Page 46 - Banking Finance June 2021

ARTICLE

BANKING CYBER

DEFENCE TRENDS

TO PROTECT

CUSTOMER

INTERESTS

Brief Introduction: Digital account fraud refers to taking over a real
person's Legitimate account to launch bot and malware
The face of banking system has been changed to unexpected
attacks, and is often run by human firms but also automated
levels with the innovations of technology and adopting the
processes.
same by Banking industry to provide most convenient
banking to their valued customers on 24*7*365 basis. Payment fraud includes credential theft, chargeback and
other threat methods during payment authentication or
With the same advanced phase, robberies also replaced with dispute.
physical to digital, termed as Cyber frauds. As per experts
talk, Cyber crime and payment fraud cost $6 trillion in the Common Techniques to defence :
year, 2020. Essential and Common techniques to fight against all
varieties of cyber frauds by Banks :
Banks are in a process to use advanced techniques and Y Internal corporate policies
technology to intensify security levels to combat cyber Y Educating Employees towards Cyber Threats
frauds to protect Customer interests and moreover Nations'
Y Harden the Machines Regularly
wealth.
Y Increase Customer Awareness
Broadly we can classify cyber frauds as
Y Examining third-party services
Identity fraud occurs when thieves use stolen Social Security
or passport, Aadhar numbers to create a synthetic identity,
which is then used for fraudulent transactions. Real Scenario :
Well, Even after implementing above all at Bank end,
About the author Customer end, Employee end, Third Party end, but practical
difficulties involving in remembering of different critical
SVS Adinarayana passwords by customers, SIM swapping technology, Security
Chief Manager vulnerabilities in different Apps using by Customers giving a
Staff Training Centre, way to fraudsters to steal the valuable data/ reputation of
Hyderabad Banks and Money of the Customers.

46 | 2021 | JUNE | BANKING FINANCE