Vitaly Volodenkov
FRAUD DETECTION
Vitaly Volodenkov
Chief Information Officer Sumsub
Now that DORA is in play too , how much more important is security ? The EU ’ s Digital Operational Resilience Act ( DORA ) creates a strong impetus for financial services , institutions and the IT systems they use , to prioritise strengthening their cybersecurity .
It is a well-structured and comprehensive regulation that strikes the right balance between thoroughness and flexibility , making it suitable for organisations of all sizes .
DORA ’ s greatest strength lies in its aim to secure all aspects of the financial system ’ s digital ecosystem . As such , organisations handling sensitive customer data , including identity verification service providers , should also uphold high standards of security and fraud prevention .
For companies like ours , holding those highest standards in line with DORA , means we can confidently offer the critical fullcycle , multi-layer protection for financial institutions needed to firm up their defences against identity fraud , which is a key gateway for fraudsters to threaten a company ’ s cybersecurity .
Our data has shown that screening scammers during the onboarding stage alone is not enough , as 76 % of fraud occurs after KYC checks . There is no ‘ magic tool ’ that can solve all fraud ; however , implementing advanced , adaptive protection at all stages of the user journey will be essential to eliminating as many threats as possible .
DORA ’ S GREATEST STRENGTH LIES IN ITS AIM TO SECURE ALL ASPECTS OF THE FINANCIAL SYSTEM ’ S DIGITAL ECOSYSTEM
Vitaly Volodenkov
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