With fraud and data security threats coming in so many different forms and from so many different channels, financial institutions must gain a better understanding of how criminals operate and how risk management is changing. With this understanding, you will have a better chance of mitigating the risks and recognizing attacks before they do serious damage. In addition, financial institutions need to adjust fraud detection and prevention strategies to keep up with the evolving trends. In some cases this means investing in new technologies; in others, it means bridging organizational silos. In all cases, it means improving your odds of detecting a threat before it reaches the customer.
First Data’s new Market Insight explores eight ways FIs can improve data security and reduce fraud.