Security
How Southeast Asia’s Biggest Economies Can Boost Their Fraud Management Systems
Last year, a wave of digital transformation took over the world, and along with it, so did growing concerns about fraud and financial crime. In Southeast Asia, one in every three people experienced online fraud amidst this digital transformation last
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Security a Bigger Concern for Online Shoppers Than User Experience
The COVID-19 pandemic has forced both consumers and merchants to embrace online channels and digital payments at an accelerated pace, a shift that presented new sets of challenges, including rising fraud and security risks. Separate surveys conducted by payment network
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In Southeast Asia, New Digital Habits Boost Digital Payments and Consequently Fraud
COVID-19 has sparked a global spike in e-commerce sales and online businesses as lockdowns force consumers to turn to online channels to shop. As everyone embraces e-commerce, cashless payment methods including cards and digital wallets have surged, bringing with it
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10 Largest Crypto Hacks, Heists and Exploits of the Past 15 Months
Cryptocurrency-related hacks and scams continue to cost businesses and consumers billions in losses each year. Although overall crypto-related fraud activities have declined since at least 2019, data from blockchain analytics and crypto intelligence firm Ciphertrace suggests that criminals are now
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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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A Guide on Mitigating Cloud Adoption Risks Based on MAS’ Advisory
Although organisations across many sectors have accelerated the adoption of cloud environments, the financial institutions (FIs) have been rather reluctant in migrating their services to the cloud. Core transaction processing and other mission-critical tasks are still running on legacy on-premises
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GBG Joins Forces With SEON to Offer Enhanced Fraud Prevention Solutions
GBG, a global digital identity and fraud solutions provider, has announced a partnership with SEON to enhance fraud prevention solutions for fintechs and digital banks in the Asia Pacific region. The partnership with SEON enables GBG to increase effectiveness in
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Payment Transaction Authentication Methods, Which Is the Best?
Nowadays the usual user authentication methods to portals, enterprise systems, VPNs and so on, are familiar to us all. We all know about authentication factors (what you know, what you have, and what you are), two-factor authentication, multi-factor authentication, how
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Fraud Risk Management Systems: To Build, Buy or Rent?
With financial institutions (FIs) in the APAC region preparing for a rising trend in financial fraud, fraud risk management systems continue to receive close attention. As of 2020, FIs based in the APAC region were expected to spend millions on
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OCBC Recovers US$8 Million in Fraudulent Transactions With Its Surveillance System
OCBC Bank has recovered US$8 million worth of fraudulent transactions within the first year of the deployment of its Fraud Surveillance System (FSS) that was developed together with SAS Institute, a software analytics company. In 2020, OCBC reported that more
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