The correlation between the adoption of digital banking and the associated threats is clear: as adoption rates rise, so do the infosec risks. To ensure the success and credibility of digital banking, minimizing these risks becomes paramount.<\/p>\n
In this article, we will delve into several measures that banks can employ to bolster their fraud prevention efforts right from the development stage of a solution and we will emphasize the importance of adopting a multi-layered defence strategy.<\/p>\n
“An in-depth defence approach is essential for ensuring fraud prevention across the entire digital banking system” – Sriram Kumar, Sr. VP, Cloud, Architecture, & Performance Management<\/em><\/p>\n Some industry standard practices adopted for fraud prevention in the development stage are:<\/p>\n Let us look at each of the above listed practices in detail.<\/p>\n Practicing “Shift Left” involves integrating security practices and considerations early in the software development lifecycle, starting from the initial stages of design and development. The advantages of this approach include:<\/p>\n Incorporating tools that analyse software code from the start of the project for potential vulnerabilities and adherence to coding standards is indispensable when it comes to application development. While static code analysis involves scrutinizing the code without executing it, dynamic code analysis analyses code during runtime. The advantages of this approach include:<\/p>\n While open-source libraries offer flexibility and efficiency, there are inherent risks in using a library such as:<\/p>\n Conducting periodic reviews of available libraries as a part of the build pipeline and ensuring their compliance is critical so that any security vulnerability coming from a third party library is identified and fixed early in the lifecycle.<\/p>\n During the development processes, adopting an industry standard threat modelling technique like Spoofing, Tampering, Repudiation, Information Disclosure, Denial of Service (DoS), and Elevation of Privilege (STRIDE) helps in visualizing various threats and ensuring that threats are negated with right logical controls in design and development.<\/p>\n While Transport Layer Security (TLS) takes care of encryption, authentication, and data integrity at the transport layer, banks can further augment security by implementing application layer encryption. This involves encrypting sensitive data within the payload itself that provides an additional layer of safeguarding. Consequently, even in the event of a breach at lower layers, the data remains protected, ensuring confidentiality and integrity during transmission. The advantages of employing application layer encryption include:<\/p>\n Embedding data privacy controls during the initial stages would help in handling sensitive data. Various techniques like tokenization or anonymization or industry standard encryption of the specific data elements Ensuring coverage of the sensitive data through a comprehensive data flow diagram would help harness the controls.<\/p>\n The concept of defence-in-depth entails a comprehensive and layered security approach that starts right from the foundation when building a solution. This includes integrating multiple security controls at various levels such as network, host, application, and data, to mitigate and shield against potential risks. The merits of this approach encompass:<\/p>\n Security information and event management (SIEM) technology supports threat detection, compliance and security incident management through the collection and analysis (both near real time and historical) of security events from various tiers including application layer, as well as a wide variety of infrastructure layers and contextual data sources. The core capabilities are a broad scope of log event collection and management, the ability to analyse log events and other data across disparate sources, and operational capabilities.<\/p>\n Collected logs and registered events across various layers can be applied through a set of rules to visualize an adversary tactic or technique such as MITRE ATT&CK.<\/p>\n The most important assurance practice is to involve reputed third parties to periodically conduct a compressive vulnerability and penetration test to cover new application features or infrastructure rollouts to ensure that that there are no unnoticed gaps or vulnerabilities.<\/p>\n It is recommended that third parties are often rotated to ensure that what could be missed by one vendors toolset\/practice is covered by another vendor.<\/p>\n AI\/ML-based anomaly detection systems possess the capability to analyse vast amounts of data in real-time that enables banks to swiftly identify anomalies and detect fraudulent activities. Embracing such technology significantly boosts fraud prevention capabilities and keeps banks ahead of cybercriminals. The advantages of employing AI\/ML in fraud detection are:<\/p>\n To fortify themselves against the escalating threat of fraud, banks need to embrace a holistic approach. This involves implementing defence-in-depth strategies, integrating security right from the initial stages of development, harnessing innovative technologies, and fostering customer awareness.<\/p>\n Building trust and confidence in financial systems is paramount to ensure a secure digital banking experience. It is important to note that fraud prevention is an ongoing journey, necessitating constant adaptation to emerging threats. To implement resilient security measures in your digital initiatives, feel free to reach out to us at marketing@i-exceed.com for further details.<\/p>\n","protected":false},"excerpt":{"rendered":" The correlation between the adoption of digital banking and the associated threats is clear: as adoption rates rise, so do<\/p>\n","protected":false},"author":14,"featured_media":37775,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"coauthors":[156],"class_list":["post-37774","blog","type-blog","status-publish","format-standard","has-post-thumbnail","hentry"],"yoast_head":"\n\n
DevSecOps \u2013 Application Security Focus from the Start (Shift Left)<\/h2>\n
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Comprehensive Static and Dynamic Code Analysers in the Pipeline<\/h2>\n
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Comprehensive software composition analysis (SCA)<\/h2>\n
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Threat Modelling Techniques during Development stages<\/h2>\n
Application Layer Encryption in Addition to TLS<\/h2>\n
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Embedding Data Privacy Controls in Development Stages<\/h2>\n
Implementing Defence-in-Depth from the Initial Stage to Deployment<\/h2>\n
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Integrating Comprehensive Threat Detection and Analysis solution (SIEM)<\/h2>\n
Periodic Third-Party Vulnerability Assessment and Penetration Testing<\/h2>\n
Harnessing AI\/ML for Fraud Detection<\/h2>\n
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In Conclusion<\/h2>\n