Security

Banks Need to Step Up as Fraudsters Target Surge in Digital Adoption by First Time Users

The COVID-19 pandemic has forced organisations and individuals to embrace new practices and move to online channels, bringing with it a significant increase in fraudulent activities. Affirming this situation, cybersecurity firm Kaspersky recorded a 20% increase in the share of

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BioCatch Secures Patent for Authenticating Users of Mobile Devices, Expands in APAC

BioCatch, a digital identity company announced that it has received a registered U.S. patent for its method of verifying a user’s identity and detecting fraud, based on the manner in which the user holds and uses their mobile device. This

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Authentication Is Done. What About Identification?

Airome Technologies, a Singapore-based developer of cybersecurity solutions for digital banking and e-document management systems, has been working with authentication and transaction confirmation technologies for a while, creating advanced products in this field. However, with the pandemic situation the company

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A Secure Contactless Customer Experience on Mobile in This New Normal

COVID-19 has altered customer behaviour, and banks will have to enhance their business models to accommodate what’s new and next. Since the pandemic is still very much part of our lives, banks will be confronted by increased customer expectations and

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Fraud Attacks Increase Amid Rising Digital Banking Adoption

The COVID-19 pandemic and the measures put in place to limit the spread of the virus have drastically accelerated adoption of digital banking and contactless payments. Across Southeast Asia, banks have ramped up their digital efforts to respond to the

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Can BIN Attacks be Consigned to the Trash?

Recently, Mastercard noted a “sharp increase” in Bank Identification Number (BIN) attacks and they’re not alone. Previously published data indicates that as many as 300 card issuers around the globe are impacted by automated fraud attacks every month and with

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MAS Plans to Strengthen eKYC Amid Rising Identity Scam Cases

The Monetary Authority of Singapore (MAS) issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity or better known as eKYC by the industry. These proposed requirements come against the backdrop of rising

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Achieving Financial Institutions’ Stringent Cloud and Data Security

Over the past years, cloud computing has become a key technological enabler for innovative service development, allowing industries to tap into new service models and improve productivity, cost-efficiency and flexibility. Banking and capital markets leaders are increasingly recognizing that cloud

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Trust and Security Challenges Remain Despite Rising Blockchain Adoption

Blockchain continues to mature this year as corporates move away from experiments towards the development of robust enterprise ready solutions. While 2019 revealed that blockchain is real and can serve as a pragmatic solution to business problems, 2020 saw leaders

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Booming Adoption of Digital Payments Bring New Security Risks

In Asia Pacific (APAC), adoption of digital payments has been on the rise over the past couple of the years but COVID-19 has significantly accelerated consumers’ shift towards digital commerce with no signs of turning back. This rapidly evolving payment

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