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How did Cyber Criminals take advantage of Financial Institutes during Covid-19?

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Mahendra Patel
How did Cyber Criminals take advantage of Financial Institutes during Covid-19?

After Covid–19 most financial institutions and consumers have been moving steadily toward digitalization. The mass adoption of online services and apps permits more people to use services that they may in any other case not have access to without in-person engagement. However, this creates new opportunities for fraud and threats. Due to which banking and financial institutions have been hit particularly hard by fraudsters.

To fight back, financial institutions must adopt stronger threat detection and prevention measures to mitigate risk. Below are some of the trendy strategies fraudsters are using to take advantage of digital onboarding and a few key steps financial institutions can take to protect themselves and their customers.

In many ways, the modern online environment is a financial fraudster’s dream. As financial institutions undertake all-digital processes for customer onboarding and interactions that used to require a few in-person contacts also. Plus, the explosion of ransomware attacks has flooded the dark web with extraordinary amounts of stolen client information and personally identifiable information (PII). In other words, financial institutions are locating themselves extra vulnerable to identity threats simply because the dark web market for stolen identities and has become extra saturated than ever.

After a large number of financial institutions shifted to remotely the cybercriminals often as legitimate users to launch their attacks. This is performed by acquiring identity data from the dark web and the use of stolen photos and profiles to steal identities and financial assets. Fraudsters additionally have a tendency to optimize and refine their fake credentials and profiles to attack multiple financial institutions multiple times.

Use Tools and strategies to protect against the enhanced risk

With better visibility of the fraud landscape, financial institutions can defend their data and protect the customer with the help of effective plan and structure operation. Some several key tools and capabilities will likely be part of any successful strategy.

 

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