With the arrival of real-time payments, banks should move fraud detection forward within their payment process. That is argued by Erik Biemans, lead analyst at the security service provider, Fox-IT. This is the only way to achieve the optimum situation in which customers are not inconvenienced and fraudsters are discovered early.
The financial sector is at the forefront of the adoption of technological developments, innovation and progress. But that also means that the security of the systems must keep pace. The current solutions for detecting financial fraud are often inadequate to meet the changes the future brings, says Biemans.