Financial institutions are always under some form of pressure. Now there’s a new squeeze being put on, as depicted in our new infographic.
FIs are caught between two powerful forces. On one side the pressure is coming from criminals who have access to vast amounts of personal information and credentials, to the point where bankers can no longer trust that clients are who they say they are (see Can You Trust Your Customers Really Are who They Say They Are?. Fraudsters are using detailed dossiers on victims and on FIs’ employees to launch relentless attacks, constantly changing their strategies and schemes as new security measures are put in place.
On the other side, the pressure is coming from account holders that want new banking capabilities and improved service levels. These might include faster payment processing, P2P and bill pay capabilities, higher limits, or expanded mobile banking options such as remote deposit capture. The challenge for FIs is that all of these elevate risk.
The combination of decreasing trust and competitive pressure to add products is placing unprecedented pressure on financial institutions to improve fraud prevention capabilities.
Download our infographic to learn more. And please contact us to learn how behavioral analytics can relieve the pressure.