Security and Authentication in Financial Services
A Mercator Advisory Group Executive Brief Sponsored by IDology
There is no doubt that cyberfraud management and identity verification are top concerns in financial services, as consumers shift more of their financial activities online and to the mobile channel. The head of digital channels for a community bank commented, “Fraud is going up in all channels—mobile and online.” This was corroborated by IDology’s 2015 Fraud Report, which saw an increase in overall suspected fraud attempts for a third year in a row – 36% in 2013, 40% in 2014, and 46% in 2015.
Survey Result Highlights
- There is willingness among financial institutions to experiment with new forms of identity verification.
- Increases in "false positives" (legitimate customers being turned down) have made striking the right balance in fraud detection a high priority.
- Financial institutions value reliability and ease of integration.
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