Retail Banking Insights

Mobile Banking: Tackling Fraud without the Friction

Equifax retail banking leader, Brad Jones, was recently published in BAI Banking Strategies discussing best practices for balancing an environment of escalating fraud risks with a good customer experience during online and mobile banking. A decade ago…70% to 80% of the accounts opened online were fraudulent.  The rise of mobile devices means the banking industry is again dealing [Read More…]

2016 Security Risks and Solutions

Security Magazine has released their predictions on technology to watch in security – including fighting fraud – for 2016. One breakthrough is developing an exchange of known frauds across various industries. The article quotes Equifax fraud expert, Gasan Awad, as he discusses Equifax’s experience is setting up and using data exchanges to help our customers detect and prevent fraud. “It’s important [Read More…]

The Fluidity of Credit Card Fraud

Equifax fraud expert, Gasan Awad, was recently published in Fraud Magazine discussing how to help prevent fraud in the new world of chip cards and the EMV liability shift. In particular, Mr. Awad, described best practices for balancing the newer fraud risks with a good customer experience during online application and shopping. To avoid consumers abandoning [Read More…]

What Credit Risk Levels Show About Americans’ Savings and Investment Habits

There’s not only a disparity in assets under management between affluent Americans and middle-class Americans – there’s a disparity in investment allocations of various risk profiles between and among financial asset tiers, too. That’s the takeaway from the recently released Equifax Observations and Impacts of U.S. Consumer Wealth Trends report from the IXI Services division [Read More…]

Data Breaches Increase Fraud Threats

Data breaches which expose personally identifiable information (PII) are a growing problem in today’s high tech world.  With each new protection measure fraud and security teams put in place, fraudsters seek out weak points and openings that they can target. The PII captured from breaches is often used for both identity theft and synthetic identity creation to open [Read More…]

Disparity in Portfolio Allocation Between Affluent, Mass Affluent Americans Points to Opportunity for Financial Services Firms

Data from the Equifax Observations and Impacts of U.S. Consumer Wealth Trends report paints a compelling and clarifying picture for financial advisors. Despite the draining experience from the Great Recession, Mass Affluent consumers (as the report refers to households with investable assets between $100,000 and $1 million) have slowly been shifting their portfolio allocation from [Read More…]

More Data, Less Fraud

Fraud is increasing on online and mobile channels as EMV adoption limits point-of-sale fraud. Implementing appropriate verification and authentication protections helps minimize fraud losses and improve customer experience. Listen to this interview with fraud expert Andy Smith to learn about how to: Improve fraud detection by sharing information across businesses Limit true-name and synthetic ID [Read More…]

Bouncing Back from the Great Recession

After a long, hard slog, the U.S. economy is beginning to finally emerge from its economic slumber, and that’s good news for banks looking to sustain current clients and add new ones to the mix as the nationwide financial landscape brightens.  “The Great Recession, which started in December 2007 and officially ended in June 2009, [Read More…]

Fraud Protection and User Friction – Balancing Opposing Forces in the Online Experience

The phrase “frictionless customer experience” is getting a lot of play these days, as many more fraud prevention controls are applied to sensitive, online processes that consumers encounter – particularly regarding things like financial transactions, employment applications or personal information discovery. The controls, from complex passwords to extra verification or multi-phase authentication steps), tend to [Read More…]