BLOCKCHAIN
54 authentication fraud are among the most prevalent threats to real-time payments . Intelligent fraud solutions can be deployed to mitigate the risk of a successful attempt for each scenario . For instance , multifactor authentication and identity verification can provide layers of security to prevent impersonation of an authorised user and subsequent authentication fraud . Employing capabilities such as biometrics and tokens , and enforcing complex password requirements , can facilitate secure and effective authentication . Cybersecurity applications such as anti-malware , firewalls , and network and back-office protections can also prevent malicious actors from taking over or creating accounts with stolen credentials and identities .
Analytical tools with machine learning and AI capabilities are essential in preventing crimes such as authorised push payment fraud or invoice redirection . Machine learning capabilities deliver the swift , analytical processing power required to analyse multiple data sources at the speed needed for realtime payments , while AI can be used to interrogate requests as they come in .
‘Financial institutions can prepare for whatever comes their way by adopting solutions that offer protection for current risks with the flexibility to adapt as the threat landscape changes ’
SEPTEMBER 2019