Spike in Online Fraud: Balancing Fraud Detection and Customer Experience
Digital channels are a must-have as customers flock to the businesses that can offer that speed and convenience. But there’s a dark side. The relative anonymity of digital channels opens up new doors for fraud. More account openings are taking place through digital devices and the internet, which provide the access and anonymity fraudsters require. Financial institutions need to be able to verify a user’s identity, but they can’t compromise the speed and ease of the transaction for good customers. The key is to have smarter authentication and not more authentication.
The session will also discuss:
- Why account opening has become a business for fraudsters
- How concepts of CIAM are getting adopted in the fraud world
- How to modernize traditional authentication tools