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Cyber Security & Fraud

Coronavirus has given fraudsters more opportunities than ever to cheat consumers out of their money.

The Project Financial Crime team has been discussing fraud scams prevalent in our current situation. Here is a great article that highlights the main trends to watch out for in the year ahead.

GCA, an international, cross-sector organisation, are offering a number of guides and resources helpful for those working remotely:

NCSC is a government agency that provides advice and support for the public and private sector in how to avoid computer security threats.

They publish weekly threat reports on COVID-19 related fraud and scams

Cyjax aims to provide effective cyber threat intelligence solutions to tackle the growing number of digital threats that organisations and people face today. They have written several whitepapers regarding COVID-19 cyber threats.

Tripwire is a provider of cyber-security solutions and offer free resources on how to protect your family from cyber crime

NIST’s blog can provide guidance on how to enhance privacy of virtual meetings for remote workers

Related Blogs

Cost of living: Is enough being done to tackle scams and fraud?

In the coming months, Project Financial Crime members expect criminals to become quicker at exploiting the government’s cost of living schemes to help the vulnerable.

Buy vs. Build: the Million-Euro SCA Question

"Should we build in, or should we buy in?" This is one of the oldest software-questions management teams have to answer. Yet we believe that this should be less of a consideration regarding whether or not an organisation can build something. Rather, the right question is why they should build it.

Reviewing Access Control Server Integration for SCA

In order to receive 3D Secure messages, process said messages, and authenticate card users, issuing banks must deploy Access Control Servers (ACS). To ensure that transaction integrity is never compromised, the Okay software works in parallel to prevent attacks and protect user information during confidential transactions. The process looks a little something like this:

How customers can help fight fraud

Entersekt CEO Schalk Nolte explains how fraudsters can be stopped by placing intelligent roadblocks in online transactions.

Passwords turn 60. Time for them to go

With the advent of passwords at MIT 60 years ago, Gerhard Oosthuizen Entersekt CTO, contends that it’s time that we replace passwords with more robust technologies.

How Okay Can Help with PSD2 RTS SCA Compliance

Compliance, requirements, deadlines, oh my! By now you should have a comprehensive overview of what to be aware of as PSP. As such, it is time to wrap up the topic of SCA compliance. In this article, we cover how Okay uses security evaluations to fine-tune our product as well as how we can help you meet SCA PSD2 RTS compliance standards.

Understanding PSD2 RTS SCA Compliance

Compliance. A scary term for any payment service provider (PSP) in a world of increasingly stricter regulations and requirements. To make it a little less scary, we are opening the PSD2 RTS Compliance door to extract some key points of interest. Read on for the fundamental requirements PSPs should be aware of if issuing cards or e-money payments and why said requirements are necessary.

How Virtual IBANs Enhance the Growth of B2B Cross-Border E-commerce Businesses

One of the more vexing problems of the modern age when it comes to international business is that regulatory regimes often do not keep pace with technological innovation. Nonetheless, novel solutions to B2B cross-border business have emerged in the form of virtual IBANs, financial instruments that drive the innovation economy and enable new, powerful business models. Here we have outlined three ways that virtual IBANs are transforming the way companies do business locally and abroad:

Driving Forces and Technology Trends Behind Fintech Innovations in 2021

The year 2020 saw many of the innovations and prognostications of analysts come true as contactless payments and digital banking solutions drove the field of Fintech innovations. Looking ahead, however, 2021 could be the year that consolidates much of this growth and prepares the economy for the next stage of digitization. We at Monneo have identified five major trends that we think are driving the Fintech innovations in digital banking, in 2021 and beyond:

Re-enrollment, Customer Onboarding and Magic Links

The reason why re-enrollment is so sensitive is simple: when you do an app-based strong customer authentication (SCA), the user has already been authenticated on the device. This means that it is possible to check the ‘possession’ factor using a device fingerprint from before. If a customer has a new device, and has an existing device registered to their account, we recommend using SCA to enroll. A typical way to do this would be to use a QR code that the user can scan from one device to another. In the case where there are no existing devices linked to an account, we recommend that the customer go through a full “know your customer” (KYC) procedure in order to re-enroll their new device. One of the ways we’ve helped our customers strengthen their re-enrollment process is to implement a mechanism known as ‘magic link’. A magic link is a link received through a semi-secure channel that authorises the customer to use a particular device. Using a link like this can be practical, as the re-enrollment procedure might be stretched out over time. Interested in hearing more about Magic Links? Be sure to read the full article at okaythis.com/blog.

It’s 2021: Do You Need Two Channels for Strong Customer Authentication?

Okay has been running compliance audits since 2016. What did it look like back then compared to today? Are two channels for SCA really needed? This week we briefly explore the changing security environment of mobile phones related to identity verification.

What Makes Successful Businesses Thrive in the E-commerce Space, Too?

The recipe for success in the e-commerce business is much the same as any other entrepreneurial endeavor except it comes with many opportunities for growth and leverage that physical businesses don’t have. Online business may be the future of many markets, and for good reason. From scalability of immediately needed resources to cost-effective innovation and optimization, we have identified five key elements of success for e-commerce business in the modern age:

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