BANKING CYBER DEFENCE TRENDS TO PROTECT CUSTOMER INTERESTS

Brief Introduction: The face of banking system has been changed to unexpected levels with the innovations of technology and adopting the same by Banking industry to provide most convenient banking to their valued customers on 24*7*365 basis.

- SVS Adinarayana

With the same advanced phase, robberies also replaced with physical to digital, termed as Cyber frauds. As per experts talk, Cyber crime and payment fraud cost $6 trillion in the year, 2020.

Banks are in a process to use advanced techniques and technology to intensify security levels to combat cyber frauds to protect Customer interests and moreover Nations' wealth.

Broadly we can classify cyber frauds as Identity fraud occurs when thieves use stolen Social Security or passport, Aadhar numbers to create a synthetic identity, which is then used for fraudulent transactions.

Digital account fraud refers to taking over a real person's Legitimate account to launch bot and malware attacks, and is often run by human firms but also automated processes.

Payment fraud includes credential theft, chargeback and other threat methods during payment authentication or dispute.

Common Techniques to defence:

Essential and Common techniques to fight against all varieties of cyber frauds by Banks :

• Internal corporate policies