A message to hackers and fraudsters: Do Not Enter

By Q2

15 Oct, 2018

Last week I blogged on the preparation similarities of security and running. If you don’t prepare, injuries can cause you to have undesirable results, just like vulnerabilities can cause you to have undesirable results. This week I’ll discuss how you can protect your digital and mobile brand from hackers.

Recently, I was sitting outside a coffee shop enjoying a beautiful Nebraska day. As I was enjoying my surroundings, I noticed the traffic sign at the end of a one-way street that said: Do Not Enter. A car had ignored the sign and went the wrong way. The driver chose to ignore the warning. I thought to myself, would it work to have a warning to hackers to not enter my online banking channel.

The financial services industry is used to dealing with this risk because it’s where the money is. Hackers and fraudsters want a piece of this action. They could be imitating your brand—across all external channels—with fraudulent mobile apps, social media accounts, websites, and phishing emails. And today, they’re global players.

The cost of brand fraud is significant: 73 percent of customers would reconsider using your company if you failed to keep their data safe. Think of the biggest security breach announcement last year. And based on Q2 customer fraud case analysis, this type of fraud is on the rise.

Wouldn’t it be great if we could post a sign on our digital channel to all hackers and fraudsters: Do Not Enter or Enter at Your Own Peril. I imagine they would ignore the warning sign anyway, just as the driver I saw ignored the traffic sign.

So how do you balance a great customer experience while reducing the security and fraud risks. You must design and apply a layered security approach to reduce the risks

Q2 offers security solutions that detects when a device has been jailbroken and when the setting allowing the device to download applications from unknown sources is enabled. We offer multi-factor authentication and enable the authentication on the device to provide additional layers of security.

Q2’s mobile and banking solutions provides the option to receive notifications and temporary access codes to additional targets including SMS messaging, e-mail and voice mail. This multilayered security approach keeps an account holder’s experience safe while protecting against brand fraud.

Join me next week as we’ll go into more discussion about how Q2 protects your brand with our multilayered security approach.

Thank you and Happy Cyber Security Month.


Q2

Written by Q2