How banks and PSPs can break free from fraud threats

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Stealing millions of dollars in an elaborate bank heist makes for a great Hollywood movie – just throw in the hottest Hollywood stars, exotic locations, flashy cars, a computer whiz and obscure cyber jargon that’d impress any moviegoer. But in reality, bank fraud and cybercrimes are not entertaining matters, and are often poorly understood or addressed.

Fraud, outpacing the industry’s security efforts
As news of cyber attacks and large-scale fraud breaks in the media consumers can be lost in nuances of the threat/technology described, believing they would never be similarly impacted.

Hacking is only 1 threat – litigation looms large

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There’s no doubt about it, cyber-attacks are increasing. A consequence of this is a rise in cybersecurity litigation. Interestingly, that litigation may not necessarily be directed against the cybercriminals. Instead, it is likely to be another threat that the breached company has to deal with.

Gaining momentum
Just as cyber-attacks are generating publicity, so too are the subsequent litigation activities. What makes them newsworthy seems to be the dollar amount.

Cyber-attacks: it’s no longer if but when

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The Internet has transformed how businesses operate today. Never before has so much been done online. The dark side to this connectivity is that the threat of cybercrime is increasing and becoming more professional. It’s no longer a case of if you will fall victim to a cyber-attack but when. Are you ready?

No business is immune
It’s not just Irdeto’s cyber-services team which is witnessing a growing concern about cyber-attack threats.