A Report by CYS Global Remit FinTech Development Unit
As we wrap up our discussion on the evolving landscape of fraud and identity theft in 2024, we turn our focus to the strategies CYS Global Remit must consider in addressing these challenges effectively.
To combat synthetic fraud, we recognize the imperative of implementing advanced identity verification and authentication techniques. These include rigorous document verification, identity graph analysis, and the integration of behavioural biometrics. These measures are pivotal in fortifying our defences against automated threats and safeguarding our customers' financial transactions.
Furthermore, we emphasize the importance of robust identity proofing and validation during the onboarding process. By implementing stringent protocols at the outset, we can mitigate the risk of fraudulent accounts created using synthetic identities. Additionally, ongoing behavioural monitoring post-onboarding enables us to proactively identify and mitigate potential threats.
Looking ahead, we are committed to exploring innovative solutions such as behavioural biometrics. By analysing unique user behaviour patterns, we can enhance security measures while ensuring a seamless user experience for our customers.
As the Asia Pacific region advances in digital transformation, cybercriminals continue to evolve their tactics with increasingly sophisticated threats. In response, CYS Global Remit remains vigilant and proactive, ready to adapt to this ever-shifting landscape to protect our customers and their assets.
Source: Fintechsg