Prevent Financial Fraud While Reducing Consumer Friction
Fraud costs financial institutions billions of dollars every year, damaging brand reputation and eroding the trust of consumers. Data breaches have made personally identifiable information (PII) easily accessible to fraudsters, which they can then leverage for account takeover or account origination fraud. Only 9% of consumers say they are "very confident" financial institutions can keep their data secure, and financial institutions are responsible for recouping 60% of the damages any time a credit card is compromised.
At the same time, financial services organizations are trying to prevent excessive friction from damaging the consumer experience. Burdensome security measures mean higher operational costs and increased abandonment. Knowledge- Based Authentication (KBA) is both expensive and, with an increase in fraudster social engineering, far less effective.
How can you protect against fraud, while letting legitimate consumer transactions through with minimum friction?