Security
How Can Financial Institutions Put a Stop to Account Takeover Attacks
Financial Institutions (FI’s) can detect and prevent account takeover attacks using continuous monitoring and adaptive multi-factor authentication. Account takeover (ATO) fraud is one of the top causes of fraud losses for banks and financial institutions. An account takeover occurs when
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CTOS IDGuard Thwarts Credit Fraud to the Tune of RM79 Million in One Year
CTOS IDGuard an application fraud bureau, said that it has prevented confirmed fraudulent credit applications to the tune of RM28 million in the first 12 months of operation. Additionally, CTOS IDGuard had also flagged a further RM51 million in suspicious
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BNM Restores CTOS’ Access to CCRIS After Nearly 2 Months Suspension
CTOS’ access to the Central Credit Reference System (CCRIS) has been restored by Bank Negara Malaysia (BNM) effective Wednesday onwards. On 30 September 2021, BNM issued a temporary suspension of CCRIS’ access to all Credit Reporting Agencies as a precaution
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Bank Negara Greenlights Resumption of Experian’s Access to CCRIS
Bank Negara Malaysia (BNM) has accepted the findings of the security assessment provided by Experian Information Services (Malaysia) Sdn Bhd (Experian) and is restoring Experian’s access to the Central Credit Reference Information System (CCRIS) on 25 October 2021, with immediate
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4 Priorities for Banks to Secure Digital and Mobile Channels
During the pandemic, the number of data breaches has increased drastically: cyberattacks targeting banks have even grown by 238 percent. This fraud surge goes hand in hand with the growing use of the mobile and digital banking channels. While this trend
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GrabPay Enhances Online Payments Security With Biometrics
GrabPay announced that it has recently strengthened its safety and security features designed to protect its users from fraud and security risks. The in-app wallet of superapp Grab has multi-layer security features will enable users to perform real-time digital transactions
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Experian Launches TrackMyID to Help Users Track Compromised Digital Identities
Multinational consumer credit reporting company Experian will extend its partnership with CyberSecurity Malaysia to empower Malaysians to protect their identity online. Experian has launched TrackMyID, an identity theft monitoring tool, to help Malaysian consumers track their digital identities that may
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Stronger Mobile Application Security Is the Key to Revenue Growth
Financial institutions have been moving towards expanding digitisation for years, offering remote banking services, and prioritising the customer experience in digital platforms. In 2020, however, the COVID-19 pandemic has dramatically accelerated this shift. With less access to bank branches, the
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Synthetic Identity Theft Rises in Southeast Asia
Simply stated, synthetic identity theft is when a fraudster combines the personal information of different real-life people to create an authentic-looking digital identity. These identities can include Personally Identifiable Information (PII) such as name, identity card number, birth date and
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Innov8tif’s eKYC Solution Granted Patent to Verify Malaysian IC Microprints
The Intellectual Property Corporation of Malaysia (MyIPO) has granted Innov8tif Solutions a patent for its method of verifying the authenticity of a Malaysian identity document using a computer vision algorithm known as microprint detection technique. Microprint is a security feature
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