How to Mitigate Risks in Digital Banking

July 1, 2019

Digitalization has encouraged banks to shift their focus and offer the best available services to their clients.

 

The era of passwords has come to an end with an estimated 7,858,136,197 of these available on the black market. How to know if your password is not one of them when adversary groups like Carnabak are responsible for approximate losses of US$1 billion in attacks to financial institutions?

 

Banking trojans are developed by highly motivated attackers that adopt new techniques and tools to obtain a greater benefit from mobile apps. The result is reflected in the growing wave of malware that focuses on these.

 

Cybercriminals that attack financial institutions have advanced operations and are specialized in core banking systems; these are usually groups with high levels of discipline and operational effectiveness that perform sophisticated techniques and have access to high-end software resources. Furthermore, they are deeply knowledgeable about their target’s networks and are able to infiltrate banks and go undetected for several months.

 

“Mobile malware spreads as users shift from online to mobile banking.” – Europol

 

The two types of malware used by cybercriminals to obtain credentials and overcome two-step authentication factors are:

 

  • Sophisticated trojans: fraudsters use apps to manipulate elements within the user’s screen that show fake windows and manipulate what the user sees. Additionally, these trojans enter the system through a decoy app (like a game) and remain hidden inside it until the user enters their banking app. These trojans can intercept the SMS two-step authentication factor and traditional challenge questions in real time.

  • Fake apps: using fake stores or discount/promotional campaigns, fraudsters distribute apps that pretend to be the bank’s own. These fake apps look alike the real thing, except that data is sent to the criminal.

 

These types of threats must be treated using automated solutions that focus on detection, defense and risk mitigation.

 

Monitor Plus DBFD™ (Digital Banking Fraud Detector) is a robust and scalable solution to detect fraud in digital banking that identifies MITM (Man-In-The-Middle) attacks and sophisticated trojans through adaptive rules, open source intelligence service (OSINT) and an SDK for easy integration with banking applications. This solution also performs comprehensive monitoring of the user’s session to generate risk scores and evolutive patterns, and profile the device and its actions; providing detection with optimal false positives and defensive action in real time.

 

Characteristics

 

  • No impact over web or mobile performance.

  • TOR, IPs and malicious proxy detection.

  • Detection of phishing campaigns, data breaches and fake apps.

  • Multiple authentication code generation.

  • Identity theft during onboarding detection.

 

The world of vulnerabilities constantly evolves, which is why different criteria must be considered when creating an action plan. It is recommended to always update Monitor Plus®, your ally against cybercrime and the construction of a financially safer world.

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