Category: Risk & Fraud

  • 5 Types of Banking Fraud Schemes and How To Prevent Them

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    by Marty Aquino Wherever there is money, there will be bad actors trying to take it from your users. According to Business Insider, nearly 800,000 internet crimes were reported to the FBI in 2020, worth a loss of over $4 billion. The banking fraud numbers can be staggering, and they’re likely to keep rising as the world becomes…

  • Software Supply Chain Attacks Are Up — What Does This Mean for Digital Banking?

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    If you’re an online business, highly organized hacker teams could be coming for your code. Software supply chain attacks on public and private codebases surged by an astonishing 650% in 2021. That’s a serious threat for digital banks and credit unions, especially since it comes at a time when they are pushing ahead with digital transformation to keep…

  • Credential Stuffing Prevention: Identity Theft and Fraud Require Better Solutions

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    Collecting and holding information on your clients is part of the banking industry’s DNA, because it made good business sense even before “know your client” laws made it mandatory. In the middle of the last century, computerization made record-keeping easier and more cost-effective, with the predictable result that institutions kept ever-larger quantities of client data. …

  • Third-Party Vendor or In-House IT: What’s Best for Your Digital Banking Platform Security?

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    Research from the Financial Brand found that nearly 70% of adults in the U.S. are regular users of mobile banking apps. Banks and credit unions know that a digital banking app is a non-negotiable to keep up with users’ evolving banking preferences. But not just any banking app will do. Users expect advanced features, and they’re…

  • Fighting Fraudsters with Better Authentication

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    Last month at Lumin Digital, we rolled out Google Authenticator support to all our client financial institutions, for no additional charge. This feature, which allows users to scan a barcode with their mobile phone and use a rotating, time-based one-time passcode (TOTP) as a replacement for an email or SMS message, helps protect users of…