It’s a lot trickier to know for sure what is genuine and what is bogus.Ī user’s location is a guaranteed and trusted metric. The proliferation of digital mobile payments and the use of virtual cards has somewhat blurred the view of what banking fraud looks like. And so a bank would be immediately informed that something untoward had occurred. This operation would have been physically impossible for the same person to carry out. A classic red flag moment back then would have been if a bank account was accessed once in London, and then again in New York three hours later.

In other words, where the card was used - such as at an ATM, a hotel, or a restaurant.

10 or 15 years ago, it was centered around an individual’s location. The only problem is that fraud detection is a lot more complicated today than it used to be. But regulations such as PSD2 have made them a necessary requirement. And we’ll explain why it hints at the need for strong endpoint security.įinancial fraud detection and protection services were already hugely important in banking. In this article we’ll explore one attack scenario in fraud detection and protection services. It’s a classic scene that has been repeated in various bank heist movies over the years.Īnd, as it turns out, it’s also the perfect metaphor to explain how some modern-day cyber attacks happen in the financial sector. A tape of a staged robbery recorded in a duplicate of the Bellagio vault. Instead of seeing the true live feed of the casino vault, he was seeing what Ocean’s team wanted him to see. He suddenly understands that the attackers have manipulated the camera feed. But on the camera footage of the robbery the attackers had shared with him earlier, there was no logo. When he goes down to inspect the vault in person, Benedict glances down at the floor and notices a crucial detail. In Steven Soderbergh’s 2001 movie, Ocean’s Eleven, there’s one specific moment when the head of the Bellagio Casino, Benedict, realizes he has no way of stopping the heist.

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