Millennials likely to bail on banks, card companies in case of false declines
Findings from the report, Combating False Declines Through Customer Engagement, show that a large contingent of connected consumers are unforgiving of the inconvenience of a false decline. More than 42 percent of respondents said that a false decline would motivate them to leave their banking institution altogether.
Iovation Survey Finds Digital Nomads And False Declines Don’t Mix
“False declines have a material impact on an issuer’s business. While lost transaction revenue is painful, damage to the issuer’s relationship with their customer is of far greater concern,” said Michael Thelander, director of authentication products for iovation. “Banking and financial institutions need to balance security levels with user experiences. Consumers are open to a range of authentication methods as long as they are easy-to-use. Dynamic multifactor authentication does just this by balancing security and user experience by adding flexibility to authentication.”
Should world password day be a thing of the past? Dynamic MFA urged
Podcast: Dwayne Melancon on The Charles Tendell Show
In this super connected world how are you making sure your only letting the right users on your network? What if you could hyper personalize your authentication in a seamless and transparent way? Dwayne Melancon with iovation joins the conversation.
Executive spotlight: iovation’s new Vice President of Product
Last week iovation announced that Dwayne Melancon was leaving Tripwire after 17 years and joining the company as the new Vice President of Product, so we decided to get in touch and see what are his future plans.“My experience at Tripwire ran the gamut – I served in a range of roles, from CTO to product management to head of R&D – but my ultimate goal was to create products that offered both a streamlined user experience and market-leading security protection,” he told us.
Cardless ATMs require layers of sophisticated authentication
As applications like Uber and Venmo are eliminating the need to physically carry cash or a credit card, our smartphones are quickly becoming the go to replacement for our wallets. To meet consumers where they are (on their phones), financial institutions like Chase and Wells Fargo will widely introduce card-free ATM options later this year in the hopes of delivering a more convenient consumer banking experience. But as with any new technology, mobile ATM access raises a new set of security challenges.
Bring Your Own Authentication is upending online security practices
This new movement, known as Bring Your Own Authentication (BYOA), holds the same promise of reimagining the way we think of authentication, putting the consumer (and device) front and center in the interaction, and relegating passwords to the background or eliminating them completely. But there are challenges to overcome in order for mass adoption.
Tripwire vet jumps to Iovation
“There is a convergence happening now within the fraud and infosecurity landscape as enterprise (chief information security officer’s) adopt a more holistic approach to their security posture,”
The Password Is Dead! Long Live the Password!
Passwords have been keeping sensitive computer data safe since 1961, when computer scientist Fernando Corbató first introduced the industry standard in online authentication to what was then a very small digital community. Almost six decades later, and too many consumer data hacks to count, now 87-year-old Corbató can attest that password usage has become a bit of a “nightmare.”
How Much Does It Cost to Shift Customer Behavior?
But a recent survey by Aite Group and ivation suggests this strategy may not work across other areas of banking — the survey looks at authentication methods and customers’ willingness to try new ones — or at least, it won’t work for everyone. “Customers can be bought,” according to the survey, but it must be the right offer at the right time to the right customer. 51% of participants in the survey of about 1,000 bank customers would be willing to try new authentication methods with no incentives at all. 25% would not be swayed by any incentive the bank was willing to offer. 15% were swayed by an offer of $10, and a further 9% held out for $25.