With today's massive mobile use, how can companies balance their need for security with the customers’ need for a smooth, uninterrupted online experience?
Last week, iovation joined a handful of financial industry leaders at the 9th Annual Mobile Payment Innovations Summit in Phoenix to discuss this very challenge in an intriguing session entitled “Balancing Fraud and Prevention with Functionality: The Ongoing Mission.”
The statistics around mobile growth are staggering. iovation’s data shows that more than 41 percent of consumers make purchases using a mobile device, and we’ve seen predictions that the number of payments coming from mobile devices will rise by a whopping 175% over the next 60 months.
Industry data also shows that, despite widespread adoption, commonly used authentication methods – such as passwords – cause unnecessary friction, resulting in a 97 percent mobile commerce cart abandonment rate, no to mention more lost sales than any business would care to absorb.
This is precisely the type of problem iovation Customer Authentication is designed to remedy. Effectively becoming the next generation of mobile authentication, it’s already helping companies minimize customer friction while greatly improving on the single-factor, password-based forms of security already in use.
Imagine visiting an online retailer using a mobile device, and gaining automatic access to your account without having to type in a password or answer a series of security questions. It’s all frictionless, leaving you with nothing more to do than starting buying.
This is the future, and I, for one, am chomping at the bit to carry the conversation about it forward. We’re going to be busy the next few weeks at a batch of events starting with the RSA Conference in San Francisco, and would love to see you in person if you’re planning to attend.
If you're not planning to attend, you can request a demo to see our Customer Authentication solution in action for yourself. Trust me, it's worth it.