How can FIs achieve the delicate balance of delivering robust protection against fraud while enhancing customer experience?
In this podcast industry experts share valuable insight of capitalizing on data sharing, machine learning fraud prevention tools and analytics being key to staying ahead of increasingly sophisticated fraud attacks. Hear from David Excell, Founder of Featurespace, Bruce Diesel, Global Head of Product and Payments at Diebold Nixdorf, and Marco Salazar, Director of Technology and Infrastructure at Mercator Advisory Group how to overcome fraud challenges while delivering as little friction as possible.
Here are the key points discussed in the podcast on how (proper) data sharing can help FIs prevent fraud:
- While data sharing provides insights into which solutions the customers are demanding, it also increases opportunities for fraud. However, if data sharing is done correctly, it can allow for broader detection of fraud before it even begins.
- Data sharing happens among fraudsters too, not just financial institutions. If current solutions such as artificial intelligence (AI) and machine learning can be used to protect customers in real-time environments large data is needed. And to work properly it needs to be standardized and normalized.
- While technology has done wonders from stopping frauds such as authentication fraud and phishing, the customer also plays a central role. Education and fraud awareness must be encouraged in FIs.
- While friction within the digital payment experience is not popular with consumers, some has to be tolerated to ensure fraud protection. However, to keep transaction friction to a minimum, FIs need to access specific types of consumer data. When organizations are transparent about the gathering and use of consumer data, a bridge of trust and brand loyalty can be built.
The ongoing challenge that most organizations will continue to face is a continuous investment invest in fraud prevention technology as consumers want to know that their payments are protected, while guaranteeing as little friction as possible.