Could personal finance management be the #next chapter in free #credit-score provider, Credit #Karma growing business? Could it leverage its consumer data to branch out into the popular PFM space? Maybe. “We are not engaged in it right now,” Greg Lull, Chief Marketing Officer at Credit Karma, told Bank Innovation. “But I wouldn’t take it […]
Bank Innovation
Now that the Securities and Exchange Commission (SEC) has established that it will keep an eye on #ICOs, the question remains: will other regulatory bodies follow? Early last week, the SEC released a report iterating that the DAO violated the law for failing to register its cryptotokens as securities. The SEC’s statement is its first […]
Bank Innovation
The conversation around #blockchain is changing. We’re only now starting to understand this #technology’s full potential, says one executive.
McKinsey Insights & Publications
The Ubers and TaskRabbits of the world fueled the creation of a whole new layer of the labor market, which now spans across (arguably) every imaginable industry. Just like with every new industry, the gig #economy is now in need of products and services, designed specifically for its unique market. Finance and insurance products, are, of course, […]
Bank Innovation
Pilots and proof-of-concept projects of the distributed ledger #technology have been on the rise among the most established financial institutions lately. #Blockchain-based money transfers may not leave the test labs any time soon, and the near-term applications of DLT will most likely begin quietly in bank backends. An example of this is the vast number […]
Bank Innovation
It has been a busy few months for IoT and in-car payments. IBM and Visa sealed a partnership to connect 20 billion devices by 2022, while Jaguar and Shell showcased fuel payments tech in the U.K.. Honda and (again) Visa had their take on in-car payments at CES 2017 lastRead More
Bank Innovation
For the last episode of the year, Brett King hosts a group of #Fintech all-stars — Chris Skinner, Jim Marous, Dave Birch, Ghela Boskovich, and Penny Crosman to review a bit of 2016 and talk about the trends and predictions for 2017. What’s #Next?
Bank Innovation
Say you managed to teach a millennial to save, what now? Teach them how to start investing. Managed that too? #Next step: make them get a #retirement account. “There is a big opportunity, and customers are asking for it,” Brandon Krieg, CEO and co-founder of mobile investing platform Stash, toldRead More
Bank Innovation
#Blockchain – still very desirable for #banks and FIs, but not fully trusted yet – has already made its way to use cases and pilots in the financial services. Possibilities are endless, some say, but where is the #next big success for blockchain? It’s KYC or Know Your Customer, accordingRead More
Bank Innovation
CyberRein, a cyber-security company has announced the launch of Assayer, a #next #generation cyber-fraud software. Targeted at #banks, Assayer uniquely stops criminals deceiving a bank’s existing defences.
Assayer is set to transform cyber-fraud #prevention. Banks existing defences prevent impersonation allowing criminals time to learn how to deceive and plan an attack. Assayer takes away this time, meaning criminals no-longer have months, but milliseconds to plan their attacks. This is ground-breaking and is due to Assayer’s multi-patented Transaction Cloaking #technology that constantly mutates and creates impossible puzzles that criminals must solve to be able to deceive defences.
Assayer’s mutating deception shields are a step-change for banks because they never protect transactions the same way twice. Therefore, anything criminals do learn instantly becomes useless a split-second later, including how to successfully use stolen credentials and biometrics – or even how to deceive Assayer itself.
Sat Birdi
“Banks aren’t losing the cyber-fraud battle because their defences are weak, but because criminals have too long to learn how to defeat them, which is why banking has a $ 100B cyber-fraud problem each year, despite using best-in-class defences. Assayer’s mutating defences eliminate this fundamental vulnerability of time, so criminals can’t learn how to deceive a bank’s defences in the first place,” said Sat Birdi, CEO of CyberRein.
“Assayer allows any bank to finally stop cyber-fraud, not because it prevents it through detection, but because its mutating deception shields never protect transactions the same way twice and cloak a bank and its customers in a way that criminals can’t solve. Assayer’s defence technology is very powerful, because it now allows banks to finally prevent the root cause of all cyber-fraud, the knowledge required to succeed &8211; and the implications are profound and far-reaching”.
As well as cloaking the transactions, Assayer does not affect the bank’s current defences and encompasses them into its deception shields, securing all channels and touchpoints against impersonation, the pre-cursor to all successful cyber-fraud. Assayer will protect anything that is placed within its deception shield and instantly means that a bank’s existing cyber-security investments are future-proofed. The bank’s current defences and customers are not aware that they are being protected – there is no interference, downloads and ultimately no successful cyber-fraud.
ASSAYER
Sat continued, “We live in a truly compromised world where criminals are always waiting for the next opportunity to defraud banks and their customers. At CyberRein, we can eliminate that threat and headache for eBanking executives, and make banking online safer for everyone. Consumers are increasingly asking their banks to do more to protect them, and through Assayer, we are giving the #financial community the chance to do exactly that.
The CyberRein team has over 30 years of expertise in cyber-security and enterprise business solutions delivery, making us a very knowledgeable partner to work with. Our research and technology has taken over four years to complete, because we realised that the problem of cyber-fraud prevention needed a whole new approach to bolster banking’s existing defences, and we’re very excited to be leading the way with the development of this new technology.”
The post The Next Generation of Financial Cyber-Fraud Prevention is Unveiled appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Reply