Amp Up Fraud Prevention in 2014

The past several years have been big for the banking
industry. Weve seen a lot of emerging technologies really take the lead in consumers
habits and lifestyles, placing more need for verification and authentication. From fingerprint and iris scanners to
making payments with NFC,
these technologies are being developed and tested so that they can be used in
the coming year.

Theres been a surge in the development of mobile banking to
provide solutions to customers through remote applications. Banks are looking
to provide more customer access and functionality within self-serve options.
Matching customers wants will be essential in the coming year. Banks will need
to create solutions that do this while also keeping up with top competition
that are already trying and doing these things. With emerging technology and a
shift in web-based solutions there will need to be increased security all

Attacks by fraudster on financial institutions are rapidly
growing. Account take overs and fraudulent credit card transactions can reach
millions of dollars. Their methods and tools are becoming more sophisticated
and harder to track. The need for fraud prevention
and authentication
to help secure customer accounts has greatly intensified.
Organizations worldwide are seeking out and investing in technology and
services that better detect fraudsters, reduce fraud losses, mitigate risk and
improve the customer experience. Financial Institutions need solutions that
evolve in response to the ever-changing nature of attacks; multiple forms of security
and authentication and to keep up with customer needs and unauthorized access
to accounts.

2014 will see more of this enhanced security, whether its
through biometrics or personal data. Verifying
an identity
becomes not just a fixed process, but also a data science
across multiple factors. By analyzing risks and activity, financial
institutions can stop more attacks and fraudulent transactions, better identify
and track known fraudsters and improve the authentication process for real

In order to gain and retain customers in 2014, financial institutions
will have to add many offerings and benefits while also positively protecting
their data. Learning consumer behavior and enhancing fraud prevention tactics
will all be essential to making the coming year successful. Its about
understanding what your customers want today and in the future.

[Contributed by EVS Marketing]

Explore more articles