bankingciooutlook

Bankers to Defend against Botnet Attacks with Proactive Prediction

Banking CIO Outlook | Friday, June 28, 2019

Developing as today's most critical threats to cyber safety, Botnets can now be reduced with an extremely advanced, strategized and result-driven predictive approach.

FREMONT, CA: Today, in just a few seconds, thousands of botnets linked servers of scripted software robots–can do what used to take hundreds of hours of job. Suddenly, with extremely advanced and structured digital fraud rings, every scrap of private information that has hit the dark web in the aftermath of enormous consumer data breaches is now armed. What can banks do to reinforce their defense and stop these nefarious armies of robots? The emergence of digital banking has produced a perfect storm of extremely structured, opportunistic fraud, combined with the increase in information breaches. Botnets are experiencing a lot of exponential scales, scope and velocity wreaking havoc on user privacy and boosting economic fraud losses, predicted in the U.S. for 2016 alone at $2.2 billion.

Among the most efficient ways of predicting botnet assaults on consumer bank accounts is to look at prevalent behaviors connected with such assaults, namely to change client profile information as a precursor to fraud. Whenever another account takeover system is disclosed, predictive patterns arise, and by exchanging these information patterns across a network of financial organizations, predictive models become more sophisticated based on current information from banks every day.

Coordinated account takeover Telltale indications may include email address modifications, phone numbers, and mailing addresses. Take one at a time, detecting trends and detecting fraud is almost impossible–after all, banks don't want to create friction with legitimate customers. These non-monetary transactions appear to be ordinary account activity but taken together, and they are vital clues to patterns of fraud.

Botnet attacks on the financial sector are fueled by the information and technology-driven mentality of today, and financial institutions need to depend on comparable instruments to assist in safeguarding their account holders, reputation, and property. Automated solutions that protect both front-end account opening procedures and back-end client account services–using predictive models and real-time information from millions of transactions can reveal hidden patterns otherwise.

Business can start to map a proactive approach by adopting technology advancements not only to defend against botnet assaults but also to eliminate their frequency and effect.

Weekly Brief

Read Also