Fraud is and will almost certainly always be an issue banks and credit unions have to deal with. The combination of the dynamic nature of fraud, constantly evolving technology and the importance of customer experience outcomes creates a complex web of challenges for these financial institutions. The good news is organizations are becoming more attuned to the interplay between fraud prevention and customer convenience and are implementing technology to help find the optimal balance of security and friction.
In this editorial report, crafted using research from American Banker, we examine the tools and technologies banking institutions are using to fight all manner of fraud (e.g., check, account takeover, identity theft, etc.) across channels (e.g., branch, mobile) with the goal of creating secure, low-friction customer experiences.
Highlights include:
- Organizational workflow strategies to manage the impact of fraud mitigation on customer experience
- How, when and where banks are limiting customer capabilities by channel to control fraud
- How banks are tailoring fraud prevention tactics to transaction types
- What the near-term future holds for implementing fraud prevention technology