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 with the same security challenges it faced with the launch of online banking. However, today’s consumers are more savvy and have greater expectations of a frictionless customer experience and fraudsters have become more resourceful in accessing consumer data to do harm.
Newer fraud detection measures work in the background or are designed to minimize the impact to the mobile customer. Checks on the device itself, IP address vs GPS location, and phone account information all help detect potential fraud without interfering with the transaction. Using biometrics that are easily collected through the mobile device like, voice, fingerprints, and facial matching are another set of very low impact methods to detect potentially fraudulent activity. All of these options are available through comprehensive fraud prevention tools.
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