSD2. As an industry, technology providers need to reassure banks and give them the confidence that it is possible to protect data anonymity and drive capabilities around areas including authentication, fraud, and risk analysis to help them reap the rewards SaaS solutions have to offer.  Read Less