The bad guys are winning. With nearly six billion data records compromised since 2013, the organized crime rings behind the majority of financial fraud have a treasure trove of data at their disposal. Personally identifiable information (PII) and login credentials are no longer reliable means of identifying customers since Financial Institutions and merchants alike have to assume that the criminals already have this data in their possession.
At the same time that the threat environment is escalating, fraud executives face strong internal pressure to ensure that their risk controls do not adversely impact the customer experience. The new bar for customer experience has been set by Amazon 1-Click and Apple and, along with it, the customer expectation for elegant interactions with minimal friction.
Fortunately, a vision is emerging that balances effective fraud prevention with delightful customer experience. Customer identification and authentication are no longer just about the customer’s PII and static authenticators—in this environment, it is equally important to have a good understanding of the end user’s digital identity and incorporate dynamic means of authentication. The mobile device sits at the center of this vision. Properly secured, the mobile device can not only facilitate safer transactions within its own channel but can also be used to better secure other channels with minimal customer friction. This white paper, written by the Aite Group, will delve deeper into this vision and the roadmap for forward-thinking fraud executives.
View this webinar where iovation joins Aite Group to explore the emerging opportunities for businesses and discusses the highlights and trends from this report.
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