Video KYC solution
Stories of crippling cybercrime are not new. In spite of the vulnerability threats that these breaches constitute, organizations seem indifferent and penalties are on the rise.
Listed below are some data breach stats of the past years that are astonishing.
- The financial cost of cyberattacks in the financial institutions reached $18.3 million annually per industry.
- 8 out of 10 United States residents fear that organizations are not able to save their financial data.
- According to the FBI, the revenue paid to ransomware fraudsters has increased by nearly $1 billion per year.
- Almost 92% of ATMs are at risk of fraudsters.
- The US endured almost 1,472 cyber attacks over the previous year, which led to 164.6 million successful data breaches.
Types of cyber threats banks are facing in 2020:
With the cyber threats rapidly increasing nowadays, banks are more than ever at risk to become the next victim of a malicious cyber-attack.
Top five cyber risks every monetary institution should be prepared to defend against in 2020:
1. Credential stuffing
One type of cyberattack that targets personal data or information of banking clients is credential stuffing.
It is used to stealing account credentials through which hackers gain uncertified access to the client’s account using automated login requests. The stolen information can be used to bombard websites and serves to acquire access to analytic information technology infrastructure.
2. Identity theft
According to the investigation by Javelin strategy and research, over 15 million clients in the USA have been the victim of identity theft.
It makes use of client credentials and personal data without his or her permission to conduct a purchase or borrow cash. The dim web sells or obtains either the information or private data. The illicit monetary benefits utilize it, which in turn hurts the banks and their clients.
3. Phishing attacks
A phishing attack occurs when a fraudster tricks an unaware victim into opening a malicious link, leading to a downloading of malware which then stops the system as part of a ransomware attack. Banking employees are used to targeting by phishing attacks.
With access to a representative’s email account, fraudsters can examine a bank’s personal information, send messages for the bank’s sake, hack into the workers’ records, and secure access to inside reports and customers’ budgetary information. Therefore this results in millions of dollars worth of vandalism in both financial and reputational risks for the organization and its employees.
4. Ransomware
The financial business remains probably the greatest casualty of this assault. Ransomware is a class of malware that scrambles information, making it infeasible for the proprietors of that data to get to it except if they pay a lot of expense.
To aid themselves against ransomware, banking industries should indulge uniquely tailored protection stages throughout their systems, each one acting as a barrier to block malicious software attacks.
Why is it necessary to protect against cyberattacks?
Now that we know enough about the various categories of cybercrimes and the suffering they can impose on us, we need to understand precisely why we need to protect against them. Cybersecurity refers to the process of diminishing cyber risk by safeguarding the entire information technology infrastructure. Data security is a main component of cybersecurity and requires ensuring the privacy, integrity, and availability of information.
Since late 2019, the global world has been facing the unparalleled effects of the COVID-19 pandemic situation. The government and the financial institutions quickly found themselves having to quickly alter to the new “normal” or working remotely. In many nations, uses of facial recognition or live assistance such as video KYC for banking customers to monitor security breach and frauds are becoming increasingly popular.
Does Video KYC play a vital role in cybersecurity?
While the automation of everything is the go-to for everybody, AI provides a capacity to accomplish it. A few financial customers are vulnerable over the web that must be protected from cyberattacks. There are several procedures for the authentication of remote clients, but they can occasionally prove to be time-consuming and result in undesired errors.
The rapidly increasing digital frauds and financial crimes call out for strict identity verification methods. For that purpose, video KYC comes into the spectrum in the identity verification market. KYC to rescue which detects various sorts of cyber-attacks. However, banks need to identify and authenticate the identity of the user when opening an account or making transactions periodically over time. Video-based know your customer provides infallible security against spoof attacks, cyberattacks, deep fakes, and phishing attacks.
Video KYC allows seamless and secure client onboarding for financial businesses by executing a liveness detection procedure. Its facial recognition utilizes artificial intelligence and human intelligence by providing fully customizable features in just a few minutes. The banking industry can enhance its digital security, reduce the cost of remote verification. Therefore, comply with know your customer regulations using video interview KYC.
