Always assume you're under attack
To put it bluntly, financial institutions (FIs) should always assume they are under attack, and should proactively use technology to be prepared.
Since digitalization has widened the threat landscape related to identity theft and financial crime as we move towards a digital, real-time and cashless society, it’s important for financial institutions to keep up by adapting to their consumers’ behavior.
If not managed correctly, these online risks can erode trust in the banking relationship which can prevent a smooth transition to digitalization, especially in emerging markets.
Recently, HID Global and The Paypers, a leading independent fintech publisher, conducted a report to shed light on these challenges.
