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.
Plus, the explosion of ransomware attacks has flooded the dark web with extraordinary amounts of stolen client information and personally identifiable information (PII).