Amp Up Fraud Prevention in 2014

  • Fraud Prevention

The past several years have been big for the banking industry. Weve seen a lot of emerging technologies really take the lead in consumers habits and lifestyles, placing more need for verification and authentication. From fingerprint and iris scanners to making payments with NFC, these technologies are being developed and tested so that they can be used in the coming year.

Theres been a surge in the development of mobile banking to provide solutions to customers through remote applications. Banks are looking to provide more customer access and functionality within self-serve options. Matching customers wants will be essential in the coming year. Banks will need to create solutions that do this while also keeping up with top competition that are already trying and doing these things. With emerging technology and a shift in web-based solutions there will need to be increased security all around.

Attacks by fraudster on financial institutions are rapidly growing. Account take overs and fraudulent credit card transactions can reach millions of dollars. Their methods and tools are becoming more sophisticated and harder to track. The need for fraud prevention and authentication to help secure customer accounts has greatly intensified. Organizations worldwide are seeking out and investing in technology and services that better detect fraudsters, reduce fraud losses, mitigate risk and improve the customer experience. Financial Institutions need solutions that evolve in response to the ever-changing nature of attacks; multiple forms of security and authentication and to keep up with customer needs and unauthorized access to accounts.

2014 will see more of this enhanced security, whether its through biometrics or personal data. Verifying an identity becomes not just a fixed process, but also a data science across multiple factors. By analyzing risks and activity, financial institutions can stop more attacks and fraudulent transactions, better identify and track known fraudsters and improve the authentication process for real customers.

In order to gain and retain customers in 2014, financial institutions will have to add many offerings and benefits while also positively protecting their data. Learning consumer behavior and enhancing fraud prevention tactics will all be essential to making the coming year successful. Its about understanding what your customers want today and in the future.

[Contributed by EVS Marketing]