Friendly fraud. Account takeovers. Data breaches. Ransomware attacks. Consumers and businesses are increasingly at risk from fraudsters. In 2020, scammers and identity fraud impacted nearly half (47%) of all global companies. 

 

For fintech companies, this risk is especially significant. Those businesses in the financial tech industry–such as technology for payments, lending, wealthtech, and banktech– face constant threats to their data security from fraudsters. Having hefty cybersecurity measures isn’t enough. If fraudsters can’t penetrate an organization’s information directly, they’ll target entry by sneaking or stealing information from unwitting customers. 

 

Even when fraudsters easily breach security by guessing customers’ commonly used passwords, the companies themselves are still blamed for the loss of privacy and security. Businesses can lose billions of customer records, and consumers must cope with the ramifications of their personal data being exposed.  Businesses also face financial consequences, paying millions to settle data-breach suits.  Organizations hit with leaks and losses of data lose the hard won trust from customers, inventors, and even from other businesses.  

 

It’s critical to understand that the type of fraud fintech companies face today isn’t a crime of opportunity from a single individual. Instead, it is a concerted, repeated effort from members of highly sophisticated and motivated fraudster communities operating in the deep and dark web. Even as companies enhance their fraud prevention capabilities, fraudsters are also leveling up their techniques, skills, and technologies. 

 

Fintech companies must recognize the threats that come from the deep and dark web and continuously level up their own defenses to keep the threat risks at bay. 

 

In this webinar, experts will discuss:

 

● The types of threats that come from the deep and dark web and their impact

● Where typical cybersecurity measures fall short 

● Balancing decreasing data vulnerabilities with business goals and customer relationships