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Orchestration: reacting in real-time

Banking and Finance Customer Experience Fraud & Scams

New breaches happen daily, putting your users into vulnerable situations and leaving you exposed. Can banks actually react and treat these vulnerable user groups before it's too late?

In today's rapidly evolving technology landscape, the speed at which we can react to emerging threats is crucial. From the rise of real-time payments to the advancements in artificial intelligence, the challenges faced by security and fraud practitioners are more complex than ever before. Amidst these advancements, the alarming rate at which passwords are being compromised adds another layer of urgency.

The role of a Chief Information Security Officer (CISO), Chief Technology Officer (CTO), authentication teams, and fraud practitioners has become increasingly challenging, particularly in organizations that operate within siloed environments. Hackers are continuously finding new ways to exploit vulnerabilities, including targeting password managers (and their users) in sophisticated phishing campaigns.

However, instead of focusing solely on individual breaches or vulnerabilities, it's essential to address the broader issue of adaptability within the security and fraud prevention industry. Can we effectively respond to emerging threats by reading the latest security briefs, devising strategies, and implementing solutions within the same day?

Detecting and preventing vulnerabilities: a complex process

In reality, the traditional process of identifying and addressing vulnerabilities is often time-consuming and involves multiple stakeholders. Authentication teams, application owners, fraud teams, and user experience teams must collaborate to assess vulnerabilities, devise solutions, implement changes, and conduct quality assurance tests before releasing updates. This process can take weeks or even months, leaving users vulnerable and damaging trust in brands.

According to Gartner®, “Security and risk management (SRM) leaders responsible for identity and access management and fraud detection should:

  • Meet specific business needs by supplementing all-in-one OFD solutions with best-of-breed point solutions, taking care to ensure that they can be integrated or orchestrated for maximum effect.
  • Reduce complexity by assessing whether the fraud detection capabilities of their payment gateway are sufficient for their needs.”*

To address these challenges effectively, we need comprehensive solutions that combine proactive detection with the ability to implement rapid yet confident changes. Rather than relying solely on a "best in breed" approach, which often involves disparate tools and systems, we should aim for integrated solutions that provide a holistic view of user behavior and context.

By leveraging data integration and orchestration capabilities, these solutions can create a 360-degree view of users, their behaviors, and the contexts in which they operate. This allows organizations to dynamically adapt security measures and user experiences in real-time, mitigating risks and enhancing trust.

How Orchestration enables proactive and adaptive fraud management

Imagine a solution that enables you to:

  • review daily security briefs,
  • identify threats targeting specific user groups, such as those impacted by a recent data breach or dump, and,
  • dynamically adjust authentication journeys to enhance security without compromising user experience.

This type of proactive, adaptive approach is the key to effectively addressing fraud and security issues in today's rapidly changing landscape.

In conclusion, the ability to react swiftly and confidently to emerging threats is vital in today's technology-driven world. By embracing integrated, adaptive solutions that prioritize real-time detection and response, organizations can stay ahead of evolving threats while maintaining trust and reputation with their users. It's time to rethink traditional approaches and embrace the agility needed to navigate the complexities of modern security.

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*Gartner, Market Guide for Online Fraud Detection, Akif Khan, Dan Ayoub, 12 December 2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

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