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Banks can insure themselves against financial losses from fraud, but consumer can never recoup the damage of having their identity stolen.” Christian Lees, Chief Information Security Officer at “We certainly see that compromised data, credentials and PII are often used and re-used by threat actors for a variety of activities.
Direct ATO, brute force or other, can often be traced to exposed credential dumps.
In order to get to the root of modern attacks we need to worry less about incoming threats, and more about detecting and blocking rogue application behavior in real-time.
“The fact that only 35% of banks have deployed multifactor authentication is disturbing.
A few years ago, it was 40 percent doing mobile, and now it’s eclipsed 50 percent and it continues to grow.
Whereas financial institutions or their vendor partners, such as VASCO, have to cover a thousand potential points of vulnerability.In many cases, breaches can be directly attributed to third party exposure where employees have misused corporate credentials which are then subsequently compromised and leveraged for direct corporate access.“However, we are also seeing a rise in fraudulent account creation (whether bank accounts, credit cards or loan applications) using PII that has been exposed in large data disclosures.This technology is readily available, easy to deploy, and very effective.
While it requires a little more effort for consumers, it also makes them more aware and conscious of security best practices.
We need this – especially in an era of heavily compromised PII data.