Most people are able to use the features of smart devices - so they know how to enable protection features to set passwords or enable lock time on devices. Smart phones now offer app management functions that also introduce a layer of defence so regulars are now on the best part of security able to be assured they are using the device safely - however - their activities can still get compromised.
Some retail apps are predictive so can suggest items to users based on other app activities or even exist part of a wider ecosystem making one-click transaction automated. The city of London reported that during xmas 2014 over 16.5 million pounds of fraud was reported and The Office for national Statistics found that 2.5 cybercrimes and over 5m cases of online fraud was committed within England and Wales for the same year.
So with so much smart technology available, why are these cases still increasing? Partly because as user confidence and smartness has increased so has the elaboration of the hacking activity. Knowing the dependency of data that the user has, the hacker can capitalise on identity miss-management and compromise the device to demand ransomware, stealthily watch the device activities or engage in social phishing tricks.
KYC ( Know Your Customer ) is a process that companies usually go through to vet new user registrations, it asks for proof of identity by way of photo, utility bill or drivers license. So even after going through that lengthy process hacks still occur - If the KYC process can be refined to incorporate the transaction itself it might be able to build in smart cyber protection whilst the transaction occurs. Sure, some companies baseline user transactions and alert on anomalies, however, with fraudulent activity now increasing we are likely to see new augmented methods of transaction processes – with so many methods to build security into the transaction, identity-management is an excellent place for technology innovation.
Some retail apps are predictive so can suggest items to users based on other app activities or even exist part of a wider ecosystem making one-click transaction automated. The city of London reported that during xmas 2014 over 16.5 million pounds of fraud was reported and The Office for national Statistics found that 2.5 cybercrimes and over 5m cases of online fraud was committed within England and Wales for the same year.
So with so much smart technology available, why are these cases still increasing? Partly because as user confidence and smartness has increased so has the elaboration of the hacking activity. Knowing the dependency of data that the user has, the hacker can capitalise on identity miss-management and compromise the device to demand ransomware, stealthily watch the device activities or engage in social phishing tricks.
KYC ( Know Your Customer ) is a process that companies usually go through to vet new user registrations, it asks for proof of identity by way of photo, utility bill or drivers license. So even after going through that lengthy process hacks still occur - If the KYC process can be refined to incorporate the transaction itself it might be able to build in smart cyber protection whilst the transaction occurs. Sure, some companies baseline user transactions and alert on anomalies, however, with fraudulent activity now increasing we are likely to see new augmented methods of transaction processes – with so many methods to build security into the transaction, identity-management is an excellent place for technology innovation.