It shouldn’t be a surprise that fraudsters are ruthless when it comes to compromising your customers’ financial data. What is your organization doing to protect your customers against cybercrime? Taking care of your customers and their information is critical to retaining existing customers and instilling confidence in new ones. It’s important to remember that an organization is only as strong as its weakest link. With cybercrime on the rise, financial institutions face an ever-growing responsibility to protect customers.
According to Strategic Treasurer, fraud attempts have increased by 50% in the last three years and criminals are attacking targets on multiple fronts for optimal results.
Initiatives such as the SWIFT Customer Security Program and Shared Infrastructure Program aim to improve payments security controls. However, fraudsters act when it's least expected to cause maximum damage. It’s crucial to raise the bar to detect, deter, prevent fraudulent attempts.
How can financial institutions protect their customers?
Businesses are feeling the effects of cybercrime as-a-service, and fraudsters are mobilizing operational efforts to best attack targets. Cybercriminals analyze any gaps in current processes - but the right mitigation technology and strategies can help secure payments and prevent fraud. Here are three simple, yet essential steps you can take to protect your customers:
- Choose a trusted partner to help your organization implement effective security standards and regulations.
- Educate and train all employees on fraud detection and countermeasures they can take to prevent a successful attempt.
- Update payment processes with the latest technology -- such as transaction monitoring and customer behavior analytics -- to better monitor suspicious activity.
The payments landscape is changing, but one thing remains constant: businesses around the world, of all sizes, are at risk of becoming a victim of financial crime. The new reality of cybercrime is the increasing rate at which threats are evolving, so it is critical to the future success of your organization to ensure the right defenses are in place.
Knowing the risks of fraud and the steps your financial institution can take to prevent your customers from being victimized is key. Listen in to the full podcast “The Duty of Care against Cybercrime” for more information on how to detect, deter, and prevent fraudulent attempts.
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