Tech Republic: “Amid the coronavirus pandemic, 2020 saw a quick and abrupt transition to digital banking and commerce, a boon for banks and customers alike. But that shift also triggered a host of schemes and scams from cybercriminals eager to take advantage of the new environment. A financial crime report released Thursday by fraud prevention company Feedzai looks at some of the common types of attack and offers advice to financial institutions and their customers….To help banks and financial institutions protect themselves from scams, Feedzai offers the following seven tips:

1. Create detailed customer behavior profiles to help you recognize and distinguish real customer behavior from criminal behavior.
2. Educate your customers in the best practices for good digital hygiene.
3. Implement security measures such as two-factor authentication.
4. Monitor inbound and outbound payments, including the movement of payments between account rings.
5. Capitalize on existing relationships with e-crime providers, dark web experts, and internal and external cybersecurity professionals to uncover credential testing and check customer scam reporting.
6. Participate in the sharing of consortium data at least twice a week.
7. Leverage rules, machine learning, and data analytics to detect and prevent fraud and financial crime…”