The landscape of financial transactions has undergone a sea change over the last couple of years. What was done inside the protective environs of a bank, is now being done by the customer in his or her palm on their smartphones. Online transactions, added with the after-effects of demonetisation has ensured that a lot more people are conducting financial transactions at their own convenience.
With so many people suddenly jumping on the online transactions bandwagon, it has also made this field a honeypot for fraudsters who have become more intelligent in their ways of committing frauds. Gone are the days of the 619 scam. Enter scams such as smishing, vishing, first party frauds and much more.
Recently the WannaCry ransomware sent shivers down everyone’s spines when it was learnt that ATMs may have been infected as well.
We spoke to Jay Floyd, principal fraud strategy consultant for ACI Worldwide and Mahesh Patel, President and Group CTO, AGS Transact Technologies on the concerns that surround financial fraud. Floyd, who comes from a banking background, has looked at financial fraud cases for close to 18 years now. Here are the insights from the interaction.
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