Best Practices Limiting Fraud Exposure On/Offline
Mercator Advisory Group has announced a new research report titled "Total Transaction Security: Best Practices in Limiting Fraud Exposure Online and Offline" that traces the lifecycle of fraud from theft to detection to identify strategies for protecting payment transactions.
The push to incorporate FFIEC recommended multifactor authentication systems has created the potential for an industry wide blind spot to the larger problems surrounding fraud prevention in payments. Multifactor authentication is a means of better identifying the user accessing an account, but it cannot prevent the theft of sensitive credentialing information and it does not detect all instances of fraud."In light of recent coverage following the FFIEC's guidance, there is the potential for becoming a little too myopic with regards to multifactor authentication," warns Michael Friedman, Director of Mercator Advisory Group's Emerging Technologies Service and author of this report.
"Fraud is not simply the result of a failure to properly authenticate customers, but is instead the product of a number of factors including a failure to control ID credential theft and the occasional inability to detect fraud early in its inception."
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