As financial institutions strengthen their fraud mitigation strategies to further safeguard cardholder accounts, Multi-factor Authentication (MFA) has become standard.But the rise of MFA usage has triggered an increase in sophisticated attacks aimed at circumventing it to commit financial fraud.

Most of your customers or members likely use at least one person-to-person (P2P) platforms, like PayPal, Venmo, Cash App, and Zelle, regularly due to the ability to quickly transfer money on their phone.However, the convenience of these mobile payments can come at the expense of increased fraud risk. This leaves the end user open to various attacks against their accounts with your FI. Even though your FI is not responsible for the platform they used, you could be on the hook for the fraudulent charges that were made.