The conveniences of the Internet and mobile banking create new avenues for fraud across all walks of life.
As the world has rapidly adopted highly convenient and frictionless ways to do their day-to-day banking, it is critical we all take the necessary steps to build awareness and knowledge of the risks. The good news is that convenient online and digital banking remains the channel of choice for most, and the tools being adopted and offered by banks are first-class compared to some other parts of the world.
It is also important to acknowledge banks have worked hard to lift awareness of these emerging risks and develop tools to assist their customers. The dual challenges of providing convenience and risk management tools are not new for banks - just different.