Fraud Prevention Software for Banks
Fraud prevention software is a key tool that banks should have in place to prevent cyber criminals from gaining access to important financial data. However, protection plans must have numerous aspects to be successful.
Craig Priess, Guardian Analytics’ founder and vice president of products, explained to Bank Systems and Technology that while some customers have started using disposable email addresses—Google and Yahoo have had the option available—fraudsters can also use them to gain sensitive banking information.
According to Priess, criminals will first steal an individual’s login credentials, and then change the email address to a disposable one. Then, they will make a transaction—like a wire transfer—that requires email confirmation. That way, the fraudster is the one to verify the move.
As disposable email addresses are much more difficult to trace, that makes them the perfect tool for criminals to try and gain important financial data.
“There is a growth in the popularity of these disposable email addresses for legitimate purposes, so these types of addresses should be a concern for banks,” Priess said. “They are not conducive for banking activity though—it won’t help the customer get alerts. These addresses aren’t a clear indicator of fraud but, but they should raise a red flag.”
Priess added that it is essential for banks to pay close attention to any suspicious activity on customer accounts. Any transaction that seems out of the norm could be a sign that login information has been compromised.
When financial institutions have the right fraud prevention software in place, it will be much easier to keep tabs on customer accounts and other areas that must remain protected. Banks and customers need to remain diligent in keeping sensitive information out of the hands of cyber criminals.
