With security breaches becoming more frequent, banks need to act swiftly to protect their users. The rapid advancement of technology, including real-time payments and AI, adds complexity to the tasks of security and fraud practitioners. With widespread compromise of passwords, the need for rapid response capabilities is highlighted.
Hackers are continuously evolving their methods and now even targeting password managers and users through sophisticated phishing campaigns. The challenges for security professionals such as Chief Information Security Officers (CISO), Chief Technology Officers (CTO) as well as authentication teams and fraud practitioners are becoming increasingly complex, especially within organizations that operate in siloed environments.
Traditional methods of addressing vulnerabilities are time-consuming, involving multiple stakeholders across authentication teams, application owners, fraud teams, and user experience teams who need to work together to identify, assess, and resolve vulnerabilities. This process often takes weeks or months, leaving users vulnerable and eroding trust in the brand.
Adaptability is Essential
Navigating the complexities of a robust fraud and security strategy can be a challenge. Are your team able to read the latest security briefs, devise strategies, and implement solutions within the same day?
Instead of focusing solely on individual breaches, the industry must embrace a broader perspective on adaptability and look to comprehensive solutions that combine proactive detection with the ability to apply rapid, confident changes.
Gartner* advises that the orchestration of multiple Online Fraud Detection (OFD) solutions not only reduces this complexity but also provides a more dynamic and adaptive UX for the user.
Businesses not only need a 360 view of their users, but it also needs to be accessed and actioned upon by multiple business units.
Holistic and Integrated Solutions
Integrated solutions offer a holistic view of user behavior and context, allowing organizations to dynamically adapt security measures in real-time. This not only mitigates risks but also enhances trust.
Today’s solutions need to empower security teams to be able to:
– Review daily security updates.
– Identify threats targeting specific user groups, such as those affected by recent data breaches.
– Dynamically adjust authentication processes to enhance security without compromising the user experience.
Such a proactive, adaptive approach is crucial for addressing fraud and security in today’s fast-paced environment.
Proactive and Adaptive Fraud Management
Organizations can stay ahead of evolving threats while maintaining trust and reputation with their users by adopting integrated, adaptive solutions that prioritize real-time detection and response. Journey-time orchestration solutions such as Callsign gives organizations this flexibility, helping balance security and user experience.
The ability to react quickly and confidently to new threats is vital in our technology-driven world. It’s time to rethink traditional approaches and embrace the agility required to navigate the complexities of modern security.
*Gartner, Market Guide for Online Fraud Detection, Akif Khan, Dan Ayoub, 12 December 2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About the Author
Mario Dusaj is a Senior Solutions Engineer – US at Callsign.
Mario can be reached online at [email protected] and at our company website https://www.callsign.com/
Source: www.cyberdefensemagazine.com