Globally, both consumers and businesses now have the expectation of real time payments and transactions. With the exponential increase in customers performing real time payments than ever before, it’s not surprising that fraudsters continue to seek ways to exploit the digital channel where such payments are performed.
This makes it imperative to utilize the latest approaches to mitigate risk and defend against attacks. Existing legacy authentication measures that protect accounts such as login credentials and biometric authentication are important but have been proven to be circumvented by fraudsters.
Account takeover has continued to rise, with several contributing factors, including data breaches, social engineering, poor consumer hygiene on passwords and slower than desired adoption of biometrics, and the increasing sophistication of fraudsters by using bots and crimeware.