Security

How Can Financial Institutions Put a Stop to Account Takeover Attacks

Financial Institutions (FI’s) can detect and prevent account takeover attacks using continuous monitoring and adaptive multi-factor authentication. Account takeover (ATO) fraud is one of the top causes of fraud losses for banks and financial institutions. An account takeover occurs when

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PLDT and Smart Secure Online Transactions With Vesta’s Anti-Fraud Tools

Philippines’ telecommunications company PLDT and its wireless unit Smart Communications announced that they are utilising Vesta’s anti-fraud solutions to enhance the protection of their online transactions. Vesta is an end-to-end transaction guarantee platforms for online purchases, and its anti-fraud solution

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4 Priorities for Banks to Secure Digital and Mobile Channels

During the pandemic, the number of data breaches has increased drastically: cyberattacks targeting banks have even grown by 238 percent. This fraud surge goes hand in hand with the growing use of the mobile and digital banking channels. While this trend

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Stronger Mobile Application Security Is the Key to Revenue Growth

Financial institutions have been moving towards expanding digitisation for years, offering remote banking services, and prioritising the customer experience in digital platforms. In 2020, however, the COVID-19 pandemic has dramatically accelerated this shift. With less access to bank branches, the

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Philippines Must Not Overlook Fraud Prevention in It’s Financial Inclusion Journey

Digital technologies and online platforms can help emerging markets advance financial inclusion by providing banking services to Gen Z’s, low-income households, and small businesses with typically little to no access to traditional financial institutions. But while unbanked populations can benefit

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FICO Survey Indicates Growing Awareness of Identity Theft Among Filipinos

FICO, a global analytics software firm, did a recent survey on identity proofing and digital banking which showed that identity theft is a tangible threat for people in the Philippines. This survey was conducted in January 2021 by an independent

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Fintech Alliance.ph Urges the Public to Be on High Alert Due to Rising Cybercrimes

Members of Fintech Alliance.ph issued a joint statement strongly urging the public, industry stakeholders, and the government to join hands in fighting against fraudulent and criminal financial transactions online. With the COVID-19 pandemic accelerating the digital shift in financial transactions

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Cashalo Claims Users’ Accounts Not Compromised Despite Data Breach

Online lending platform Cashalo announced that it had discovered a potential data breach but reassured its users that no customer accounts or passwords were compromised. The company said that on 18 February 2021, its cybersecurity team discovered a potential data

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FICO Survey Reveals Banks in Philippines Struggling With Digital Identity Authentication

FICO, a global analytics software firm, has released its Identity in Digital Banking Survey, which found that the complexity and cost of validating the identity of digital banking customers are the top pain points for banks in the Philippines. Almost

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