Page 47 - Banking Finance June 2021

ARTICLE

Advanced Techniques : cyber crime on the basis of the patterns detected in
website navigation or transactions. These could include
To overcome these, and protect the Customers interest as
well as reputation of an Organisation, Banks come in all facial recognition, fingerprint sensors.
new innovative advanced techniques like :
Y EMV Chip Based Cards to obsolete Skimming and Big Data Analytics :
Cloning of Cards. Y With Machine learning a detailed profile of each
Y As more and more customers are using mobile devices, customer build up like where and when they normally
banks must also deploy verification techniques like transact, their normal range of counterparties, the
mobile-based transaction verification and dynamic ways they typically access the bank's systems and the
device authentication. usual size of transactions, customer's geolocation, the
Y Virtual card, where every transaction gets a single use device, web browser and type of webpage, the
account number - making fraud much less common. domestic or international destination of any payments,
whether the payee is new or previously known, and so
Y Enter one-time-passcodes - delivered via text or email on coupled with a range of other variables. So, with this
at the point of sale - to authenticate certain transaction
types built up template every transaction that takes place on
their accounts can be compared and evaluated
Y Not allowing "PIN bypass" for all types of merchants.
automatically.
Y Facility to register more than one mobile number to get
alerts/OTPs to customers. This enables to get more than AI Based Technology:
one OTP to different mobile numbers based on
transaction criticality. Y With the help of Artificial Intelligence(AI Technology)
without human intervention can distinguish a real user
Y Splitting card - request and payment-approval duties
or a fraudster - whether human or robotic doing the
among several program administrators is another
effective safeguard. transactions and can curtail the fraudulent in real time.

Present Scenario : Combined Approach :

But With the revolution in Broad band services/ speed of Y No single security technology may yield desired results
Internet access Customers are able to use IoT (Internet over to foolproof a Cyber transactions. So, Banks need to
Things). These devices may increase the network's use a combination of several techniques to combat
vulnerability to large-scale multifactor Cyber Attacks. So, cyber crimes like Biometrics, Machine Learning (ML),
merely setting of complex usernames and passwords, OTPs, User Behaviour Analytics(UBA), Artificial Intelligence
different mobiles, Single Use Account Number is not enough (AI).
as hackers are constantly innovating means to crack
confidential credentials. Banks should ensure that a most Looking Forward :
advanced level of authentication is required to secure financial Now technology based banking is inseparable and Banks are
transactions of Customers to protect their interest and gain looking forward to implement latest defence technology to
trust over electronic transactions are safe with this bank. safeguard Customer interests/money, even if there are any
technical deficiencies at customer end or disclosing sensitive
Future and most coveted defence steps: information like card details, OTP etc., to fraudsters in a way

Biometric Authentication : of smishing/vishing/phishing/pharming by customers. This
way banks are going ahead to attract and retain the
Y Biometric Authentication of Customers like finger Print/
customers.
Retina or Palm etc.,. will reduce the risk of Cyber Crime
transactions enormously. Customers are looking ahead to make their choicest Bank/
s, which provide strong Cyber defence technics, which
User Behaviour Analytics(UBA) : protect or mitigate the risk eventhough there is a lapse at

Y Banks should deploy advanced techniques that detect their end. T

BANKING FINANCE | JUNE | 2021 | 47