Security and Authentication
in Financial Services

A Mercator Advisory Group Executive Brief Sponsored by IDology

There is no doubt that cyber fraud 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.

Highlights from the report include a willingness among financial institutions to experiment with new forms of identity verification, increasing incidence of "false positives" (legitimate customers being turned down), and financial institutions valuing reliability and ease of integration.

 

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