Sean Neary writes in Finextra about the long-term implications of the British Airways hack (and the many others like it), discussing what’s at stake and the challenges that remain ahead.
The finance world may still have concerns after it was revealed that British Airways (BA) was victim to a two-week long hack that resulted in 380,000 payments being compromised in August. And while everyone might be on high alert today for how fraudsters will use this data trove, the real risk may come further down the line.
Overcoming the challenge posed by savvy criminals with vast amounts of compromised data, who also have an intricate understanding of lender operations, is extremely difficult. It requires identifying fraudulent events from genuine ones.
Thankfully, AI-driven fraud solutions can recognize an individual’s unique behaviours in situational context, protecting customers in a world where these type of attack will only become increasingly prevalent.
About the author:
Sean joined Featurespace in 2016 as a Financial Services Subject Matter Expert and was appointed as Senior Product Officer in mid-2018. Leading the Fraud Market Expert team, he has utilised his industry expertise and knowledge to ensure that Featurespace’s ARIC platform development matches the sector’s needs and expectations. Sean has been in the Financial Fraud industry for over ten years; starting his career in the operational environment as a Fraud Analyst at Barclaycard, Sean worked his way through the operational sectors, from complex fraud to special investigations and management. He moved from the front line and into fraud strategy and analytics, where his main role was to risk assess new trends, technologies and projects that affected fraud across the bank. His experience enabled him to work within all areas across the bank, gaining an understanding of the holistic aspect of the business and how fraud was linked to everything.
More from Sean:
Fraud prevention solution – should we build it in-house or should we buy it?
Finextra: The Sting in the Long Tail of Cyber Hacks
Evolving Card Fraud – How Criminals may Attack after EU PSD2 Regulations