Demanding new security solutions.

Financial institutions (FIs) are under unprecedented pressure from the competitiveness of the market and rising customer expectations. As a result, financial institutions need to be able to offer new products and faster services across a range of channels and payment types. Getting new offerings to market faster often increases fraud risk, but delaying the acceleration of new products and services can lead to customer churn. At the same time, most current fraud prevention systems are not capable of detecting escalating attacks as fraudsters merge their activity across channels and payment types into a single multi-faceted scheme.

The Emergence of Omni-channel Fraud

Another evolution of fraud techniques is the move to omni-channel attacks where fraudsters blend channels as needed to get information, initiate attacks, and complete transactions. Many FIs still have standalone solutions from different technology providers that monitor one channel or payment type. These one-channel solutions create data silos that fail to link together significant data to detect omni-channel attacks.

How Omni-channel Fraud Prevention Mitigates New Risks

Omni-channel fraud prevention takes a customer-centric approach instead of a fraud-centric or channel-centric approach. It merges and blends all activities by each account holder in any channel to create a 360-degree view of behavior, and then analyzes the blended data to look for suspicious or high-risk activity in the context of all of what the account holder has done recently and historically.