The pandemic has changed our habits and digital has become the main channel for everyday banking. Most of the consumers who used online or mobile banking for the first time during this period will continue to use this channel, and by 2026 it is expected that more than half of the world’s population will be using digital banking.
With this rapid adoption of digital banking comes a significant increase in online fraud, with automated attacks that imitate human behaviour to avoid standard bot-detection tools becoming an increasing problem for FIs.
But when seeking to mitigate fraud you also have to consider the end user’s expectations of digital banking
Most consumers expect a fast, frictionless and secure experience. If they have trouble accessing their banking app, they may cancel their account. User experience is clearly more important than ever.
How does Gemalto IdCloud guarantee security while also improving user experience?
Gemalto IdCloud risk management services – used for identity affirmation and risk-based authentication (RBA) – harness the power of four layers of intelligence:
- Device intelligence
- Behavioural biometrics
- Behavioural analytics
- Trust consortium
Together they create a dynamic profile of each event, giving you confidence that you can differentiate between ‘good users’ and ‘fraudulent users’.
You can securely recognise legitimate users and detect anomalies in the network and devices. And since most online traffic for FIs comes from trusted users, it is time to treat these valued customers with the respect they deserve and give them a frictionless experience without compromising on security.
This infographic includes some real-life examples of how Gemalto IdCloud’s risk management technologies have successfully mitigated fraud. If you want to find out more about how we can help you secure your digital banking services, without adding friction, please contact us.
We hope you enjoy this fact-packed introduction to risk management.