With so much personal data available on the black market, distinguishing legitimate, consumer-authorized events from fraudulent activity can be difficult and can negatively impact the consumer experience. It is a tricky balancing act for financial institutions to manage risk while keeping customer friction low.
However, manual fraud detection and prevention processes are inefficient and impractical. Asking customers to verify personal information can lead to conflict, even if it prevents fraud. Finding a better way to identify high-risk account changes will help banks balance member inconvenience with protection, while also maintaining trust and confidence.
Tips for knowing your customer:
Big data is the key to better understanding - of markets, consumers and emerging trends - in the information age. For as much as technology has opened the floodgates to increased fraud, technology can also help banks plug the holes that make their members most vulnerable.
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HOW WE CAN HELP YOU PREVENT FRAUD