Seamless transactions have become more attractive targets for expert cybercriminals. This is where the security of all points of communication, especially at transactions, needs to be proliferated.
Based on my observations, the most significant risk for many fintech companies is not their data center, but rather their email account. Yes, just one fraudulent email can result in massive losses due to account hacking.
Fortunately, the Global Cyber Alliance imposes DMARC policies on about 5,700 organizations to substantially decrease invalid email traffic, financially benefiting companies. To take the research further, this guide outlines every core component of establishing a trustworthy financial ecosystem and its benefits.
Read this informative write-up until the end to carve a path towards an authenticated and secured financing ecosystem.
KEY TAKEAWAYS
- DMARC filters out all the masked, unauthenticated emails.
- No more business email compromise and invoice fraud as the policy block unauthorized senders.
- Authenticated emails are less likely to be flagged as spam, ensuring critical transaction alerts reach the customer.
Customer interaction with online platforms is a means of sharing data and, ultimately, their livelihood. The better financial trust leads to gains, and a low trust indicates more losses.
Overall, the better a business maintains trust, the more it prevails.
DMARC: Domain-based Message Authentication, Reporting, and Conformance is a protocol that provides domain owners the ability to protect their domain from unauthorized use.
This contains a set of instructions for receiving emails, guiding them exactly on what to do in case an email fails authentication. To prevent hackers from accessing information easily, it closes the blue pole by verifying the sender’s identity against the established records.
Fraudsters follow some common patterns for email-based threats every time. Check
them out in this section.
Using masking techniques, attackers send an email that looks identical to a legitimate bank notification. After this, they ask for a fake login page to fetch credentials or account numbers.
In BEC, attackers impersonate an executive or vendor to authorize a wire transfer. As these emails look internal or familiar, they can generally bypass standard filters.
Another way attackers insert themselves into a transaction is by sending a fake invoice. Individuals think these payment bills are original and allow direct access to the account.
With the help of a multi-layered defense system, DMARC as a service protects financial transactions. Look below to discover its 3 specific benefits.
Two underlying technologies, SPF and DKIM, work in DMARC. Both together use a digital signature and check spoofing that ensures that the email has not been tampered with in transit and originates from a verified source.
In this policy enforcement and threat detection, one can monitor spam, send it to spam, or block the entry. The modern version has a “p=reject” standard and an automatic system to prevent the user from ever encountering the threat.
The reporting aspect of RUA/RUF reports highlights every unauthorized system attempting to use a domain. This allows the IT team to take down malicious infrastructure before a transaction is compromised.
One must follow a gradual process to avoid blocking legitimate mail. Here is the methodical approach to adding DMARC in email security, based on my research.
As fintech is becoming more complex, the integration of security and trust needs to be more critical. At this point, DMARC becomes the cornerstone requirement for any organization handling financial transactions.
It verifies the identity of your communications, protects customers, company reputation, and ultimately protects your revenue. You can simply utilize tools like an MTA-STS checker to ensure that all your mail transfer policies are successfully configured and your emails are delivered securely.
No. It cannot stop look-alike domains, which require additional brand monitoring.
Once set to reject, it requires periodic reviews, especially when you add new third-party tools or vendors to your financial ecosystem.
It may indirectly improve your email deliverability and protect your domain reputation, ensuring a healthy digital presence.
The protocol itself is free to use, while enterprise-grade reporting tools have a cost.
