As we begin to wrap up the first quarter of 2014, we have a
feeling this year is only going to fly by faster than last. So, have you been
doing your due diligence to keep fraudsters out of your system and away from
your customers? Significant fraud attempts against deposit accounts, and banks
of all sizes are potential targets. Even if your bank has not experienced any
fraud, you need to stay informed of the latest trends and implement strategies
against them because you could be the next target.
detection and prevention efforts in 2014
The most damaging forms of fraud are debit card and check
fraud. Cross-channel fraud and blended threats are growing concerns for financial
institutions. If banks dont understand how that threat is changing over
time and becoming potentially more sophisticated then theyre unable to protect
customers. And if customers arent protected you lose their trust.
It is crucial that banks stay up to date with threat trends
and look at how they can improve mobile banking security within their fraud
detection and prevention efforts. Customers play an important role in terms of
fraud prevention. The environment cannot be fully protected without the
customer understanding their role and taking it seriously. Take the time to
educate your customers about fraud prevention and how your organization is
working to protect them. There needs to be a balance between control and
customer experience. Its important to maintain that level of high security
without comprising user experience or allowing room for fraudsters to get in.
One of the biggest challenges in fraud prevention is the
velocity of change in this environment. From the technologies being used to
devices, there are many ways fraudsters are getting into systems and
compromising a multitude of information. Stay proactive, informed and be an
educator to your customers. Reinforce your fraud prevention
solution and implement specific features like, consumer data-match
profiling, high-risk alerts and drivers license verification, to protect more
than just your customers basic information.
[Contributed by EVS Marketing]