Risk management and fraud prevention for an optimised digital banking experience

We all live in an increasingly connected world.

As digital banking continues to rise, consumers expect to reach their bank, authenticate and manage their finances in a smooth way on any type of connected device wherever they are.

Today, banks generally offer a good user experience when it comes to fraud detection on IP networked devices. But there's still a long journey to reach the same experience for mobile phones, and even worse when talking about the Internet of Things, such as wearable devices and Smart TV.

There's more.

Banks are facing a dramatic increase in the number of cyberattacks, with more sophistication and complexity. Fraudsters and hackers continuously challenge the security measures put in place by banks to protect their customers' sensitive data.

According to the McAfee Lab Threats Report of August 2019, the number of new malware reached an all-time high in Q1 2019. ​​

Source: McAfee Labs, 2019

​Fraud prevention strategies and authentication policies, therefore, need to adapt and be more automated to cope with an increased number of connections, the creativity of fraudsters and new regulations.

Banks need to use multiple techniques to monitor each kind of risk and cyberattack; solving this can be a real challenge with several vendors involved.

Online banking fraud impact on customers

A survey we did a while ago showed that:

• 44% of consumers would leave their bank in the event of a security breach,
• 38% would switch to a competitor offering a better service.

This survey illustrates the importance, for banks, to fight digital banking fraud while maintaining smooth user experience. 

Our IdCloud Fraud Prevention platform brings a ground-breaking approach to risk management and fraud monitoring.

​Fraud prevention services

It comes with best-in-class technologies already pre-integrated to analyse a broad range of attributes and signals from the user and the device, such as:

• IP intelligence
• Device profiling 
• Customer Profiling
• Cyber threat detection
• Consortium intelligence

Based on set-off rules defined in the Policy Manager, the platform evaluates the level of assurance banks should have for every single transaction performed by their customers and recommends the most appropriate authentication methods.

And it's running silently in the background for frictionless security.

This feature helps banks make the right choice to minimise online fraud: allow the transaction, block the transaction or challenge the customer with a step-up authentication. 

Banks can define a granular authentication policy based on customer segmentation, customer preferences, use cases, and their parameters. 

This help banks reduce their operations and fraud management costs by decreasing the number of online banking fraud alerts, claims and false positives.

This is also excellent news for customer satisfaction as this slashes the number of times that a client cannot complete a transaction because of an incorrect flagging.

It also reduces the operational overhead of the bank by preventing unnecessary interactions with these customers.

What makes IdCloud Fraud Prevention so unique?

This solution answers major financial institutions needs to monitor risk (as required by regulations like PSD2) detect and slash fraud and offer an optimised user experience with the flexibility and cost-efficiency of the SaaS model.

Seamless risk assessment and fraud prevention for smart user authentication

​ 

Test different fraud prevention strategies

IdCloud Fraud Prevention is scalable and can easily integrate with existing risk management solutions, and any business rules the bank already have. 

With a single point interface, it removes the complexity and offers an optimised user experience.

This solution minimises the risk of digital banking fraud, and with the control console, it is possible to pilot different fraud strategies and risk-based authentication methods.

Its best-in-class technologies monitor millions of signals and thousands of attributes silently and continuously on every customer transaction. 

The complete set of data that makes a customer's profile (such as the identity of user or device, behavioural biometrics and user's banking profile) is analysed and added to the rules engine of the platform to help recommend an adequate authentication method and deliver the best consumer experience.

IdCloud Fraud Prevention is a turnkey, comprehensive authentication framework.

Deliver a greater digital banking experience

We have assembled all the elements of a multi-factor strong authentication framework and integrated these with our new risk management and fraud detection platform to offer a future-proof cloud-based service. 

IdCloud Fraud Prevention is the winning combination to bring trust, security and convenience in the new digital and collaborative open banking ecosystem.

​​The future of financial fraud detection

Most banks have already made protection against digital banking fraud a top strategic priority, but fraud detection and prevention will only increase in importance and require ever-greater resources. 

We believe in taking a global approach to security. That's why we strive to provide secure, durable and innovative solutions to our clients. 

We are continuously evaluating and integrating new technologies to our platform to allow even better mobile fraud threat detection, device profiling, identity verification and fraud intelligence. We keep you safe, now and tomorrow.