An industry like no other, fintech is an engine of innovation that is rewriting the rule book on how consumers around the globe access financial services.
A wide array of dynamic providers have emerged, with digital and mobile-only banks and online lenders making the biggest splash.
Lines are blurring between traditional banking and fintech, with more and more brick-and-mortar banks embracing digital services and integrating with fintechs through open banking.
A major impact of the fintech revolution has been the speed at which banking and lending decisions are made, with consumers expecting instant access to new financial products. This presents unique challenges when protecting their digital properties against organized fraud.
Fintechs face a complex and highly organized cybercrime ecosystem. The 2019 Official Annual Cybercrime Report predicted that by 2021 cybercrime will cause annual losses of $6 trillion globally. The high ROI potential for attackers targeting the finance sector means that internal fraud prevention teams are under major strain as they keep up with the ever-evolving nature of fraud.
A top fraud and security issue which fintechs are dealing with today is account takeover. Legitimate consumers are having accounts compromised through an array of attack techniques, including large-scale automated credential stuffing. Fintechs need robust protection in place, which is in line with their commitment to user experience.
By understanding the attack patterns and motivations behind account takeovers, fintechs can achieve long-term deterrence against attacks.
Download 8 Trends Fueling ATO Attacks on Fintechs to learn:
- How bad actors target and monetize attacks against fintechs
- 9 types of fraud that threaten trust in users’ account security
- How increasingly unclear fraud signals allow attackers to access accounts undetected
- account takeover
- credential stuffing
- digital services
- financial services
- Open Banking
- traditional banking