Fiserv, the global leader in financial services technology solutions has created a front-line defense on fraud by leveraging device recognition. As online and mobile transactions are constantly growing for financial institutions, fraudster's are finding an easy path in the gray area between increased security measures and a frictionless experience for customers. The mission is to fill the gap and allow businesses to leverage device recognition to stop fraudsters in their tracks, while still maintaining a seamless experience for the consumer.
Online banking and mobile apps should not have to compromise user experience for security. “Device recognition, also known as device analytics, holds the potential to do away with that either-or scenario,” said John Horn, director in Digital Banking at Fiserv, “By going straight to a device to answer two crucial questions: Is the person logging in really a customer? Or is it someone who bought the credentials off the dark web?”
Device recognition bypasses that problem by examining several factors of the device that person is using, such as the device's past risky history, geolocation, and device configuration anomalies. "It's all transparent," said Jay Johns, Global Partner Manager for iovation, "We're trying to help good consumers have a better experience and, at the same time, nail the fraudsters."
By recognizing these devices in real-time, it reduces customer friction while saving time and money for the financial institutions. The joint solution will bring dynamic results in device recognition Horn said, “adding device recognition to a financial institution's arsenal of defenses doesn't have to be a burden. It can really shine with the right partner handling the complexities of monitoring, operations and continuous improvement.”