Financial institutions are on a perpetual quest to improve customer engagement to drive increased transactions, account balances, loyalty and ultimately, profitability. Providing exceptional service to online banking customers is particularly critical. Unfortunately, the imprecise, antiquated fraud controls that many financial institutions rely on are not only failing to protect against sophisticated fraud methods, but are actually also negatively impacting customers’ online banking experience.
When evaluating and implementing fraud prevention technologies, most security professionals focus on only the fraud avoidance capabilities. They often overlook the potentially significant adverse impact on customers’ experience and operational costs. Good fraud prevention solutions must be effective at identifying and preventing fraud and must do so with no negative impact. Although many fraud prevention professionals believe there must be a tradeoff between strong security on one side and customer experience and operational costs on the other, this is simply no longer the case. Strong, effective security can and should both enhance customers’ experience and lower operational costs.
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