Smaller regional financial institutions are facing some big challenges when it comes to fraud on a number of fronts. As attacks against big banks are thwarted, fraudsters are increasingly turning their attention to the next tier of financial institutions.
This trend, coupled with consumer demand for friction-free mobile access to banking creates not only more, but also new vulnerabilities. Lastly, as compliance regulations tighten, these institutions find themselves facing more stringent requirements that demand increasingly sophisticated solutions. Let's tackle these issues one at a time.
Perhaps the biggest concern for regional financial institutions today is that fraud is increasingly moving downstream, away from the large multinational banks. These large national and global banks have been steadily improving their security systems, implementing multiple layers of sophisticated solutions. In response, fraud perpetrators are setting their sights on smaller regional banks, which often have less robust security capabilities.
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